Voyager Technologies, Inc. is an innovation-driven defense technology and space solutions company.
The company strives to solve complex challenges to fortify national security, protect critical assets and unlock new frontiers for human progress and economic development. The company is committed to developing and delivering an array of transformative, mission-critical solutions to customers enabled by the company’s advanced technology, analytics and space infrastructure capabilities. The company...
Voyager Technologies, Inc. is an innovation-driven defense technology and space solutions company.
The company strives to solve complex challenges to fortify national security, protect critical assets and unlock new frontiers for human progress and economic development. The company is committed to developing and delivering an array of transformative, mission-critical solutions to customers enabled by the company’s advanced technology, analytics and space infrastructure capabilities. The company’s solutions include communications and intelligence collection systems, defense systems, advanced space technology, in-space infrastructure and space mission services. The company’s business consists of diversified solutions across three business segments: Defense & National Security, Space Solutions and Starlab Space Stations. Since 2019, the company has accomplished significant achievements in each of these segments, including the successful deployment of first-of-its-kind missile defense maneuvering capabilities, the development of groundbreaking space technology and the selection by NASA to develop a replacement for the ISS.
The company operates a flexible business model that allows the company to serve both as a prime contractor, providing fulsome and integrated solutions directly to customers, as well as a merchant supplier, or subcontractor, providing critical technologies to support several commercial and government programs across the space and national security sectors. The company’s key partners and customers include Palantir, NASA, Lockheed Martin, the U.S. Air Force and Sierra Space. The company’s ability to serve in both prime and merchant supplier capacities with these customers and partners allows the company to selectively participate in a wide range of programs in whichever capacity is more attractive to the company. Prime contractor roles allow the company to lead the entirety of a program, managing the supply chain, technology integration and end customer relationship. Merchant Supplier roles are an opportunity for the company to supply its differentiated technologies to a broader range of programs and support multiple prime competitors, on attractive terms. The company’s ability to serve in both capacities allows the company to selectively participate in a wide range of programs in whichever capacity is best suited to the company’s solution, financial contribution and probability of win.
The company’s growth strategy includes organic and inorganic expansion, leveraging the company’s existing technologies and pairing out the company’s software capabilities with the company’s hardware, leading to the development of new solutions to meet customer needs. Since 2019, the company has executed and successfully vertically and horizontally integrated seven acquisitions. The company intends to operate Starlab through Starlab JV, a Voyager-led and majority-owned global joint venture, with international equity partners that include Airbus, Mitsubishi, MDA Space and Palantir. The company’s growth and increased size and scale are the result of investment and focus on the company’s key technology offerings, as well as the company’s ability to attract, cultivate and integrate accretive acquisitions. Additionally, the threat environment is driving investment in solutions that cross multiple domains, such as missile defense programs that require interoperability among space-, air- and ground-based systems. The company’s position and technology heritage across multiple domains and systems positions the company well to support this trend towards increasing convergence.
The company’s business consists of diversified solutions across three business segments:
Defense & National Security, which provides innovative mission-critical solutions to protect dynamic and contested domains. The company pioneers communications technologies, guidance, navigation and controls, signals intelligence and defense systems.
Space Solutions, which delivers space infrastructure, advanced space technology, science systems and mission services that power commercial, academic and government missions from low-Earth orbit to deep space.
Starlab Space Stations, which is a commercial space station planned to succeed the ISS and provide continued permanent human presence in space. It is operated through the company’s U.S.-led global joint venture with Airbus, Mitsubishi, MDA Space and Palantir, among others.
The company operates in markets that have tailwinds supporting investment from both commercial and government clients worldwide.
The company maintains long-term relationships with many of the industry’s largest and most important blue-chip customers, across both government agencies and commercial entities. The company’s largest customer is NASA, which represented 25.6% of the company’s revenue for the year ended December 31, 2024 and 19.7% of the company’s revenue for the three months ended March 31, 2025. The company’s close relationship with government customers highlights the public-private partnership model that has been a significant driver of growth in the national security and space industries and commercialization opportunities. For example, the company attached the Bishop Airlock to the ISS in 2020, demonstrating the viability of the public-private partnership model for the development of critical commercial space infrastructure and paving the way for the company’s partnership with NASA on Starlab. The company expects this partnership model to continue to provide the company with a significant opportunity to participate in critical national security and space technology development in the future.
