The accurate localization and tracking of dynamic targets, such as equipment, people, vehicles, drones, robots, and the assets that they interact with in GPS-denied indoor environments is critical to enabling safe and efficient operations in the next generation of spatially aware industrial facilities. This paper presents DragonFly , a 3D localization system of highly dynamic backscatter tags using a single MIMO mmWave radar. The system delivers the first demonstration of a mmWave backscatter system capable of exploiting the capabilities of MIMO radars for the 3D localization of mmID tags moving at high speeds and accelerations at long ranges by introducing a critical Doppler disambiguation algorithm and a fully integrated cross-polarized dielectric lens-based mmID tag consuming a mere 68 uW. DragonFly was extensively evaluated in static and dynamic configurations, including on a flying quadcopter, and benchmarked against multiple baselines, demonstrating its ability to track the positions of multiple tags with a median 3D accuracy of 12 cm at speeds and acceleration on the order of 10 m/s and 4 m/s^2 and at ranges of up to 50m.