Space and defense contractor Voyager eyes $319M IPO

Voyager Technologies Inc., a Denver-based space and defense contractor, is aiming to raise up to $319 million in an initial public offering (IPO) as it seeks to capitalize on growing U.S. government investment in next-generation defense systems and commercial space projects.

IPO Details

According to a filing with the U.S. Securities and Exchange Commission (SEC) on Monday, Voyager plans to offer 11 million shares priced between $26 and $29 each. At the upper end of that range, the offering would value the company at approximately $1.6 billion.

Institutional investors Janus Henderson Investors and Wellington Management Co. have committed to purchasing up to $60 million worth of shares at the IPO price, providing a strong signal of early support. The offering is expected to price on June 10, with shares trading under the ticker VOYG on the New York Stock Exchange.

The IPO is being led by Morgan Stanley and JPMorgan Chase & Co.

Financial Snapshot

Voyager reported a net loss of $26.9 million on $34.5 million in revenue for the first quarter of 2025, compared to a $14.8 million loss on $30.2 million in revenue during the same period last year. While losses have widened, the revenue trajectory shows modest growth, driven largely by government contracts.

Last year, approximately 84% of the company's revenue came from the U.S. government and affiliated agencies.

A Strategic Shift Toward Defense

Founded in 2019, the company was previously known as Voyager Space but rebranded to Voyager Technologies earlier this year to underscore its broader ambitions in national security and defense innovation.

Voyager’s most high-profile project is Starlab, a NASA-backed commercial space station intended to replace the aging International Space Station by 2030. Backed by a $217.5 million NASA development grant, Starlab is being developed through a joint venture with strategic partners including Airbus SE, Mitsubishi Corp., MDA Space Ltd., and Palantir Technologies Inc.

Leadership and Vision

CEO Dylan Taylor, a former Colliers International executive and founder of the nonprofit Space for Humanity, has positioned Voyager as a hybrid space and defense company, bridging government needs with private-sector innovation.

“We are at the intersection of national security, space, and deep tech—and the demand for sovereign capabilities has never been higher,” Taylor said in a previous statement.

Outlook

Voyager’s IPO arrives at a time when both space exploration and defense spending are seeing renewed emphasis from Washington. The company’s tight alignment with federal programs, along with the growing strategic relevance of low-Earth orbit infrastructure, positions it as a notable player in the emerging commercial defense space race.

Investors will be watching closely as Voyager makes its public debut, offering a rare opportunity to gain early exposure to a private aerospace company deeply embedded in U.S. government initiatives.