Voyager Technologies shares surged 82.2% in their public market debut June 11, closing at $56.48 on the New York Stock Exchange after pricing at $31 per share in the company’s initial public offering.
The aerospace and defense company raised $383 million by selling 12.35 million shares, achieving a market capitalization exceeding $3 billion at the close of trading. Shares peaked at $73.95 during the session.
Voyager, which rebranded from Voyager Space earlier this year, plans to deploy IPO proceeds across strategic defense and space initiatives.
"I think there’s a lot of opportunities in both segments," Matthew Kuta, president of Voyager, said during a June 11 media call. He highlighted the company’s potential involvement in the Golden Dome missile defense initiative as an example of expanding defense opportunities.
Kuta emphasized that Golden Dome didn’t drive the IPO timing. "Voyager has been on this public company readiness path for a few years now," he said, noting the company filed Securities and Exchange Commission paperwork before Golden Dome’s formal announcement.
The company remains best known for spearheading development of Starlab, a commercial space station. Voyager owns two-thirds of Starlab Space, a joint venture with Airbus Defence and Space, Mitsubishi and MDA Space that holds a NASA contract for initial design work.
Starlab Space will compete for funding in NASA’s next Commercial Low Earth Orbit Destinations program phase to construct the station for launch before 2030.
The IPO demonstrates to NASA "that Voyager has an incredibly strong and healthy balance sheet," Kuta said. "Obviously, having additional resources for something like this is beneficial in that endeavor."
However, the $383 million raised represents only a fraction of Starlab’s estimated $2.8 billion to $3.3 billion development cost outlined in Voyager’s prospectus. Kuta didn’t directly address whether Voyager or Starlab Space would continue the project without winning the next NASA competition.
Voyager also intends to pursue mergers and acquisitions with IPO proceeds. The company itself was assembled through multiple acquisitions.
"I would anticipate us continuing to use M&A as a growth factor," Kuta said, alongside organic expansion. Public status enables Voyager to use stock for deal financing more effectively than as a private entity with illiquid shares that are "difficult to price, versus when you have an actively traded stock."
Kuta positioned the company as well-positioned for current market conditions. "I think right now, you know, we’re the right industry, right company, really at the the right market and geopolitical time," he said.
