Voyager Technologies combines defense manufacturing and space infrastructure under one public parent. Its operating portfolio covers controllable solid propulsion, solid rocket motors and energetic materials, electric spacecraft propulsion, radiation-hardened electronics, radar-intelligence and spectrum software, launch and International Space Station mission management, the Starlab commercial-space-station joint venture and, after the July 2026 Astrobotic acquisition, lunar landers, rovers, navigation and surface infrastructure through Voyager Lunar Systems.
For national-security customers, the most consequential businesses are propulsion, energetics, advanced electronics and spectrum operations. For civil space, Voyager supplies mission integration and ISS infrastructure while investing in Starlab and lunar logistics. The strategy is acquisition-heavy: Voyager has assembled specialized suppliers and operators into a broader platform rather than relying on a single flagship program.
Voyager's propulsion portfolio includes controllable solid-propulsion subsystems inherited from Valley Tech Systems, solid rocket motor and energetic-material capacity from Estes Energetics and electric spacecraft propulsion from ExoTerra. The company is under subcontract to Lockheed Martin on the Missile Defense Agency's Next Generation Interceptor and holds a $16.5 million Defense Advanced Research Projects Agency Burn n' Go Phase 2 award for propellant-embedded thrust-control technology. In the first quarter of 2026 Voyager also booked a contract with Raytheon to develop advanced technologies for the Standard Missile interceptor program.
Voyager supplies radiation-hardened laser and radio-frequency communications electronics, electro-optical and digital systems, radar-intelligence analytics and automated target-recognition software. The 2025 ElectroMagnetic Systems acquisition added artificial intelligence and machine-learning software for space-based radar. In July 2026 Voyager disclosed a separate multi-million-dollar contract for an agentic-AI spectrum-operations platform supporting mission planning, execution, data management and exploitation.
Voyager provides payload design, integration, safety certification, manifest planning and on-orbit operations. Its Bishop Airlock is the first commercially owned airlock installed on the International Space Station. A February 2026 NASA Johnson Space Center indefinite-delivery/indefinite-quantity contract carries a $24.5 million ceiling through 2030. Voyager also won 2026 mission-management work with Icarus Robotics, Exobiosphere and Sandia National Laboratories.
Starlab Space LLC is a Voyager-led, majority-owned joint venture developing a commercial replacement for the International Space Station. It does not generate operating revenue today. NASA funds development milestones under the Commercial Low Earth Orbit Destinations Space Act Agreement. Starlab completed its commercial Critical Design Review in February 2026 and entered fabrication, testing and systems integration.
Voyager completed its acquisition of Astrobotic Technology on July 13, 2026, for up to approximately $300 million, including contingent consideration, payable in cash and Voyager stock. The business now operates as Voyager Lunar Systems from Pittsburgh. It adds Peregrine and Griffin lunar landers, CubeRover mobility, autonomous navigation and lunar surface-power concepts. NASA's approximately $298 million June 2026 task order funds two new lunar lander missions, including Peregrine-2 in 2028. Read the Astrobotic / Voyager Lunar Systems profile →
Voyager was incorporated in 2019 as Voyager Space Holdings and built its business through acquisitions. Early transactions assembled spaceflight-services, spacecraft-technology and propulsion assets. By 2025 the company had renamed itself Voyager Technologies, completed an initial public offering on the New York Stock Exchange and broadened its stated focus from commercial space into defense technology and national security.
The 2025 acquisition cycle materially changed the industrial base. Voyager acquired ElectroMagnetic Systems in August for artificial intelligence-enabled radar-intelligence software, acquired BridgeComm intellectual property in September, bought ExoTerra in October for electric propulsion and acquired Estes Energetics in November for energetic materials and propulsion chemicals. Voyager's 2025 annual report said the company grew from about 500 to 800 employees during the year, primarily through acquisitions.
