Voyager Technologies IPO Could Be Another 200%+ Opportunity, But Still Comes with Risks—Here’s How to Play It

After CoreWeave and Circle, the next IPO star is here. NASA and Palantir-backed Voyager Technologies (VOYG) is set to go public this week, with a valuation of $1.6 billion. Given the current IPO mania—CoreWeave and Circle have both surged over 270%—and President Trump’s renewed focus on space ambitions, this IPO is poised to make a splash. However, there are also notable risks investors should not ignore. Here’s everything you need to know, from a fundamental and financial perspective, along with strategies to ride the wave.

Previously known as Voyager Space, the company was founded in 2019 and operates across the defense and space sectors. It serves the U.S. aerospace and defense industries through direct engagement and deep strategic partnerships

Wall Street Muscle Behind the IPO

The IPO is being led by a high-profile underwriting team. Morgan Stanley and J.P. Morgan will serve as lead underwriters, with Barclays Capital, Jefferies, and Bank of America in supporting roles. The caliber of these investment banks indicates strong institutional support. Notably, underwriters have a vested interest in seeing the IPO succeed to maintain their reputations. Even if the stock opens below expectations, these institutions often provide buying support to stabilize or boost share prices. For example, on its debut, CoreWeave dropped 6% below its IPO price intraday but recovered by the end of the day—likely thanks to the same lead underwriters, Morgan Stanley and J.P. Morgan.

Tied to the U.S. Government

Voyager’s key partners and customers include Palantir, NASA, Lockheed Martin, the U.S. Air Force, and Sierra Space. NASA is the largest customer, contributing 26% of revenue in 2024, followed by Lockheed Martin at 17%, and Airbus and the U.S. Air Force at 8% each. These relationships position Voyager firmly within the U.S. government’s aerospace and defense ecosystem.

Between 2022 and 2024, Voyager received $127.2 million in grants from NASA to develop Starlab, a commercial space station designed to replace the International Space Station (ISS), which is scheduled for decommissioning in 2030. In Q1 alone, it received another $20 million from NASA, with $70.3 million in eligible proceeds still remaining under the grant.

Business Segments

Voyager operates across two primary segments: Defense & National Security and Space Solutions.

The Defense & National Security segment is Voyager’s main revenue driver, accounting for 51% of its 2024 revenue and 66% in Q1 2025. The company’s propulsion systems support hypersonic and missile defense programs. It holds a $78 million contract for Lockheed Martin’s NGI program under the U.S. Missile Defense Agency. In partnership with Palantir, Voyager offers intelligence analytics that transform raw signal data into actionable insights for national security. Additionally, it provides space-proven communications and navigation systems, and is advancing AI-powered edge computing to support decision-making in defense and space applications.

The Space Solutions segment accounted for 49% of 2024 revenue and 33.9% of Q1 2025 revenue. Voyager serves both government and commercial clients, offering mission-critical propulsion, communications, and management systems. Notably, its power units were used in NASA’s DART mission. Voyager has pioneered commercial space infrastructure with innovations like the Bishop Airlock, enabling robotic payload deployment and supporting over 1,000 missions for more than 35 countries. It remains the largest commercial user of the ISS and has launched over 330 satellites.

Starlab, Voyager’s flagship commercial space station, is being developed via a U.S.-led joint venture with Airbus, Mitsubishi, MDA Space, and Palantir. Airbus leads technical design and engineering, while Palantir enhances operations through data modeling. Starlab has already secured a launch contract with SpaceX, utilizing the Starship launch vehicle’s expanded diameter fairing.

Voyager stands to benefit from President Trump’s focus on aerospace. Recent executive orders lifting the ban on supersonic flight over land and accelerating eVTOL aircraft development could directly or indirectly support Voyager’s long-term business. Its strong ties to NASA, the Department of Defense, and Palantir further position the company to benefit from Trump’s proposed $1.01 trillion defense budget for FY 2026.

Fundamentals Reveal a Mixed Picture

While Voyager’s business model is compelling, its financials present a more cautious outlook. Revenue growth has been modest, with 2024 sales reaching $144.2 million—just 6% year-over-year growth—accompanied by a 24% gross margin. Q1 2025 sales improved, rising 14% year-over-year to $34.5 million, but gross margin declined sharply to 16%, highlighting margin volatility.

The 14% revenue growth may be largely driven by marketing spending, which ballooned to $26.3 million in Q1, up 169% year-over-year and accounting for 76% of revenue. Such aggressive spending yielding only moderate growth is a red flag. The silver lining is that these expenses are largely responsible for the company’s lack of profitability. If Voyager can reduce SG&A costs or leverage them to generate higher sales, profitability could be within reach. As of now, the company remains unprofitable.

On a positive note, Voyager’s financial position is relatively strong. The debt ratio stood at 52% as of March 31, significantly improved from 76% in the prior-year quarter. Cash and equivalents totaled $175 million, nearly half of its total assets of $365 million. The company is not in a cash crunch, and the IPO appears aimed at capitalizing on market momentum rather than urgent funding needs.

Valuation Scenarios

Valuing Voyager is tricky due to its early-stage nature and mixed fundamentals. A simplistic valuation based on price-to-sales (P/S) multiples offers a range. For example, Rocket Lab—though an extreme benchmark—trades at a P/S of roughly 28 (based on annualized recent sales). Applying that multiple would give Voyager a $16.4 billion valuation—10 times its IPO valuation—which is likely too aggressive.

A more conservative comp is L3Harris Technologies, which trades at a P/S of around 2.25. That would imply a valuation of roughly $1.3 billion for Voyager, slightly below its IPO price, but L3Harris is a mature company without Voyager’s strategic partnerships

A reasonable midpoint might be a P/S multiple of 8 to 10, which would value Voyager between $4.6 and $5.7 billion. That represents an upside of 187% to 256% from its IPO valuation. Given the current IPO euphoria, such an outcome is not out of reach, especially in the early days of trading.

Strategies

Based on the experiences of CoreWeave and Circle, Voyager could deliver another spectacular IPO performance. A 100%+ surge on debut would not be surprising, and even at elevated levels, the stock may still offer upside due to its strong government ties, space and defense focus, and Trump-era tailwinds. Additionally, the relatively low float and small market cap may fuel momentum-driven buying.

That said, extreme valuations paired with weak financial metrics warrant caution. Investors should consider locking in profits after significant gains, as the turnaround will take time and is far from guaranteed. Still, for those who missed CoreWeave and Circle, Voyager represents another rare chance to participate in a high-profile space IPO. Despite its immature earnings, the company’s strategic positioning and long-term prospects are likely to capture market attention.