Voyager Technologies, Inc. ($VOYG) went public on the NYSE on Wednesday—raising $382.8M through the sale of over 12M shares at $31 a pop.
When shares hit the retail market, the stock more than doubled from the IPO price, sending the company’s valuation as high as $3.8B.
Triple unicorn: While the upsized IPO is a huge vote of confidence for Voyager, it also serves as a bellwether for investors’ expectations of the government’s defense and space spending.
In Voyager’s draft prospectus, released this month, the company revealed that its revenue is split 50/50 between space solutions and defense. With 84% of Voyager’s total revenue coming from the government or federal contractors, the financial success of both revenue streams is ultimately bound to civil space and DoD budgets.
For the moment, that’s good news.
“The United States is very focused on national security in space…[and] everyone knows the European Union is ramping up their defense spending as well,” Voyager President Matthew Kuta told reporters yesterday. “The technologies may ebb and flow, but overall, the addressable market continues to grow year over year.”
What’s next: In the near-term, Voyager is looking to expand into adjacent capabilities in the defense space, and is open to M&As to bolster its proficiencies in software, software-enabled-hardware, and the missile supply chain, according to Kuta.
As for Starlab, the CLD in which Voyager has a majority stake, NASA’s Phase 2 CLD award—expected to be announced in summer 2026—will determine whether the project lives or dies.
Voyager has already won a $217.5M Phase 1 contract to develop Starlab, but the company estimates that the total development cost will be as high as $2.8B to $3.3B—vastly less than the ISS, but not so cheap to forge ahead without government support.
