The renewed attention on space data centers has focused attention on lesser-known players, and Voyager Technologies (VOYG) could benefit the most. Its CEO, Dylan Taylor, recently emphasized that while orbital data centers will become a reality, a two-year rollout would be “aggressive.”
Cooling, not launch capacity or computing power, is the most critical bottleneck determining development timelines and investment expectations. Interest increased after Tesla (TSLA) CEO Elon Musk cited space data centers as motivation behind the proposed $1.25 trillion SpaceX-xAI merger.
While Taylor acknowledged that SpaceX’s heavy-lift rockets can efficiently transport hardware to orbit, he emphasized that launch capability alone cannot solve the cooling problem. In this context, the positioning of Voyager stands out. The company is advancing Starlab, a next-generation space station intended to replace the International Space Station, developed together with Palantir Technologies (PLTR), Airbus and Mitsubishi (MHVIY).
Voyager is on track to launch in 2029 and already has its own cloud computing device on the ISS, backed by laser communication technologies that could underpin future space computing. Against this backdrop, VOYG shares rose 11.2% on February 6 and nearly 10% higher in today’s trading session, prompting investors to evaluate whether the stock offers more upside.
Voyager Technologies, based in Denver, Colorado, builds advanced space and defense systems for government and commercial customers. With a market capitalization approaching $1.4 billion, its portfolio encompasses missile defense hardware, intelligence software, artificial intelligence (AI)-enabled navigation, propulsion, orbital infrastructure, mission operations and a commercial space station that supports sustained activity in orbit.
VOYG stock is up 11% year to date (YTD) and has gained 24% over the past three months. However, even accounting for today’s momentum reversal, shares are still nearly flat over the past five trading sessions.
From a valuation perspective, VOYG stock is trading at 9.54 times sales, a premium to the industry average. It could indicate market confidence in Voyager’s long-term growth potential.
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On November 3, Voyager released its third-quarter 2025 financial results, in which the company reported net sales of $39.6 million, nearly unchanged year-over-year (YoY), but slightly below analysts’ estimate of $40.42 million. More importantly, Voyager posted a net loss of $0.28 per share, beating estimates for a loss of $0.42, while narrowing losses by 82.6% year over year.
The Defense and Homeland Security business continued to strengthen, with net sales increasing 31% year-on-year to $28.5 million. However, the Space Solutions segment faced challenges with a 41% year-over-year decline in net sales to $11.7 million, largely due to the planned liquidation of a NASA services contract.
Encouragingly, bookings reached $49 million during the quarter, translating into a healthy book-to-bill ratio of 1.25. The performance reinforces Voyager’s alignment with national defense priorities and validates the strength of its technology stack. Additionally, the order book expanded 10% sequentially to $189 million, improving long-term revenue visibility.
Looking ahead, Voyager’s role as majority owner and lead developer of Starlab remains a defining growth pillar. Management expects the platform, once operational, to generate more than $4 billion in annual revenue and more than $1.5 billion in free cash flow, supported by government, commercial and international customers.
For full year 2025, Voyager management has guided net sales toward the high end of its range of $165 million to $170 million, with non-GAAP adjusted EBITDA projected between negative $63 million and negative $60 million.
Analysts expect near-term pressure to persist, with fiscal 2025 fourth-quarter loss per share projected to increase 100% year-over-year to $0.42. Beyond the quarter, however, the outlook improves significantly, as full-year 2025 losses are forecast to narrow by 62.1% to $2.66, followed by a further 52.6% reduction to $1.26.
Wall Street continues to strongly support Voyager Technologies and assigns VOYG stock a “Strong Buy” consensus rating. Among the eight analysts currently covering the stock, six recommend a “Strong Buy,” while the remaining two maintain a “Hold” rating.
From a price development perspective, analysts continue to see clear upside potential in Voyager stock. The average price target of $43.43 indicates 61.6% appreciation from current levels. Meanwhile, the street’s high target of $46 points to a 71.2% gain from current levels.
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On the date of publication, Aanchal Sugandh had no (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. This article was originally published on Barchart.com
