Voyager IPO: shares of space station developer and partner Palantir have emerged

Preliminary trading of Voyager Technologies shares has started in the trading system for Freedom clients. The stock is available by ticker VOYG. Voyager had a rare IPO for the space industry: the company is partnering with Palantir and Lockheed Martin, and is commissioned by NASA to develop a new space station that could replace the ISS in the future. Later on Wednesday, Voyager shares will appear on the New York Stock Exchange.

The company and some of its investors in the IPO sold nearly 12.35 million Class A shares at $31 each. As a result, the listing raised $382.8 million, wrote Reuters. The value of the entire company, based on the IPO price and the number of shares outstanding, can be estimated at $1.75 billion, reported Bloomberg.

The offering was priced above the range that the company announced in early June, and at a higher volume. Voyager announced on June 2 that it planned to sell 11 million shares at a price range of $26 to $29.

Morgan Stanley and JPMorgan were the lead organizers of the initial public offering. The IPO was also handled by Barclays, Jefferies and BofA Securities, among others. The underwriters have the option to purchase an additional 1.85 million shares from Voyager within 30 days.

Voyager plans to use the IPO proceeds for strategic initiatives to drive growth, including investments in research and development programs (R&D) and partially - potential acquisitions and mergers (M&A)

Voyager develops technologies in national security and space. The company was founded in 2019, its growth was ensured, among other things, by buying other startups: since then it has acquired and incorporated seven companies into its structure. Voyager's business now spans three main segments: defense and national security, space solutions, and Starlab (space station). Voyager's technologies include solid propellant propulsion, laser and radio frequency communication systems, guidance, navigation and control systems, and artificial intelligence-based computing.

Voyager serves both government agencies and commercial orders, according to the company's IPO filing. But the public sector still has a big edge: contracts with the U.S. government and its agencies brought in 84% of Voyager's revenue in 2024, Bloomberg noted. In the first quarter of 2025, the company generated $34.5 million in revenue with a net loss of $26.9 million - both up from the same quarter in 2024.

Among its clients and partners, Voyager names defense artificial intelligence developer Palantir, defense contractor Lockheed Martin, aircraft manufacturers Airbus and Boeing, billionaire Jeff Bezos' space company Blue Origin, and the U.S. space agency NASA. The latter, for example, gave Voyager a grant of $217.5 million to develop Starlab - a commercial space station that could replace the ISS. Voyager plans to operate Starlab through a joint venture with companies including Airbus, Mitsubishi, MDA Space and Palantir, wrote Bloomberg.

The company has deployed more than 300 satellites for commercial and government programs, and has organized space missions for more than 35 countries and territories.

Voyager's market share in 2024 was 0.03%, and by 2034 it will increase almost tenfold to 0.29%, according to Freedom Broker investment analyst Alem Bektemirov. The main driver of revenue growth, in his opinion, will be the potential launch of Starlab by 2029 and current contracts. Revenue will increase from $144 mln in 2024 to $2.61 bln by 2034, Bektemirov believes.

The target price for Voyager shares, according to Freedom, is $37.1 - this is almost 20% higher than the IPO price. Bektemirov identified two main risks that threaten Voyager: its dependence on government contracts (if priorities change and costs are reduced, this could lead to a significant drop in revenue) and Starlab (if the company fails or loses the competition in development, it may also miss out on most of its revenue).

«Voyager's public offering clearly shows that the venture capital-backed space technology ecosystem is finally maturing. Given the presence of dozens of 'unicorns' (companies with valuations of $1 billion or more. - Oninvest) in the areas of [rocket] launches, propulsion and orbital services, we could see a potential wave of space technology companies entering the market,» said PitchBook analyst Ali Javaheri in a MarketWatch statement.»

So far, Voyager's IPO is a rare example for the space IPO space sector, MarketWatch noted. In recent years, companies such as Rocket Lab, AST SpaceMobile and Intuitive Machines have gone public - but they did so by merging with other already publicly traded companies (SPACs). Traditional listings were scarce until the debut of Karman Holdings in February, and that company is holding up well so far: its securities are up more than 55% this year. «Karman has doubled its capitalization since becoming a public company: this shows how interested investors are in companies that are at the intersection of civil and military space technologies,» Jawaheri added.

Voyager's IPO comes at a time when U.S. President Donald Trump's administration is seeking to sharply increase spending on defense and space projects, wrote Reuters. The listing also reflects a rebound in the IPO market, which had previously been held back by volatility caused by import duties by the U.S. and other countries, the agency added.

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Freedom Broker clients will be able to trade Voyager Technologies shares before the opening of the main exchange session. Trading will begin in the early pre-market format 2-3 hours before the opening of the US exchanges (from 15:30-16:30 Astana time). To participate, click on the ticker VOYG.US.