Voyager Technologies, Inc. (VOYG): A Bull Case Theory 

We came across a bullish thesis on Voyager Technologies, Inc. on Valueinvestorsclub.com by T0YPAJ182. In this article, we will summarize the bulls’ thesis on VOYG. Voyager Technologies, Inc.’s share was trading at $22.48 as of November 28th.

Voyager Technologies (VOYG) is a dual-focus defense and space company with two underappreciated businesses: a national security subcontracting operation and Starlab, a commercial space station slated to replace the ISS in 2030. The core defense business, which generates most near-term revenue, supplies propulsion systems for LMT’s Next Generation Interceptor (NGI) missile program and offers ISR, AI/ML software, and space infrastructure services. Voyager’s near-term growth is driven by NGI and a pipeline of additional programs valued at ~$2.7 billion, with management anticipating onboarding a second program of record by 2026.

Operational expertise and strategic acquisitions—including Nanoracks, Valley Tech Systems, and BridgeComm—create a cohesive technology stack that enhances execution and program credibility. The longer-term upside lies in Starlab, a $3 billion commercial space station in which Voyager holds a >67% stake, designed for astronaut services and commercial research.

Voyager’s multinational partnerships with Airbus, Mitsubishi, MDA Space, and Palantir provide strategic and operational advantages, positioning it favorably against competitors such as Axiom Space, Blue Origin, and Vast Space. While near-term milestones, funding mechanisms, and NASA procurement adjustments have caused volatility, the company’s execution track record and pipeline depth underpin a robust investment thesis.

Using a sum-of-the-parts valuation, VOYG’s core business is valued at 7.5x one-year forward sales, with Starlab contributing an additional call-option value. This framework yields a $58 price target and a bull case of $84 within two years. Potential catalysts include StarLab funding announcements, Golden Dome RFP clarity, additional defense program awards, and strategic valuation uplifts, while risks remain tied to program execution, funding timing, and the inherent uncertainty of commercial space station development. Voyager represents a compelling growth opportunity with both immediate defense exposure and transformative long-term upside.

Previously we covered a bullish thesis on Kratos Defense & Security Solutions, Inc. by Kooky_Lime1793 in January 2025, which highlighted the company’s leadership in unmanned systems and growth potential in autonomous military vehicles. The company’s stock price has appreciated approximately by 165.99% since our coverage. T0YPAJ182 shares a similar defense combining national security subcontracting with the long-term Starlab opportunity.

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Disclosure: None.