In 2026 Voyager moved deeper into both defense manufacturing and lunar infrastructure. It began scaling a 150,000-square-foot American Defense Complex in Pueblo, Colorado, raised its credit facility to $250 million in July and completed the Astrobotic acquisition on July 13. Voyager signed the merger agreement on June 1 and closed six weeks later for up to approximately $300 million, including contingent consideration, payable in cash and Voyager stock. The equity component consists of up to 2,031,694 Class A closing shares plus contingent shares priced off a 20-trading-day volume-weighted average price. The acquisition turned Astrobotic into Voyager Lunar Systems and brought the Peregrine and Griffin lunar programs under the public parent. Voyager also redomesticated from Delaware to Texas in June 2026 while maintaining its principal executive office in Denver.
Voyager generated $166.4 million of revenue in 2025, up 15.4% from 2024. First-quarter 2026 revenue was $35.246 million versus $34.507 million a year earlier, a 2.1% increase. The company nevertheless raised full-year 2026 revenue guidance to $230 million–$255 million, implying 38%–53% growth over 2025. Management tied that acceleration to record backlog, acquisition integration and increasing demand in defense and space programs.
Backlog reached $275.278 million at March 31, 2026, a 54% year-over-year increase driven by $45 million of first-quarter bookings. Of that amount, $153.227 million was funded and $122.051 million was unfunded. Voyager's filing classifies $147.224 million of funded backlog under Defense and Space Technologies and $6.003 million under Starlab. Unfunded backlog includes unexercised options and potential bookings under indefinite-delivery/indefinite-quantity vehicles, so it should not be treated as guaranteed revenue.
The principal growth levers are propulsion and energetics production, Golden Dome-aligned procurement, Next Generation Interceptor execution, the Raytheon Standard Missile development contract, electric-propulsion capacity, NASA mission management, Starlab milestones and the Astrobotic lunar contract base. Management identified Golden Dome-aligned demand and the Raytheon award as specific contributors to first-quarter bookings. The counterweight is cost: Voyager remains deeply loss-making and continues to spend heavily on research, acquisitions and manufacturing capacity.
| Filed | Form | Description | Link |
|---|---|---|---|
| Jul 8, 2026 | 8-K | Fourth amendment increases revolving-credit commitments to $250M; $400M potential facility with accordion. | View → |
| Jun 18, 2026 | 8-K | Texas redomestication becomes effective; Voyager Technologies continues as a Texas corporation. | View → |
| Jun 2, 2026 | 8-K | Astrobotic merger agreement dated June 1, 2026; equity consideration of up to 2,031,694 Class A closing shares plus contingent earnout shares priced on a 20-day VWAP. | View → |
| May 4, 2026 | 10-Q / 8-K | Q1 2026 results: $35.246M revenue, $275.278M backlog and 2026 guidance raised to $230M–$255M. | View → |
| Apr 17, 2026 | DEF 14A | 2026 proxy: executive officers, seven-member board, voting control and Texas redomestication proposal; 53,389,837 Class A and 5,758,566 Class B shares outstanding at April 1, 2026. | View → |
| Mar 2026 | 10-K | FY2025 annual report: $166.419M revenue, $112.3M net loss, $265.590M backlog and approximately 800 employees. | View → |
| Date | Awarding Body | Program / Scope | Value | Status |
|---|---|---|---|---|
| Jul 20, 2026 | Sandia National Laboratories | Big Boy ISS mission management, integration and on-orbit operations for 2027 demonstration | Undisclosed | Awarded |
| Jun 30, 2026 | NASA CLPS | Two lunar lander task orders under Moon Base / CLPS; includes Peregrine-2 targeted for 2028 | ≈$298M | Awarded |
| May 26, 2026 | DARPA | Burn n' Go Phase 2, propellant-embedded thrust control for solid rocket motors | $16.5M | Awarded |
| Apr 15, 2026 | NASA | VOYG-1, seventh Private Astronaut Mission to the ISS, launch NET 2028 | Not publicly disclosed | Selected |
| Mar 16, 2026 | NASA / a.i. solutions | ELVIS 3 follow-on launch integration and mission support through FY2026 | Multi-million-dollar | Awarded |
| Q1 2026 | Raytheon | Advanced technology development for the Standard Missile interceptor program | Undisclosed | Awarded |
| Q1 2026 | U.S. Government | Multiple awards aligned to the Golden Dome architecture, contributing to $45M of first-quarter bookings | Undisclosed | Awarded |
| Feb 9, 2026 | NASA Johnson Space Center | ISS full-service mission management IDIQ through 2030 | $24.5M ceiling | Awarded |
| Dec 7, 2021 | Lockheed Martin / MDA | Next Generation Interceptor solid-propulsion roll-control subsystem | Up to $94M | Active |
| Date | Insider / Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| Q2 2026 | All Section 16 reporting persons | Open-market activity | None reported in period | None reported in period | None reported in period |
Voyager is becoming a vertically broader defense-and-space supplier faster than its financial statements are becoming mature. The company now owns real production capacity in propulsion and energetics, has active missile-defense work, a growing mission-management franchise and a newly acquired lunar platform. The strategic question is no longer whether Voyager has enough addressable markets. It is whether management can integrate the portfolio, convert backlog into revenue and scale manufacturing without allowing losses and capital intensity to outrun growth.
