{"slug":"voyager-technologies","name":"보이저 테크놀로지스","name_en":"Voyager Technologies","ticker":"VOYG","updated_at":"2026-07-12T04:54:12.086355+00:00","canonical":"https://valuechain.wiki/voyager-technologies","same_as":["https://finance.yahoo.com/quote/VOYG","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1788060"],"citable":"밸류체인 그래프 기준 보이저 테크놀로지스의 직접 연결 기업은 4곳(관계 기준 공급 2·매출 0·투자 3)이고, 사슬을 2차까지 넓히면 14곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Voyager Technologies is directly linked to 4 companies (2 supply, 0 revenue, 3 investment relationships) and reaches 14 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"우주·국방 · ISS 후속 우주정거장(Starlab)","kicker_en":"Space & defense · ISS-successor station (Starlab)","lead":"오늘은 매출 86%가 미 정부인 소형 국방·우주 기술 계약사지만, 진짜 가치는 ISS를 잇는 상업 우주정거장 Starlab이라는 옵션에 있다. FY2025 매출 $166.4M(+15%)·순손실 $112.3M로 아직 적자이며, Starlab은 보이저 지분 61.9%의 JV로 NASA 개발금($217.5M, $183.2M 수령)과 파트너 자본(에어버스 모듈 아키텍트·최대 $80M, 미쓰비시상사·MDA·팔란티어 소프트웨어 독점)으로 개발한다. 재평가 축은 2029년 발사를 향한 Phase II CLD 자금 확보와 마일스톤 이행이다.","lead_en":"Today a small defense/space contractor with 86% of revenue from the US government, but its real value is the option on Starlab, the commercial successor to the ISS. FY2025 revenue was $166.4M (+15%) with a $112.3M net loss, still loss-making; Starlab is built through a JV Voyager owns 61.9% of, funded by a NASA grant ($217.5M, $183.2M received) and partner capital (Airbus as module architect, up to $80M; Mitsubishi, MDA, and Palantir as exclusive software supplier). The re-rating axis is securing Phase II CLD funding and hitting milestones toward a 2029 launch.","segments":{"parts":[{"name":"Defense & National Security"},{"name":"Space Solutions"},{"name":"Starlab Space Stations"}],"total":"FY2025 매출 $166.4M (+15%)","concentration":"미 정부 86.0% (2024년 83.9%)"},"segments_en":{"parts":[{"name":"Defense & National Security"},{"name":"Space Solutions"},{"name":"Starlab Space Stations"}],"total":"FY2025 revenue $166.4M (+15%)","concentration":"US government 86.0% (83.9% in 2024)"},"returns_yearly":{"2026":19.2},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"mitsubishi","name":"미쓰비시상사","name_en":"Mitsubishi","tier":1,"returns_yearly":{"2021":52.5,"2022":15.9,"2023":84.1,"2024":-0.3,"2025":70.2,"2026":8.7}},{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":1,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":3.9}},{"slug":"palantir","name":"Palantir","name_en":"Palantir 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소진이다.","analysis_en":"Voyager's thesis is 'an option on a space station timed to ISS retirement (2030).' Its base business is small, loss-making US-government mission work (86% of revenue) in missile defense, tactical munitions and space propulsion, but the valuation axis is Starlab — NASA milestone funding and the capital/technology of Airbus, Mitsubishi, MDA and Palantir share the risk on Voyager's balance sheet. In the graph the ripple runs NASA (demand/funding) → Voyager (61.9% JV) → Airbus (habitation module) and Palantir (exclusive software). The keys are winning Phase II CLD funding and hitting the 2029 launch milestones; the risks are single-customer (government) dependence and continued losses/cash burn.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"NASA (Starlab SAA)","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_value","unit":"USD million","as_of":"2025-12-31","basis":"Starlab 설계 개발금(마일스톤)","value":217.5,"period":"Phase I SAA (누적 수령 $183.2M)","basis_en":"Starlab design development grant (milestones); $183.2M received"},"note":"NASA가 ISS 대체 상업 우주정거장 Starlab 설계 개발금($217.5M 규모)을 지원. 2025-12-31 기준 누적 $183.2M 수령, $34.3M 잔여. Phase I Space Act Agreement 마일스톤 기반, Phase II CLD 자금 경쟁 추진.","note_en":"NASA funds Starlab design under a $217.5M development grant; $183.2M received cumulatively and $34.3M remaining as of Dec 31, 2025, via Phase I Space Act Agreement milestones.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-10","url":"https://www.sec.gov/Archives/edgar/data/1788060/000162828026016543/voyg-20251231.htm","title":"Voyager Technologies, Inc. FY2025 연차보고서 (Form 10-K)","title_en":"Voyager Technologies, Inc. Annual Report (Form 10-K) FY2025","excerpt":"We have also received $183.2 million in cumulative cash proceeds under our $217.5 million NASA development grant to design Starlab, the commercial space station replacement for the ISS, with $34.3 million of grant proceeds [remaining].","excerpt_en":"We have also received $183.2 million in cumulative cash proceeds under our $217.5 million NASA development grant to design Starlab, the commercial space station replacement for the ISS, with $34.3 million of grant proceeds [remaining]."