Space Stock IPO Rockets 82% in Trading Debut

Wall Street just watched a new space player hit orbit. Voyager Technologies (NYSE: VOYG) exploded 82% higher on its first day of trading Wednesday, closing at $56.48—well above its $31 IPO price. The Denver-based defense and space technology firm raised $383 million in an upsized offering, valuing the company at roughly $3.2 billion. At one point during the session, Voyager shares peaked at $69.75, more than doubling the initial price.

Investors scrambled for a piece of the action, betting on the company’s deep government ties, big-name partners, and pivotal role in space infrastructure. It didn’t hurt that Voyager also finds itself at the center of President Donald Trump’s ambitious plans to ramp up space and missile defense spending.

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A Space Station Successor—and a Political Tailwind

Voyager’s flagship project, Starlab, is drawing widespread attention. The planned commercial space station, which is set to replace the aging International Space Station (ISS) before its retirement in 2030, has already secured a $217.5 million development grant from NASA.

Voyager will operate Starlab through a joint venture with some heavy hitters: Airbus (OTC: EADSY), Mitsubishi (OTC: MSBHF), Palantir (NASDAQ: PLTR), and Canada’s MDA Space (TSX: MDA) (OTC: MDALF). The collaboration gives Voyager both credibility and capacity to deliver at scale.

CEO Dylan Taylor, speaking with Bloomberg TV on IPO day, said the space sector benefits from a rare spirit of cooperation, not just competition. “Really, everyone is rooting for everyone else,” said Taylor. “I mean that sincerely, because it’s important we get replacements up there prior to the International Space Station being decommissioned.”

The timing of Voyager’s debut could hardly be better. President Trump’s administration has pushed a $175 billion space-based missile defense initiative dubbed the “Golden Dome.” The proposed system would use orbiting interceptors to protect the U.S. from long-range threats. Republican lawmakers are seeking $25 billion to begin work on it next year.

“If the President gets what he wants for Golden Dome, that would potentially be a windfall,” Taylor noted.

Fly Through Starlab

Source: Voyager Technologies Vimeo

Big Backers, Bold Ambitions

Voyager’s IPO attracted attention from heavyweight asset managers. Janus Henderson and Wellington Management indicated interest in purchasing up to $60 million of stock. On the banking side, the offering was led by Morgan Stanley (NYSE: MS) and JPMorgan (NYSE: JPM), underscoring institutional confidence in the deal.

Founded in 2019 and recently rebranded from Voyager Space, the company has grown rapidly by focusing on national security contracts and advanced tech. In 2024, Voyager booked $144 million in revenue, with almost 84% coming from U.S. government agencies. NASA alone accounted for a quarter of sales. Despite the growth, the company posted a net loss of $66 million last year and $26.9 million in the first quarter of 2025.

Still, the demand for cutting-edge space and defense capabilities is rising fast—and so is the capital chasing those opportunities. The IPO bonanza places Voyager alongside other defense tech darlings like Palantir and Karman (NYSE: KRMN), which also doubled following its debut.

Voyager’s CEO stressed the strategic advantage of working closely with Palantir, which not only partnered on Starlab but also received Voyager shares last year in exchange for developing scheduling software for ISS payloads.

Taylor commented:

We are both headquartered in Denver, they are across the street from us, we are friendly. They are great partners and we coordinate with them closely and we have several initiatives where they play an important role.

While public offerings in the space sector have been relatively scarce in recent years, several companies have found success after going public via SPAC mergers. Notable examples include AST SpaceMobile (NASDAQ: ASTS), Rocket Lab (NASDAQ: RKLB), and Intuitive Machines (NASDAQ: LUNR), all of which have managed to gain traction in the markets while continuing to advance their operations post-merger.

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Riding the IPO Revival Wave

Voyager’s breakout listing adds fuel to what’s shaping up as a broader rebound in the IPO market. Recent offerings from companies like Circle Internet Group (NYSE: CRCL) and Aspen Insurance (NYSE: AHL) have come in above expectations, signaling a thaw in investor caution that has lingered since early-year volatility.

Lukas Muehlbauer, an IPOX research associate, attributed Voyager’s momentum to more than just excitement around space. “Strategic government backing amid increased defense spending somewhat shields these firms from tariff-induced supply chain risks,” he said.

Indeed, Voyager appears built for this moment. From supplying propulsion and optical guidance systems to Lockheed Martin (NYSE: LMT), to exploring future acquisitions with IPO funds, the company has both a deep backlog—$179.2 million as of March 31—and a clear runway for expansion.

According to Rob Desborough, managing director at Seraphim Space Investment Trust and an early investor in Voyager, the company’s public debut is a “significant milestone for the broader space sector, indicating its progression towards greater commercial maturity.”

What’s Next for Voyager?

Voyager’s successful debut is likely just the beginning. The company plans to use its IPO proceeds to accelerate research and development, pursue strategic mergers and acquisitions, and service existing debt. With top venture backers like Marlinspike and Scout Ventures on board, the company now has the war chest—and the spotlight—to move fast.

In today’s defense-heavy environment, where Washington and Silicon Valley increasingly converge, companies like Voyager have become prized assets.

And as Trump’s administration turns its gaze upward with space-based defense ambitions, Voyager Technologies may find that the stars are aligning at just the right time.

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