MW A rare space IPO is on deck. It could herald a wave of space-tech companies going public.

By James Rogers

Voyager Technologies Inc. could be valued at up to $1.6 billion as the second space IPO of 2025

Defense-technology and space company Voyager Technologies Inc. is on deck for an initial public offering, marking something of a milestone for the space sector.

Last week, Voyager set terms for its 11 million share IPO, which is expected to price between $26 and $29 a share and value the company at up to $1.6 billion. The IPO is expected to price Tuesday, with the stock expected to start trading on Wednesday, according to IPOScoop.com.

"Voyager's public offering makes it clear that the VC-backed space-tech ecosystem is finally maturing," Ali Javaheri, emerging technology analyst at PitchBook, wrote in a note. "With dozens of unicorns across launch, propulsion, and on-orbit services, we could see a potential wave of public-market exits for space-tech companies."

Related: These stocks of SpaceX rivals are getting a boost as Musk clashes with Trump

Recent years have seen space companies Rocket Lab Corp. $(RKLB)$, AST SpaceMobile Inc. $(ASTS)$, and Intuitive Machines Inc. (LUNR) go public, albeit through mergers with special-purpose acquisition companies (SPACs) or blank-check companies. However, there had been a dearth of traditional offerings until Karman Holdings Inc.'s $(KRMN)$ IPO in February. The stock has risen more than 55% this year and the company now has a valuation of $6.17 billion.

"Since going public, [Karman] has doubled its valuation, underlining how eager investors remain for companies that sit at the intersection of civil and military space applications," wrote Javaheri.

Denver-based Voyager Technologies counts NASA as its largest customer. The stock is expected to trade on the New York Stock Exchange under the ticker symbol "VOYG."

The company is also part of a joint venture with Airbus SE $(EADSY)$, Mitsubishi Corp. (JP:8058) and MDA Space Ltd. (MDALF) (CA:MDA) to build the Starlab commercial space station, and counts AI darling Palantir Technologies Inc. (PLTR) as a strategic partner.

Ali Javaheri said that Voyager could also tap into President Donald Trump's planned $175 billion "Golden Dome" missile defense system. "By shifting from a pure-play commercial focus into national security via StarLab contracts, Voyager is well-positioned to leverage initiatives like Golden Dome," he wrote.

Related: Space IPOs are trickling back. What that could mean for Elon Musk's Starlink.

Last year, Voyager was selected by Lockheed Martin Corp. $(LMT)$ to support an advanced solid-propulsion subsystem for the U.S. Missile Defense Agency's Next Generation Interceptor, which is designed to protect the American homeland against missile threats.

As for future space offerings, one company linked with a possible public-market move in recent years is Louisville, Colo.-based Sierra Space, which was spun off from private defense company Sierra Nevada Corporation in 2021. In April 2024, Tom Vice, then the company's chief executive, told Yahoo Finance that the company would be looking at the public markets over a span of 12 to 18 months.

Sierra Space has not yet responded to a request for comment on this story.

-James Rogers

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June 10, 2025 08:18 ET (12:18 GMT)

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