In December 2021, the company’s subsidiary, Nanoracks, was awarded a SAA, which was subsequently transferred to the company, and which the company subsequently transferred to Starlab JV, under Phase I of NASA’s CDFF program as part of the agency’s effort to foster a commercial space station to succeed the ISS.
Segments
Defense & National Security Segment
The company’s Defense & National Security segment, which represented approximately 50.9% of the company’s revenue for the year ended December 31, 2024 and approximately 66.1% of the company’s revenue for the three months ended March 31, 2025, provides leading technology capabilities that support marquee programs with expertise in defense systems, signals intelligence, communications technologies and guidance, navigation and control systems.
Defense Systems
The company offers distinct, controllable solid propulsion technology, enabling missile programs critical to fortifying national defense systems. The company’s breakthrough solid fuel propulsion technology delivers precise thrust for orienting, positioning and steering missiles, including the extremely fast and accurate high thrust levels required for hypersonic applications. Controllable solid propulsion technology is of significant value to the company’s customers compared to liquid and cold-gas systems, because solid systems are less expensive to produce and maintain and can be stored for decades without risk of fuel leaks.
The company has a $78 million contract (assuming receipt of maximum fees) to provide the advanced solid-propulsion subsystem for Lockheed Martin’s NGI contract with the U.S. Missile Defense Agency. The company’s advanced technology will gain increased adoption on a broad range of existing and future advanced missile programs, including missile defense interceptors and kill vehicles, strategic, tactical and hypersonic missiles and reentry systems. Additionally, the company’s technology is multi-use, with the potential for applications on civil, commercial and military space launch systems and payloads.
Signal Intelligence Systems
The company’s end-to-end intelligence analytics platform provides considerable enhancement to how government agencies process and act on critical intelligence. The company’s advanced signal processing, geolocation technologies and artificial intelligence driven analytics enhance situational awareness, cutting through the noise to reveal mission-critical intelligence. By integrating the company’s proprietary software solutions with Palantir’s operating system, the company plans to transform multi-source, raw signals intelligence data into real-time, actionable insights for complex mission situations. With a decade-long track record as a trusted partner to national security agencies and defense primes, the company’s solutions are vital for ensuring operational efficiency, security and mission success across the military and intelligence community. As the demand for cutting-edge intelligence capabilities accelerates, the company’s technology-first approach positions the company at the forefront of the defense-tech revolution.
Communication Technologies
The company offers a broad range of space-qualified communications technologies, including radiation-hardened laser and RF communications systems and advanced electro-optical and digital systems. The company’s offerings include transceivers, mission-data transmitters and command and data handling systems that can sustain high-quality performance for extended periods of time. The company’s solutions have a long-standing heritage, enabling LEO and deep space missions since 2002, with a failure-free cumulative track record of over 275 flight years in space. As the company’s industry continues to evolve, the company expects its business will grow to serve new end markets, such as on-orbit edge computing and large-scale orbital infrastructure, including for the company’s own Starlab Space Stations segment.
Guidance, Navigation and Control Systems
The company designs, develops, and produces critical technologies for controlling and navigating spacecraft, rendezvous and proximity operations and non-GPS position, navigation and timing. The company’s solutions portfolio includes sun sensors, star trackers, and inertial measurement units that serve the growing satellite constellation market and other demanding and essential missions. The company’s technologies are multi-use, applicable to critical national security, commercial and civil programs. The company’s high-performance systems operate in space, including on NASA’s Magnetospheric Multiscale Mission satellites, where they enable precise, closed control for the tight flight formation the mission requires.
Artificial Intelligence Powered Edge Computing
The company is developing artificial intelligence enabled edge computing in space, bringing intelligence processing directly to satellites to enhance security and accelerate decision-making. By processing data at the source, the company plans to eliminate the need for transmission to ground stations, reducing vulnerabilities and enabling real-time insights in even the most contested environments. The company’s radiation hardened GPUs provide high-performance computing in space, while the company’s integration of Palantir’s operating system and proprietary applications delivers exceptional artificial intelligence driven analytics. This capability enables streamlined intelligence gathering and processing, enhancing operational efficiency and resilience for national security and defense applications as well as space exploration.
