Voyager Technologies Astrobotic Deal Lifts Outlook, Propulsion Growth Solid

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

Voyager Technologies

Overweight

VOYG, VOYG US

Price (04 Aug 26):$33.49

Astrobotic Deal Lifts Outlook, Propulsion Growth Solid

▲Price Target (Dec-27):$42.00

Prior (Dec-26):$39.00

Voyager delivered a strong quarter, sparking significant outperformance in a riskon market following a period in which space stocks have faced pressure. Top line

was encouraging, with the company making progress in its propulsion business,

where efforts on both traditional and space-based interceptors are progressing.

Starlab is proceeding too, though developments at NASA will determine the path

forward for now. Most of the higher revenue guide comes from the Astrobotic

acquisition, where the revenue from recent CLPS contracts matches the purchase

price. We are establishing our Dec-27 price target of $42 which includes a 4x EV/

sales multiple on 2027E ex Starlab. Separately, we include $14/sh for Starlab,

based on a DCF.

Missile defense business should see continued growth. Voyager continues to

report encouraging progress across the missile defense business, highlighted

by Space-Based Interceptors (SBI) this past quarter. Voyager received $84m of

Golden Dome related orders — which were 75% of total orders — and 60% of

these Golden Dome orders were tied to SBIs. Voyager is providing propulsion

content to multiple SBI primes and SBI sales are now similar to NGI (low

double-digit millions per quarter). Voyager also continues to pursue

opportunities to join more established missile defense programs, such as SM-3.

This is something we have highlighted for some time and we expect these

efforts to bear fruit.

Astrobotic adding to growth. Astrobotic should contribute $40-50m of

revenue in 2026 following the July 13 close, increasing to $100-200m in 2027.

(We’re closer to the low end of that 2027 range for now.) The business is

EBITDA positive and does not alter Voyager’s prior target of exiting 2027

EBITDA breakeven. The acquisition structure includes earn-outs tied to

Griffin mission awards, of which Voyager has already secured two through

NASA’s CLPS program. Lunar work should remain a growth driver over time,

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