}]},{"direction":"revenue","counterparty":"미 정부·국방 (계약·하도급)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2025-12-31","basis":"미 정부·기관 계약/하도급 매출 비중(약 $143M)","value":86,"period":"FY2025","basis_en":"US government contracts/subcontracts share of revenue (~$143M)"},"note":"FY2025 매출의 약 86.0%가 미 정부·기관 계약 또는 정부 자금 하도급에서 발생(2024년 83.9%). Defense & National Security 부문이 미사일 방어·전술탄약·우주 추진용 소재 등 정부 임무 솔루션 공급. 단일 고객 의존이 핵심 리스크.","note_en":"About 86.0% of FY2025 revenue came from U.S. government contracts/subcontracts (83.9% in 2024). The Defense & National Security segment supplies mission-critical solutions for missile defense, tactical munitions and space propulsion.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-10","url":"https://www.sec.gov/Archives/edgar/data/1788060/000162828026016543/voyg-20251231.htm","title":"Voyager Technologies, Inc. FY2025 연차보고서 (Form 10-K)","title_en":"Voyager Technologies, Inc. Annual Report (Form 10-K) FY2025","excerpt":"During the years ended December 31, 2025 and 2024, approximately 86.0% and 83.9%, respectively, of our revenues were derived from contracts with the U.S. government and its agencies or from subcontracts.","excerpt_en":"During the years ended December 31, 2025 and 2024, approximately 86.0% and 83.9%, respectively, of our revenues were derived from contracts with the U.S. government and its agencies or from subcontracts."},{"stance":"mentions","publisher":"초이스경제","publisher_en":"Choice News","kind":"news","lang":"ko","published_at":"2025-06-12","url":"http://www.choicenews.co.kr/news/articleView.html?idxno=148849","title":"美 보이저, 화려한 증시 데뷔…\"우주·국방이 기회\"","title_en":"Voyager makes splashy market debut… 'Space and defense are the opportunity'","excerpt":"보이저는 NASA, 록히드마틴, 미 공군 등 정부·방산 부문을 주요 고객으로 두고 있으며, 정부 발주 기반의 안정적 수익구조에 주목받고 있다.","excerpt_en":"Voyager's main customers are government and defense buyers such as NASA, Lockheed Martin and the U.S. Air Force, drawing attention for a stable government-order-based revenue structure."}]},{"direction":"investor","counterparty":"Airbus","counterparty_slug":"airbus","confidence":"high","metric":{"type":"ownership_stake","unit":"%","as_of":"2025-03-31","basis":"Starlab JV 지분율","value":30.5,"period":"as of 2025-03-31","basis_en":"ownership interest in Starlab JV"},"note":"에어버스는 Starlab 합작법인의 2대 주주다. 보이저 S-1 기준(2025-03-31) 보이저 67.0%, 에어버스 30.5% 보유. 에어버스는 정거장 현금잔액이 1,000만 달러 아래로 내려가면 최대 1,000만 달러를 지원할 의무도 진다.","note_en":"Airbus is the second-largest shareholder of the Starlab joint venture. Per Voyager's S-1 (as of 2025-03-31), Voyager holds 67.0% and Airbus 30.5%. Airbus also carries a funding obligation of up to $10 million if the station's cash balance falls below $10 million.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC)","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2025-06-02","url":"https://www.sec.gov/Archives/edgar/data/1788060/000162828025029524/voyager-sx1a2.htm","title":"Voyager Technologies Form S-1/A","title_en":"Voyager Technologies Form S-1/A","excerpt":"As of March 31, 2025, we had an ownership interest of 67.0% in Starlab JV, Airbus had an ownership interest of 30.5%, and each of Mitsubishi, MDA Space and Palantir had an ownership interest of less than 1.0%.","excerpt_en":"As of March 31, 2025, we had an ownership interest of 67.0% in Starlab JV, Airbus had an ownership interest of 30.5%, and each of Mitsubishi, MDA Space and Palantir had an ownership interest of less than 1.0%."}]},{"direction":"investor","counterparty":"미쓰비시상사 (Mitsubishi)","counterparty_slug":"mitsubishi","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"Mitsubishi(미쓰비시상사)는 MDA Space, Palantir와 함께 Starlab JV 소수지분을 취득한 지분 파트너. 2025-12-31 기준 Voyager가 Starlab JV 지분 61.9% 보유(이사 3인 지명, Airbus 2인 지명). 개별 출자액 미공시.","note_en":"Mitsubishi Corporation, alongside MDA Space and Palantir, acquired a minority equity interest in Starlab JV; Voyager held a 61.9% interest as of Dec 31, 2025 (nominates 3 directors; Airbus 2). Individual contribution not disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-10","url":"https://www.sec.gov/Archives/edgar/data/1788060/000162828026016543/voyg-20251231.htm","title":"Voyager Technologies, Inc. FY2025 연차보고서 (Form 10-K)","title_en":"Voyager Technologies, Inc. Annual Report (Form 10-K) FY2025","excerpt":"Each of Mitsubishi, MDA Space and Palantir acquired minority interests in Starlab JV. As of December 31, 2025, we had an ownership interest of 61.9% in Starlab JV. Voyager may nominate three directors and Airbus may nominate two.","excerpt_en":"Each of Mitsubishi, MDA Space and Palantir acquired minority interests in Starlab JV. As of December 31, 2025, we had an ownership interest of 61.9% in Starlab JV. Voyager may nominate three directors and Airbus may nominate two."