Intriguing IPOs: Voyager Technologies (VOYG)

Investors looking for opportunities in space have had few options, that seems to be changing quickly.

An Astronomer, Ferdinand Bol, 1652, oil on canvas (National Gallery, London)

I may be getting a little ahead of myself here, but it would appear the IPO market is running hot. Over the past few years, the IPO market has been slim pickings. We could go weeks without anything other than a black check placeholder stock or some shady offshore company looking to grift their way into a few million dollars.

The past couple of months have seen some large IPOs in some of the more innovative parts of the market, including AI data centers, fintech, crypto, direct and tangential GLP-1 concepts, and cybersecurity. It certainly feels like a vibe shift from 2023-2024 when these kinds of businesses wouldn’t have dreamed of going public.

Another market zeitgeist theme these days is space. Specifically, companies that cater to the intersection of defense and commercialization of space. For investors, this industry has been long on prospects but short on bankable opportunities.

The numbers some research groups are putting out about the growth rates and total addressable market for the space economy seem borderline absurd. A McKinsey report from earlier projected the space economy to reach $1.8 trillion in 10 years.

For an industry with so much potential money sloshing around, the public markets have been bereft of investable companies. There have been three options to invest in space:

• Gigantic defense contractors, where space divisions are a rounding error of the entire company.

• A small handful of small-cap startups that are still wildly unprofitable

• Overpay (a lot) for funds that own shares of SpaceX.

If investors are willing to pay enormous premiums for space economy stocks, then there should be more! We’ve already had a couple of aerospace and defence companies go pubic this year, and last week we got one more: Voyager Technologies (NASDAQ: VOYG).

Let’s dig into Voyager to see what (if anything) sets it apart from the rest of the space companies these days.

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