Voyager is boldly going where it hasn’t gone before… Wall Street. The space tech newcomer, which has completed over 2K missions since its founding in 2019, serves everyone from countries to non-profits. But even though it can cruise to orbit with ease, profitability is still grounded.

• Voyager’s S-1 filing shows its revenue jumped just ~6% in 2024 to $144.2M, while net losses more than doubled to $62M. And the bleeding isn’t slowing — Q1 2025 revealed even deeper losses.
• That’s despite marquee deals with NASA (25.6% of 2024 revenue), Lockheed Martin (17%), Airbus (8%), and the US Air Force (8%).

Space is hard: Whether Voyager can live up to its rich pickings remains to be seen, but a factor helping its venture to Wall Street is a $217.5M NASA grant to help design Starlab — the planned successor to the International Space Station, set to be decommissioned in 2030. And there’s no telling how high Voyager could go if it earns up on contracts. Its S-1 teases billions in backlog, mostly tied to US defense apparatus, which could be long-term drivers of revenue growth. But if Voyager’s counting on the space craze alone to float its stock price, launching into today’s already-turbulent markets could risk a rapid unscheduled disassembly of its go-public prospects.