Shares of Voyager Technologies Inc. surged as much as 139% in their trading debut on Wednesday, following the space and defense technology firm’s upsized initial public offering (IPO), signaling strong investor appetite for aerospace and national security-focused businesses.
The Denver-based company raised approximately $383 million by selling 12.35 million shares at $31 each, exceeding its previously marketed range of $26 to $29 per share. Initially planning to offer 11 million shares, Voyager increased the offering size in response to heightened demand. The stock traded at $69.99 as of early Wednesday afternoon, giving the company a market capitalization of about $3.9 billion based on shares outstanding.
The offering, which was led by Morgan Stanley and JPMorgan Chase & Co., follows a broader resurgence in the US IPO market after a period of economic and geopolitical uncertainty. Voyager’s listing comes amid heightened global interest in military and space investment, particularly from the US government.
Voyager Technologies—formerly known as Voyager Space—was founded in 2019 and serves both government and commercial clients. Its business spans sectors such as national security, advanced technology, and space infrastructure. According to regulatory filings, roughly 84% of the company’s revenue in 2024 came from contracts with the US government and affiliated agencies.
A cornerstone of Voyager’s strategy is its $217.5 million development grant from NASA to help design Starlab, a commercial space station intended to succeed the International Space Station, which is scheduled for decommissioning by 2030. The project is being developed through a joint venture that includes prominent partners such as Airbus SE, Mitsubishi Corp., MDA Space Ltd., and Palantir Technologies Inc.
Despite rising revenue—$34.5 million in the quarter ending March 31, up from $30.2 million a year earlier—Voyager posted a net loss of $26.9 million, compared to a $14.8 million loss in the same quarter last year.
Institutional interest was strong, with Janus Henderson Investors and Wellington Management expressing intent to purchase a combined $60 million worth of shares, according to company filings.
