Shares of space and defense tech startup Voyager Technologies were up 127% in first-day trading Wednesday, delivering the latest sign that the IPO market is alive and well.
The Denver-based company priced shares at $31 each late Tuesday, raising $383 million. The share price was above the projected range of $26 to $29.
Founded in 2019, Voyager describes itself as an “innovation-driven defense technology and space solutions company.” It operates across multiple areas, including intelligence collection, defense systems, advanced space technology and space mission services.
Voyager touts on its website that it has more than 500 customers and has completed over 1,200 missions. In 2023, it began developing Starlab with partners such as Airbus to “develop and operate the Starlab Commercial Space Station,” also according to its website.
The offering comes amid a fairly upbeat period for spacetech venture investment. Global investment has held steady at more than $6 billion annually for the past two years, per Crunchbase data, with 2025 on track to deliver similar results.
Funding recipients reliably include a mix of defense tech, satellite and rocket developers, as well as startups finding innovative use cases for geospatial data.
As for Voyager, it’s mature enough to post steady revenue streams, but remains far from profitability. The company had $144 million in revenue for 2024, up from $136 million the prior year. It posted a net loss of $66 million last year, more than double the prior year’s loss.
For the first quarter of this year, meanwhile, Voyager had $35 million in revenue and a net loss of $28 million.
Per Crunchbase data, Voyager has raised nearly $178 million in funding from investors such as Scout Ventures, Seraphim Space, Jackson Moses, Industrious Ventures and NewSpace Capital.
The company is trading on the New York Stock Exchange under the ticker symbol VOYG.
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Illustration: Dom Guzman
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