Shares of Voyager Technologies, a Denver-based space and defense technology startup, surged 82% on its stock market debut on Wednesday. The company, founded in 2019, priced its shares at $31 each late Tuesday, raising $383 million. This was above the projected range of $26 to $29 per share. The stock price peaked at $72.95 during the first day of trading before closing at $56.48.
Company Overview
Voyager describes itself as an “innovation-driven defense technology and space solutions company.” It operates in multiple areas, including intelligence collection, defense systems, advanced space technology, and space mission services. The company claims to have more than 500 customers and has completed over 1,200 missions. In 2023, Voyager began developing Starlab with partners like Airbus to “develop and operate the Starlab Commercial Space Station.”
Market Context
The successful IPO comes during a positive period for spacetech venture investment. Global investment has remained steady at over $6 billion annually for the past two years, according to Crunchbase data. The funding has been distributed among defense tech, satellite and rocket developers, as well as startups using geospatial data innovatively.
Financial Performance
Voyager has shown maturity with steady revenue streams but remains unprofitable. The company reported $144 million in revenue for 2024, up from $136 million the previous year. However, it posted a net loss of $66 million last year, more than double the prior year’s loss. For the first quarter of this year, Voyager had $35 million in revenue and a net loss of $28 million.
Funding History
According to Crunchbase data, Voyager has raised nearly $178 million in funding from investors such as Scout Ventures, Seraphim Space, and NewSpace Capital. The company is now trading on the New York Stock Exchange under the ticker symbol VOYG.
