Voyager Technologies made a strong entrance on the US stock market, securing a valuation of $3.8 billion. The defence and space firm saw its shares more than double on debut, highlighting strong investor confidence in a sector expected to grow under the Trump administration.
Impressive IPO Performance Reflects Market Optimism
Based in Denver, Colorado, Voyager’s shares opened at $69.75 on Wednesday—125% above its initial offer price of $31. The company raised $382.8 million through the sale of nearly 12.4 million shares in an upsized initial public offering (IPO).
This launch signals growing investor interest in the space and defence industries. According to Lukas Muehlbauer, a research associate at IPOX, government support and increased defence spending help insulate firms like Voyager from supply chain disruptions caused by tariffs.
Strategic Contracts and Government Backing Fuel Growth
Founded in 2019, Voyager Technologies delivers mission-critical technology for both space and defence. As of 31 March, the company reported a total project backlog worth $179.2 million.
In 2024, defence giant Lockheed Martin chose Voyager to supply essential propulsion and optical guidance systems. These components play a key role in protecting the US against long-range ballistic missile threats.
President Donald Trump’s administration has proposed a $175 billion “Golden Dome” project, aiming to establish a national missile defence shield. This initiative is expected to benefit companies operating in the defence sector.
Broader Industry Momentum Continues
Voyager also received a $217.5 million grant from NASA to develop Starlab, a proposed replacement for the International Space Station. The project involves partnerships with Airbus, Mitsubishi and Palantir.
Rob Desborough, managing director at Seraphim Space Investment Trust and an investor in Voyager, called the IPO a milestone for the space sector. It signals the industry’s progress towards becoming commercially mature.
Voyager’s debut follows another recent listing—Karman, another space and defence company, whose shares had also more than doubled by Tuesday’s close.
Lukas Muehlbauer added that while high barriers to entry limit the number of defence sector IPOs, the current favourable environment is encouraging established firms to go public.
Investment firms Janus Henderson and Wellington Management had shown interest in purchasing up to $60 million worth of Voyager’s shares prior to the IPO.
with inputs from Reuters