}]},{"direction":"investor","counterparty":"MDA 스페이스","counterparty_slug":"mda-space","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"MDA 스페이스는 미쓰비시상사·Palantir와 함께 Starlab JV(보이저 지분 61.9%)의 소수지분을 취득한 지분 파트너다. 캐나다 로보틱스(Canadarm 계열) 역량이 Starlab 프로그램과 연결된다. 개별 출자액은 비공개.","note_en":"MDA Space, alongside Mitsubishi Corporation and Palantir, holds a minority equity interest in the Starlab JV (Voyager owns 61.9%), linking its Canadarm-heritage robotics to the program. Individual contribution undisclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-10","url":"https://www.sec.gov/Archives/edgar/data/1788060/000162828026016543/voyg-20251231.htm","title":"Voyager Technologies, Inc. FY2025 연차보고서 (Form 10-K)","title_en":"Voyager Technologies, Inc. Annual Report (Form 10-K) FY2025","excerpt":"Each of Mitsubishi, MDA Space and Palantir acquired minority interests in Starlab JV.","excerpt_en":"Each of Mitsubishi, MDA Space and Palantir acquired minority interests in Starlab JV."}]},{"direction":"cost","counterparty":"Airbus","counterparty_slug":"airbus","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"Airbus는 Starlab JV의 국제 지분 파트너이자 우주정거장 핵심 거주·작업 모듈의 리드 아키텍트(핵심 공급자). Airbus는 Starlab 전용 지원 자금 프로그램에 최대 $80.0M 기여 합의. 개별 조달 지급액은 미공시.","note_en":"Airbus is a Starlab JV equity partner and lead architect/supplier of the station's main habitation/work module; it agreed to contribute up to $80.0M in funded grant programs for Starlab. No procurement payment disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-10","url":"https://www.sec.gov/Archives/edgar/data/1788060/000162828026016543/voyg-20251231.htm","title":"Voyager Technologies, Inc. FY2025 연차보고서 (Form 10-K)","title_en":"Voyager Technologies, Inc. Annual Report (Form 10-K) FY2025","excerpt":"We develop Starlab through Starlab Space LLC (Starlab JV), a Voyager-led and majority-owned global joint venture, with international equity partners that include Airbus, Mitsubishi, MDA Space, Space Applications Services and Palantir. Airbus has separately agreed to contribute up to $80.0 million in funded grant programs specifically for Starlab.","excerpt_en":"We develop Starlab through Starlab Space LLC (Starlab JV), a Voyager-led and majority-owned global joint venture, with international equity partners that include Airbus, Mitsubishi, MDA Space, Space Applications Services and Palantir. Airbus has separately agreed to contribute up to $80.0 million in funded grant programs specifically for Starlab."}]},{"direction":"cost","counterparty":"Palantir","counterparty_slug":"palantir","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"Palantir는 Starlab의 전사 소프트웨어·데이터 관리 솔루션 독점 공급자이자 Starlab JV 소수지분 파트너. Voyager와 군사 우주기술 개발 제휴도 확대. 공급 계약 금액은 미공시.","note_en":"Palantir is the exclusive supplier of enterprise-wide software/data-management solutions for Starlab and a minority equity partner in Starlab JV; the two also deepened a military space-tech alliance. No contract value disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-10","url":"https://www.sec.gov/Archives/edgar/data/1788060/000162828026016543/voyg-20251231.htm","title":"Voyager Technologies, Inc. FY2025 연차보고서 (Form 10-K)","title_en":"Voyager Technologies, Inc. Annual Report (Form 10-K) FY2025","excerpt":"Each of Mitsubishi, MDA Space and Palantir acquired minority interests in Starlab JV.","excerpt_en":"Each of Mitsubishi, MDA Space and Palantir acquired minority interests in Starlab JV."},{"stance":"confirms","publisher":"Voyager Technologies (보도자료)","publisher_en":"Voyager Technologies (press release)","kind":"ir","lang":"en","published_at":"2024-06-25","url":"https://voyagertechnologies.com/press-releases/starlab-space-announces-strategic-partnership-with-palantir-technologies-inc/","title":"Starlab Space, Palantir Technologies와 전략적 파트너십 발표","title_en":"Starlab Space Announces Strategic Partnership with Palantir Technologies, Inc.","excerpt":"Palantir is the exclusive supplier of enterprise-wide software data management solutions for the Starlab space station.","excerpt_en":"Palantir is the exclusive supplier of enterprise-wide software data management solutions for the Starlab space station."}]}]}