Voyager Technologies, a Denver-based space and defense technology startup founded in 2019, made a striking debut on the New York Stock Exchange (NYSE) on Wednesday, June 11, 2025. The company’s shares soared by 82%, closing at $56.48 after an exhilarating day in which the stock peaked at nearly $73 per share. This performance significantly surpassed the initial public offering (IPO) price of $31 per share, which itself was above the company’s earlier projected range of $26 to $29.
Voyager’s IPO raised approximately $383 million by selling around 12.35 million shares, exceeding the originally planned offering of 11 million shares. The strong demand for Voyager’s stock not only reflects investor enthusiasm for space and defense technologies but also underscores the company’s growing stature in these sectors. With this public offering, Voyager secured a valuation of about $3.8 billion, more than doubling its earlier target of $1.6 billion.
At the helm of this milestone are Voyager’s Chairman and CEO Dylan Taylor and President and Co-Founder Matthew J. Kuta, who rang the opening bell at the NYSE to mark the occasion. The IPO was led by major financial institutions including Morgan Stanley, J.P. Morgan, Goldman Sachs, and Bank of America Securities, among others, signaling robust backing from Wall Street’s top underwriters.
Voyager Technologies positions itself as an “innovation-driven defense technology and space solutions company,” operating across multiple domains such as intelligence collection, defense systems, advanced space technology, and space mission services. The company boasts an impressive portfolio, having completed over 1,200 missions and serving more than 500 customers. Its revenue has shown steady growth, reaching $144 million in 2024, up from $136 million the previous year.
Despite this revenue growth, Voyager remains unprofitable, posting a net loss of $66 million in 2024—more than double the loss from the prior year. The first quarter of 2025 continued this trend, with $35 million in revenue and a net loss of $28 million. Nevertheless, the company’s strong investor interest and market debut suggest confidence in its long-term prospects.
A significant portion of the funds raised through the IPO will be invested in Voyager’s ambitious project: Starlab. This commercial space station concept, developed in partnership with aerospace giant Airbus and others, aims to serve as a replacement for the International Space Station (ISS). Voyager is actively offering Starlab to NASA, which remains the company’s largest customer, accounting for roughly one-quarter of its $144 million revenue in 2024. Overall, U.S. government contracts represent about 84% of Voyager’s sales mix, highlighting its deep ties to national defense and space exploration efforts.
The timing of Voyager’s IPO coincides with a broader surge in military and space spending. The company’s launch into public markets comes amid increased global investment in spacetech, which has remained steady at over $6 billion annually for the past two years and is on track for similar figures in 2025. This environment is fueled by heightened geopolitical tensions and the ongoing race for technological supremacy in space.
Voyager’s growth story is emblematic of a wider trend in the space and defense sectors, where startups are rapidly innovating and attracting substantial venture capital. The company has raised nearly $178 million in private funding from investors including Scout Ventures, Seraphim Space, Jackson Moses, Industrious Ventures, and NewSpace Capital, laying a strong foundation for its public market debut.
The company’s stock trades under the ticker symbol "VOYG" on the NYSE. The IPO’s underwriters have also secured a 30-day option to purchase up to 1.85 million additional shares, an increase from the original 1.65 million, giving them flexibility to meet ongoing investor demand.
Voyager’s leadership and investors are betting on the future of space commercialization and defense technology, with Starlab serving as a flagship initiative. The project’s aim to replace the ISS reflects a bold vision of expanding human presence in low Earth orbit through commercial partnerships, potentially reshaping the space station landscape.
As Dylan Taylor and Matthew J. Kuta celebrated the company’s public debut, the broader market took note of Voyager’s rapid ascent. The IPO’s success signals renewed confidence in space and defense startups, which are increasingly viewed as critical players in national security and technological innovation.
While challenges remain, including the company’s current unprofitability and the high costs associated with space infrastructure, Voyager’s strong market reception and strategic partnerships position it well for the future. Investors and industry watchers alike will be watching closely as Voyager advances its ambitious projects and navigates the evolving landscape of space technology.