Voyager Technologies (VOYG), a Denver-based space and defense contractor, increased its IPO’s size at pricing to about 12.35 million shares – up from 11 million shares in the prospectus – and priced the IPO at $31.00 – $2.00 above the top of its range – to raise $382.85 million on Tuesday night, June 10, 2025. The IPO’s prospectus showed a range of $26.00 to $29.00. Voyager Technologies’ stock started trading at $69.75 – more than double its $31 IPO price – to score a moonshot in its debut on Wednesday, June 11, 2025 – on the New York Stock Exchange.
Morgan Stanley and J.P.Morgan were the lead joint book-runners. Barclays, Jefferies, BofA Securities, KeyBanc Capital Markets and the Wolfe Nomura Alliance also served as joint book-runners.
At pricing, Voyager Technologies had a market cap of about $1.75 billion.
Janus Henderson InvestorsandWellington Management, the cornerstone investors, had indicated an interest in buying up to $60 million of stock in the IPO, the prospectus said.
Another $20 million of stock was reserved for the directed share program to be offered to certain employees and friends and family members of directors, officers and employees, according to the prospectus.
Voyager Technologies (VOYG) is a U.S. defense contractor whose projects include work on Golden Dome, President Trump’s layered missile defense shield. (Updates column to delete reference to backlog of $3.6 billion, which is the figure that the prospectus uses to describe “about $3.6 billion of potential revenue” from Voyager’s pipeline of identified projects, as of March 31, 2025.)
The company, founded in 2019, has three business segments:
– Voyager’s Defense & National Security business segment represented about 50.9 percent of its revenue for the year ended Dec. 31, 2024, and about 66.1 percent of its revenue for the three months that ended March 31, 2025, according to the prospectus.
– Voyager Technologies has a NASA grant to design Starlab, the commercial space station to replace the International Space Station (ISS), set for decommissioning in 2030. Voyager is the leader and majority owner of a global joint venture to run Starlab, with Airbus and Palantir among its international equity partners, according to the prospectus.
– The company’s third business segment – called Space Solutions – “delivers space infrastructure, advanced space technology, science systems and mission services that power commercial, academic and government missions from low-Earth orbit to deep space,” the prospectus said.
Voyager Technologies Inc. is not profitable, according to financial statements in the prospectus: Net loss of $65.6 million on revenue of $144.18 million for the 12 months that ended Dec. 31, 2024.
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