I don't think it is accurate to suggest that this company is competing with SpaceX. It is accurate that SpaceX is trying to provide lower-cost launch capability and it is accurate that SpaceX is trying to make parts of its launch vehicles and spacecraft reusable.

With that said, the addressable markets for the two companies are vastly different. Firefly is targeting the <1000kg payload market, with the hypothetical initial launch vehicle targeting <400kg. The Falcon 9 is designed for an order of magnitude more payload, with upcoming vehicles targeting an even greater capability.

So, at this stage there may be a small amount of talent competition (at ~25 employees) and hypothetically it could provide competition for secondary payload capabilities in the future if things work out.