Northrop Grumman-backed space technology startup Firefly Aerospace is targeting a valuation of about $5.5 billion in its U.S. initial public offering, as investor appetite for high-growth sectors shows signs of a sustained rebound.

Figma Inc.’s US initial public offering is approaching 40 times oversubscribed, according to people familiar with the matter, as the design and collaboration software company heads for what could be the year’s most in-demand listing.