Defense tech company Voyager Technologies made its public debut, soaring 82% higher than its initial offering price of $31 per share. The company priced its shares at $56.48 per share on Wednesday, following a successful first day of trading.
Voyager plans to use the cash influx from the IPO to fund research and development programs, acquire assets for growth, and pursue mergers and acquisitions in its core business areas. A portion of the proceeds will also be used to repay debt and cover day-to-day expenses.
Morgan Stanley and JPMorgan led the offering, with early investors including national security-focused venture firms Industrious Ventures, Marlinspike, and Scout Ventures. Voyager’s IPO is notable as most venture-backed companies have opted to remain private, especially after the pandemic.
The company relies heavily on a single client: the US government, generating 80% of its revenue in 2024, with NASA accounting for 25% of sales last year. Despite this, Voyager reported a significant loss of $66 million in 2024, compared to double that amount in the prior year.
The IPO pop reflects renewed interest in defense and space tech companies from Silicon Valley and Washington. US military leaders have prioritized AI development, aiming to build up America’s arsenal in the technological arms race with China. Top venture capital firms, including Founder’s Fund and Andreessen Horowitz, have invested heavily in defense tech startups like Anduril and Shield AI, which recently raised $2.5 billion in funding.
Source: https://www.businessinsider.com/voyager-soars-ipo-trading-debut-defense-tech-boom-2025-6