Voyager Technologies achieved a valuation of $3.8 billion after its shares more than doubled during their U.S. market introduction, reflecting strong confidence in the sector that is anticipated to benefit from the Trump administration.

The company, based in Denver, Colorado, saw its stock price rise by 125 percent , starting at $69.75 per share, surpassing the initial offering price of $31. Voyager raised $382.8 million by selling nearly 12.4 million shares in an expanded IPO.

The space industry is experiencing significant policy changes under President Donald Trump, who has suggested a $175 billion Golden Dome initiative aimed at establishing a missile defense system in the U.S.

“Strategic government support amidst rising defense expenditure somewhat protects these companies from supply chain risks associated with tariffs,” stated Lukas Muehlbauer, an IPOX research associate.

Founded in 2019, Voyager delivers essential technology for space and defense missions and reported a total backlog of $179.2 million as of March 31.

Voyager's IPO represents an important benchmark for the overall space industry, signifying its advancement towards increased commercial viability, according to Rob Desborough, managing director of Seraphim Space Investment Trust, which has invested in Voyager.

In 2024, Lockheed Martin selected Voyager to provide propulsion and optical guidance systems, crucial for U.S. defense against long-range ballistic missile threats.

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NASA awarded Voyager $217.5 million to develop Starlab, a prospective successor to the International Space Station, which Voyager intends to operate in collaboration with Airbus, Mitsubishi, and Palantir.