Management's 2026 revenue guide of $230M–$255M implies a sharp acceleration after only 2.1% year-over-year growth in Q1. The record backlog supports that view, but $122.051M of the March backlog was unfunded and therefore includes options or potential future bookings rather than committed funded work. The most important near-term proof points are Q2 and second-half conversion of backlog, Pueblo manufacturing ramp, execution on the DARPA, Raytheon and NGI propulsion work, integration of ExoTerra and Estes Energetics and the contribution from Astrobotic's approximately $298M NASA task order.
Starlab remains strategically important but is not a near-term revenue engine. NASA milestone payments reduce development burden, yet Voyager's filing says Starlab does not generate revenue today and is not expected to do so in the near term. The lunar acquisition similarly expands Voyager's program set but introduces flight-execution risk and potential dilution because part of the contingent consideration may be paid in Voyager shares. Griffin Mission One now targets launch no earlier than November 2026, making successful environmental testing and launch readiness a material operating milestone.
Voyager's strongest competitive feature is portfolio breadth across niches that are individually hard to replicate: controllable solid propulsion, energetic materials, electric propulsion, radiation-hardened electronics, radar analytics, ISS mission operations and now lunar delivery. The acquisition model gives Voyager access to proven engineering teams and customer relationships faster than organic development would.
That breadth is not the same as an entrenched moat. Voyager remains far smaller than the major defense primes and propulsion incumbents, its businesses depend heavily on government budgets and fixed-price execution and several growth platforms are still developmental. The defensible advantage will emerge only if Voyager can turn the assembled portfolio into repeatable manufacturing, cross-sell across programs and retain specialized technical talent after integration.
Losses and cash consumption. Voyager remains unprofitable. The company reported a net loss of approximately $112.3M for full-year 2025, and free cash flow remained deeply negative after heavy capital spending.
Acquisition integration. The company has assembled much of its current footprint through acquisitions. Integration failures could disrupt engineering teams, customer relationships, cost controls or manufacturing schedules.
Backlog quality. Roughly $122M of March 2026 backlog was unfunded. Options and potential bookings do not carry the same certainty as funded orders.
Government concentration and procurement timing. NASA, Department of Defense and national-security programs drive a large share of opportunity. Continuing resolutions, program restructures, cancellations and appropriations delays can move revenue between periods.
Program execution. Next Generation Interceptor propulsion, the Raytheon Standard Missile development work, new solid-rocket-motor capacity, Starlab and lunar missions all carry technical, schedule and fixed-price risk.
Capital intensity and dilution. Pueblo manufacturing, propulsion scaling, Starlab development and lunar systems require capital before mature production economics are proven. Voyager is also using Class A stock as acquisition currency, and Astrobotic earnout milestones can issue additional contingent shares.
Voyager is diversified across contracts but concentrated by customer class: U.S. government and government-adjacent programs remain central to backlog and growth. The company also carries governance concentration because Dylan Taylor controls a majority of voting power through Class B shares.