Space Solutions Segment
The company’s Space Solutions segment, which represented approximately 49.1% of the company’s revenue for the year ended December 31, 2024 and approximately 33.9% of the company’s revenue for the three months ended March 31, 2025, is a provider of leading space technology solutions, operating at the forefront of space technology and specializing in mission operations, reliable hardware, software and engineering services for space missions. The company is known for pushing innovation in space technology and commercial space exploration, providing reliable, high-performance systems and services that advance the capabilities of the company’s customers in space. The company’s portfolio offering includes advanced space technology systems, space infrastructure and space science and mission management.
Advanced Space Technology Systems
The company offers a broad range of industry-defining solutions supporting ground and space flight systems for crewed and robotic applications. The company has provided integrated hardware and software systems and engineering services to NASA, the DoD and commercial customers. The company’s solutions include in-space propulsion systems with applications for orbital servicing, manufacturing and deep space exploration. For example, the company developed the power propulsion units used in the solar electric powered propulsion system on NASA’s Double Asteroid Redirect Test spacecraft that successfully collided with an asteroid in September 2022 to test defense against near-Earth objects.
Space Infrastructure
The company is a pioneer of commercial space infrastructure development. The Bishop Airlock is the first and only permanent, privately-owned module attached to the ISS. The Bishop Airlock allows for the movement of equipment, supplies and payloads between the ISS and the open vacuum of space, providing a significantly larger alternative to other airlocks on the ISS. As of December 31, 2024, the company has leveraged the Bishop Airlock to enable complex in-space robotics installation and testing, deploy waste from the ISS and move payloads around hosting sites on the outside of the ISS. The company holds contracts with NASA, the ESA and commercial customers for the Bishop Airlock. The Bishop Airlock helped successfully demonstrate the viability of the public-private partnership model for the development of critical space infrastructure, and developed expertise that positions the company for success with Starlab.
Space Science & Mission Management
The company operates at the forefront of space commercialization with decades of experience offering science and mission management capabilities, and providing commercial mission management services on the ISS. As of December 31, 2024, including through the company’s acquired and developed technologies, the company has deployed over 330 satellites for commercial and government programs, overseen more than 1,000 customer missions conducted by over 35 nations and territories and remain the largest commercial user of the ISS in the world. The company’s commercial space station services have enabled biopharma and agriculture research, DoD technology demonstrations, research, media programs, STEM education and materials research. The company’s leadership in space station services and existing diversified customer base will be a significant growth driver as the company builds out payload and research facilities for future customers on Starlab. However, the company has never launched or maintained a space station before and may lack the necessary expertise, personnel and resources to successfully launch and maintain a space station on the company’s own. A core example of the company’s longstanding enablement of space science on the ISS includes the SAMS, which the company built and is one of the longest-running systems on the ISS. SAMS measures and tracks tiny disturbances in an on-orbit microgravity environment and has collected data on every NASA crewed spacecraft over the past three decades. SAMS and its associated systems collect data 24/7, measuring over a trillion acceleration measurements on the ISS since 2001 and greatly informs the company’s development of Starlab.
Starlab Space Stations
Starlab JV is a Voyager-led and majority-owned global joint venture that is designing and building, and is expected to ultimately operate, Starlab. The company expects that, once in operation, Starlab will be positioned to serve a global customer base of space agencies, researchers and private enterprises. Starlab is being designed to ensure a continued, permanent human presence in LEO and a seamless transition of microgravity science and research from the ISS into the new commercial space station era that will enable sustainable, profit-generating activities in LEO and attract multiple new commercial and scientific organizations into the accelerating space economy.
