Voyager Technologies secured a valuation of $3.8 billion after the defense and space firm’s shares more than doubled in their U.S. debut, signalling strong interest in the sector expected to thrive under the Trump administration.
The Denver, Colorado–based company’s stock opened 125 per cent higher on Wednesday at $69.75 apiece, above the $31 offer price. Voyager raised $382.8 million by selling nearly 12.4 million shares in an upsized IPO.
The space industry is undergoing major policy shifts under President Donald Trump, which has proposed a $175 billion Golden Dome project that aims to create a missile defense shield in the U.S.
“Strategic government backing amid increased defense spending somewhat shields these firms from tariff-induced supply chain risks,” said IPOX research associate Lukas Muehlbauer.
Founded in 2019, Voyager provides mission-critical space and defense technology. It had a total backlog of $179.2 million, as of March 31.
Voyager’s IPO is a significant milestone for the broader space sector, indicating its progression towards greater commercial maturity, said Rob Desborough, managing director of Seraphim Space Investment Trust, an investor in Voyager.
In 2024, Lockheed Martin picked Voyager to supply propulsion and optical guidance systems, vital for the U.S. defense against long-range ballistic missile threats.
NASA has granted Voyager $217.5 million to build Starlab, a potential successor to the International Space Station, which Voyager plans to operate with Airbus, Mitsubishi and Palantir.
Voyager’s flotation comes months after defense and space firm Karman went public. Karman’s stock had more than doubled, as of Tuesday’s close.
“Although high entry barriers in the defense sector naturally limit the pool of IPO candidates, the current environment is encouraging established companies to go public,” Muehlbauer added.
Asset managers Janus Henderson and Wellington Management had previously indicated interest in buying up to $60 million of Voyager’s shares.
