Voyager Technologies debuts as public defense/space company: $166M revenue, $112M loss, $2.8B Starlab bet

Filed March 10, 2026 · Period ending December 31, 2025 · ~2 min read

Key Changes

• high

  Company raised $409M in June 2025 IPO and $460M in convertible notes, ending year with $491M cash vs. $56M prior year. Total liquidity including undrawn revolver: $705M. Management states this funds operations for at least 12 months.

  MD&A: Liquidity verify on EDGAR →
• high

  Starlab commercial space station requires $2.8-3.3B to build and launch by 2029. Only $34M remains from NASA's $217.5M Phase I grant. Company must secure Phase II NASA funding, customer prebuys, and capital markets financing with no assurance of success.

  Risk Factors: Starlab Funding verify on EDGAR →
• high

  U.S. government represents 86% of 2025 revenue, up from 84% in 2024. Funded backlog of $146M is 86% government-concentrated. Changes in federal priorities, shutdowns, or procurement practices pose material revenue risk.

  Risk Factors: Government Concentration verify on EDGAR →