Space & defense · ISS-successor station (Starlab)
Voyager Technologies
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.
VOYG Updated Jul 12, 2026 4 AI consumers· 2 recurring
Per the valuechain.wiki graph, Voyager Technologies is directly linked to 4 companies (2 supply, 0 revenue, 3 investment relationships) and reaches 17 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue $166.4M (+15%)
- Customer concentration · US government 86.0% (83.9% in 2024)
- Segments · Defense & National Security · Space Solutions · Starlab Space Stations
Revenue from
- NASA (Starlab SAA) High confidence· Contract value $218M · Phase I SAA (누적 수령 $183.2M) · Starlab design development grant (milestones); $183.2M received
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.Confirms EN U.S. SEC EDGAR Published Mar 10, 2026: Voyager Technologies, Inc. Annual Report (Form 10-K) FY2025 - US government · defense (contracts · subcontracts) High confidence· Revenue share 86% · FY2025 · US government contracts/subcontracts share of revenue (~$143M)
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.Confirms EN U.S. SEC EDGAR Published Mar 10, 2026: Voyager Technologies, Inc. Annual Report (Form 10-K) FY2025Mentions KO Choice News Published Jun 12, 2025: Voyager makes splashy market debut… 'Space and defense are the opportunity'
Pays to
- Airbus Medium confidence
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.Confirms EN U.S. SEC EDGAR Published Mar 10, 2026: Voyager Technologies, Inc. Annual Report (Form 10-K) FY2025 - Palantir Technologies Medium confidence
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.Confirms EN U.S. SEC EDGAR Published Mar 10, 2026: Voyager Technologies, Inc. Annual Report (Form 10-K) FY2025Confirms EN Voyager Technologies (press release) Published Jun 25, 2024: Starlab Space Announces Strategic Partnership with Palantir Technologies, Inc.
Investors
- Airbus High confidence· Ownership stake 30.5% · as of 2025-03-31 · ownership interest in Starlab JV
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.Confirms EN U.S. Securities and Exchange Commission Published Jun 2, 2025: Voyager Technologies Form S-1/A - Mitsubishi Corporation (Mitsubishi) High confidence
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.Confirms EN U.S. SEC EDGAR Published Mar 10, 2026: Voyager Technologies, Inc. Annual Report (Form 10-K) FY2025 - MDA Space High confidence
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.Confirms EN U.S. SEC EDGAR Published Mar 10, 2026: Voyager Technologies, Inc. Annual Report (Form 10-K) FY2025
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Voyager Technologies | node | · | · | · | · | · | +29.8 |
| Mitsubishi | benef1 | +52.5 | +15.9 | +84.1 | -0.3 | +70.2 | +20.8 |
| Airbus | benef1 | +34.8 | +3.9 | +30.5 | +15 | +18.3 | +4.8 |
| Palantir Technologies | benef1 | -22.7 | -64.7 | +167.4 | +340.5 | +135 | -1.9 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| RTX | benef2 | +23.3 | +20 | -14.4 | +40.8 | +61.4 | +10.7 |
| Toray Industries | benef2 | +8.3 | +12.5 | -4.8 | +49.2 | +7.5 | +10.3 |
| Parker-Hannifin Corporation | benef2 | +18.3 | -6.9 | +60.8 | +39.6 | +39.5 | +10.2 |
| GE Aerospace | benef2 | +9.7 | -10.9 | +95.7 | +64.8 | +85.7 | +9.7 |
| Berkshire Hathaway | benef2 | +29 | +3.3 | +15.5 | +27.1 | +10.9 | +0.7 |
| Mitsubishi Motors | benef2 | +37.1 | +53.5 | -3.9 | +0.9 | -15.3 | -1.3 |
| Thales | benef2 | +12.5 | +52.5 | +14 | +17.8 | +66.6 | -7.5 |
| TransDigm Group Incorporated | benef2 | +2.8 | +1.8 | +66.6 | +32.3 | +12.2 | -12.6 |
| Oracle | benef2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -17.8 |
| Korea Aerospace Industries | benef2 | +15.4 | +34.6 | +7 | +5.5 | +217.9 | -24.6 |
YTD as of 2026-09-04 · source: Yahoo Finance
Voyager Technologies operates across Space & defense, ISS-successor station (Starlab). It stayed steadily positive in recent years and is +29.8% in 2026. The stock (+29.8%) and its supply side (avg +1.5%) are moving in step. Among connected nodes the furthest ahead is Airbus (+4.8%) and the furthest behind is Palantir Technologies (-1.9%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. The re-rating axis is securing Phase II CLD funding and hitting milestones toward a 2029 launch.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $54 · Price $33.94 (09-04) · Upside +59%