NASA has developed standards for processes such as safety and mission assurance, health and medical, design, and construction, as well as technical standards for areas such as rendezvous and docking, power, and life support that guide the development and operation of these systems. Starlab is leveraging these standards, as well as utilizing existing qualified commercial hardware that is derived from them to the full extent possible. Starlab is the company’s solution for a commercially-led, owned and operated replacement, leveraging the public-private partnership model proven with NASA’s use of commercial launch providers, including SpaceX and Northrop Grumman. The company has the space heritage to provide the right solution for a post-ISS space, with over 4 million hours of in-space experience. The company has also achieved over 20 milestones related to Starlab on a path to derisking the technology.
NASA’s procurement to replace the ISS is being conducted in two phases. During Phase I, the current phase, NASA accepted three designs to preliminary design review for Critical Design Review. Critical Design Review is a key milestone that a program achieves before commencing major hardware construction. For Phase I, Starlab was given the highest funding award from NASA, and Starlab’s funding has grown and continues to outpace other competitors. Phase II will be the final competition phase where potential providers offer crew and cargo services to NASA, including launch, training, space station accommodations, science and research activities/experiments and return and recovery. While any competitor can bid on Phase II, only three potential bidders have funded contracts with NASA. Given the complexity of the space station system, the funded providers have a better chance of winning one of two potential awards for crew and cargo services, as the funded providers have been working closely with NASA for at least three years and have an understanding of the process. Customers will view Starlab as a reliable provider in line with the highest industry standard.
Key to Starlab’s value proposition is a utilitarian design that presents low technological risk relative to competing programs. Starlab utilizes a proven metallic habitat design and is designed to be deployed and achieve initial operational capability in a single launch on SpaceX’s Starship, removing the need for additional complex, expensive and operationally risky in-space assembly missions while maintaining all of the U.S. Lab (Destiny) research and development capacity and approximately 45% of the pressurized volume of the U.S. Segment (Non-Russian) of the ISS. Starlab is also being designed to support the attachment of additional modules that can serve specific use cases and end markets. This capability is designed to allow Starlab to meet current and potential future demand profiles, without the risk of overbuilding prior to future demands and use cases materializing. The company envisions the potential addition of dedicated modules or wholly new space stations for use cases such as on-orbit manufacturing and assembly, drug and biopharma development, semiconductor fabrication and material science.
Starlab is designed to reach orbit in a single launch. If that launch fails, the entire spacecraft could be destroyed. There are limited launch vehicles capable of lifting an object of Starlab’s mass into orbit and such vehicles do not have a proven track record of successful launches. If such launch vehicles are not operational by the company’s planned launch date, the company may experience delays in its ability to commence the Starlab business, and if the company’s attempted launch fails, the company may not be able to construct a replacement in a timely manner, or at all.
The company’s Starlab JV partners include Airbus, Mitsubishi, MDA Space and Palantir. In addition to these partners, Starlab has strategic partnerships with several organizations, including Hilton, Northrop Grumman and The Ohio State University. Starlab has also secured a launch contract with SpaceX for its Starship launch vehicle, leveraging its wider diameter rocket fairing. The company’s joint venture structure aligns its and each of the company’s partners’ interests in the future success of Starlab, and each of the company’s partners intends to contribute vital features to Starlab’s success:
Airbus is providing technical design and engineering services, and has the responsibility for constructing Starlab’s habitat.
Mitsubishi will contribute by leveraging its expertise in space research and development. MDA Space will provide the full range of external robotics, robotics interfaces and robotic mission operations to the station.
Palantir will leverage data modeling through digital twins and artificial intelligence technologies to enhance Starlab’s operations.
This joint venture structure creates a strong international partnership among leading commercial participants that will help capture the company’s future anchor space agency customers and with expected operational and financial support from their respective sovereign agencies. It recreates the existing ISS international partnership structure of the United States, Europe, Japan and Canada on a commercial basis and enables technology collaboration, development funding and commercial contracts from international partners.
Joint Venture Agreement for Starlab JV
On December 23, 2023, the company and Airbus entered into the Joint Venture Agreement forming Starlab JV. which, among other things, is focused on developing Starlab. Following the formation of Starlab JV, each of Mitsubishi, MDA Space and Palantir acquired minority interests in Starlab JV. As of March 31, 2025, the company had an ownership interest of 67.0% in Starlab JV, Airbus had an ownership interest of 30.5%, Mitsubishi and MDA Space each had an ownership interest of 0.8%, and Palantir had an ownership interest of 1.0%.
