🚀 Voyager Space IPO Nears

View this email in your browser

The Space Scoop

Week Ended 05.23.2025

Happy Friday! And Happy Memorial Day weekend to our US readers! Lets dive in.

Market Max-Q

Top Stories

1) Q1 earnings season has all but been completed. This week Viasat and Satixfy reported and we await our last of the cycle from Planet in two weeks. Highlights include:  

• $VSAT FY'25

  • Revenue: $4.5B, +5% YoY

  • Net Loss: $(575)M vs. $(1,059)M

  • Adj. EBITDA: $1,547M, +10% YoY

  • Backlog: $3.5B, -4% YoY

  • Shares: -5%

• $SATX Q1'25

  • Cash & Equivalents: $8M

  • Revenue: $5M, +158% YoY

  • Oper. Loss: $(6)M vs. $(8)M

  • Net Loss: $(10)M vs. $(11)M

  • Shares: Flat

2) Late last week, Voyager Technologies publicly filed for an IPO offering. 

• The Denver-based defense and space contractor is looking to list its shares on the New York Stock Exchange under the ticker symbol $VOYG. No offering amount or share pricing range amounts were disclosed at this time.

• The prospectus revealed another acquisition from the Company, disclosing that on May 2 it acquired Optical Physics for $10.7M in cash and stock.

• Voyager's largest single customer is NASA, which accounted for 1/4 of FY 2024 revenue and 1/5 of revenue in the Q1 2025. Its other major customers include Lockheed Martin ($LMT), Airbus  ($EADSY) and the US Air Force.

• The filing gave us a sneak peak into previously undisclosed figures. FY 2024 revenues were split evenly between space and defense. Looking ahead, it will break revenue into three categories that includes Starlab Space as its own segment. Further highlights include:

  • Starlab Station:

    • 2029 target launch

    • 30-year useful life

    • $2.8 - $3.3B estimated cost

    • $147M of $217.5M CLD Award paid

    • Ownership breakout: Voyager ~67%, Airbus ~31%, Mitsubishi ($MTSUY), MDA ($MDA) and Palantir ($PLTR) ~1%

  • Q1 2025:

    • Revenue: $34.5M

    • Net Loss: $(27.9)M

  • FY 2024:

    • Revenue: $144.2M

    • Net Loss $(65.6)M

  • FY 2023:

    • Revenue: $136.1M

    • Net Loss $(25.2)M

3) MDA Space ($MDA) and SatixFy ($SATX) announced an amended merger agreement for increased purchase price and a go-shop period.

• In April, MDA announced an acquisition in a $269M deal made up of $193M of cash at $2.10 per share and $76M payoff of existing debt. The original deal included a 45-day go-shop period until May 16th for SatixFy to find a competing or better offer.

• This week, we learned there was additional interest from a third-party which offered an all-stock transaction of $233.5M at $2.53 per share. Some investors are speculating this could have been Rocket Lab ($RKLB)..

• As a result of the competing offer, MDA raised their offer by +43% to $3.00 per share, which implies an equity value of $280M.

• The Board determined that the increased price per share is the best value for SATX shareholders and reiterates its recommendation to vote for the revised transaction. More to come from the results.

In Other News

PiLogic Raises $4M Seed Round 

(SN)

The California-based software startup is focused on developing satellite diagnostics and other AI tools tailored for space applications. With the capital, the company plans to increase headcount from five to fifteen people and deploy their AI models. The round was led by Scout Ventures and Seraphim Space ($SSIT), with participation from Flex Capital, FN Fund and Gokul Rajaram.

Astrolight Raises €2.8M Seed Round 

(PS)

The Lithuanian startup plans to build a laser communications network for both space-to-space communications and space-to-ground data relay. The round was led by Balnord, with participation from the Export and Investment Fund of Denmark, Coinvest Capital, 3NGLS and Rita Sakus.

Chart of the Week

Voyager Technologies FY2024 Revenue: By Segment and Customer

(Source)

Links

• Soros Family Office Discloses New Position in AST Spacemobile ($ASTS)• Rocket Lab ($RKLB) Successfully Launches Third Mission for iQPS• Northrop Grumman ($NOC) Increases Quarterly Dividend +12%• Blue Origin Announces Crew for New Shepard’s 32nd Mission• Redwire ($RDW) Awarded Contract by SpaceTech GmbH To Provide Critical Avionics Technology for the ESA NGGM Satellites• Sidus ($SIDU) Launches Fortis VPX• BlackSky ($BKSY) and Rocket Lab ($RKLB) Establish Launch Window for Second Gen-3 Satellite

Opinion

• Realities of Space-Based Compute• Has Starlink Already Won the New Space Race?• Trump’s ‘Golden Dome’ Plan Revives Ambitions for Space-Based Missile Defense• Peter Beck ($RKLB) on Rockets, Dinner With Elon and the Future of Space• The Billionaire Immigrant Racing Elon Musk To Connect Your Phone From Space ($ASTS)• Virgin Galactic ($SPCE): Revenue Not Here but on the Horizon

Earnings Calendar

• $PL: Jun 4 - After Market Close

*Company confirmed dates only.