VOYG: Astrobotics deal builds on lunar initiatives, + a good CLD update

Research evidence excerpt

VOYG: Astrobotics deal builds on lunar initiatives, + a good CLD update

June 2, 2026

Investment Conclusion

We rate shares of Voyager Technologies (VOYG) Outperform with a $55 PT ($35 PT prior). Shares today traded

up 4.1% vs. the S&P500 at +0.1%, in what has been a huge quarter for VOYG shares (+111% vs. S&P +16.6%).

VOYG has one of the largest potential growth profiles across our coverage, with a >25% sales CAGR through the

end of the decade on the core business alone, which becomes nearly 3-fold when incorporating the potential of

Starlab. There is inherent risk in that high-growth model, but we also see room for the company to continue their

acquisitive track record and further support the top line.

Shares are currently trading at ~9x our 2027 "core" VOYG sales estimate of $323M. Our PT is based on ~8x our

core sales estimate + ~$10/sh in Starlab NPV. VOYG's growth profile, budgetary alignment with DoD priorities,

M&A upside, and Starlab optionality should warrant the stock trading near Defense Tech comps (~6x '27 EV/sales)

while Space comps have materially re-rated (~33x '27 EV/sales).

Downside risks include budgetary weakness in NASA, issues scaling production in their missile portfolio, or delays

in Starlab / not winning the replacement ISS contract.

Figure 1 - VOYG PT Build Up Figure 2 - Starlab NPV Detail

Valuation Probability approach

Rating Outperform

Equity Value/Share (Core VOYG) 44 Terminal growth rate 4%

Starlab NPV/sh 10 Discount rate 20%

Target Price 55

Current Price (as of 06/02/2026) 50 NPV 1,987.1

Implied Upside 11% JV Ownership Adjusted 1,228.0

EV/Sales Valuation Build-up Probability 45%

Sales ex Starlab 323 2027E Probability weighted NPV 552.6

Target Multiple 8x

Enterprise Value ex Starlab 2,586 Starlab net debt (55)

Net Debt ex Starlab