Longstanding Relationship with a Broad Base of Blue-Chip Customers Who Rely on the company’s Solutions for Mission-Critical Applications
The company maintains close relationships with a broad base of blue-chip customers, including over 20 government space and defense agencies and multiple commercial players. The company serves key agencies, including NASA, the company’s largest customer, as well as multiple components of the DoD, including the MDA, U.S. Air Force and U.S. Space Force. The company has supported several programs for international space agencies, including the Canadian Space Agency, ESA, Italian Space Agency, Germany Aerospace Center, Japanese Aerospace Exploration Agency, UAE Space Agency, the Saudi Space Commission and others. Many of the company’s commercial customers are industry leaders and include major defense primes such as Lockheed Martin, Northrop Grumman and RTX Corporation, as well as space companies, including Blue Origin and Maxar, and commercial companies such as Madison Square Garden. The company’s customer relationships have been fostered over many years, with multiple examples of reoccurring business, demonstrating the value the company provides to its partners. During the year ended December 31, 2024 and the three months ended March 31, 2025, 95% and 99%, respectively of the company’s net sales were generated from customers the company also transacted with in the prior year.
The company’s customers rely on the company to deliver technological solutions that are highly complex and mission-critical to their programs. The company has built trust with the company’s customers through the company’s long track record by executing over 1,000 customer space missions, which includes over 330 customer satellites deployed and experiments conducted for customers in over 35 nations and territories.
Growth Strategy
The company’s growth strategies are to leverage core technologies and expertise in the Defense & National Security and Space Solutions segments to grow with customers and win new business; develop advanced technologies to expand solutions and attract a broader customer set; integrate software capabilities with hardware solutions to create software enabled offerings; continue to successfully develop the next generation of space station infrastructure; drive additional value creation through acquisition opportunities; and expand profitability through opportunity selection, operational excellence and scale.
Regulatory
The company is subject to various government regulations, including various U.S. government regulations as a contractor and subcontractor to the agencies of the U.S. government. Among the most significant U.S. government regulations affecting the company’s business are:
The Federal Acquisition Regulations and supplemental agency regulations, which comprehensively regulate the formation, administration, and performance under government contracts;
The Truthful Cost or Pricing Data Statute (formerly the Truth in Negotiations Act), which requires certification and disclosure of all cost and pricing data in connection with contract negotiations;
The Cost Accounting Standards, which impose accounting requirements that govern the company’s right to reimbursement under cost-based government contracts;
The Industrial Security Manual, which establishes the security guidelines for classified programs and facilities, as well as individual security clearances;
The Committee on Foreign Investment in the United States, which is tasked with reviewing the national security implications of foreign acquisitions of and direct investments in the U.S. businesses;
The rules and regulations of the Bureau of Alcohol, Tobacco, Firearms and Explosives;
The False Claims Act and the False Statements Act, which, respectively, impose penalties for payments made on the basis of false facts provided to the government and impose penalties on the basis of false statements, even if they do not result in a payment; and
Laws, regulations and executive orders restricting the use and dissemination of information classified for National Security purposes and the exportation of certain products and technical data.
In addition, the company is subject to industry-specific regulations due to the nature of the products and services the company provides. For example, certain aspects of the company’s business are subject to further regulation by additional U.S. government authorities, including (i) the Federal Aviation Administration, which regulates airspace for all air vehicles in the U.S. National Airspace System, (ii) the National Telecommunications and Information Administration and the Federal Communications Commission, which regulate the wireless communications upon which the company’s UAS business depend in the United States, and (iii) the Defense Trade Controls of the U.S. Department of State that administers the ITAR, which regulate the export of controlled technical data, defense articles and defense services.
The company’s business is subject to, and the company must comply with, stringent U.S. import and export control laws, including the ITAR and the U.S. EAR.
History
The company was founded in 2019. It was incorporated in 2019. The company was formerly known as Voyager Space Holdings, Inc. and changed its name to Voyager Technologies, Inc. in February 2025.
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