Core Thesis - Voyager Technologies, Inc. is positioned as a dual-focus defense and space company with significant growth potential through its national security subcontracting operations and the Starlab commercial space station project, which is set to replace the ISS by 2030 [2][3][4] Business Overview - The core defense business generates most near-term revenue by supplying propulsion systems for LMT's Next Generation Interceptor (NGI) missile program and providing ISR, AI/ML software, and space infrastructure services [2] - Voyager's near-term growth is supported by a pipeline of additional programs valued at approximately $2.7 billion, with expectations to onboard a second program by 2026 [2] Strategic Acquisitions and Partnerships - Operational expertise and strategic acquisitions, including Nanoracks, Valley Tech Systems, and BridgeComm, enhance Voyager's technology stack and program credibility [3] - Multinational partnerships with companies like Airbus, Mitsubishi, MDA Space, and Palantir provide strategic advantages, positioning Voyager favorably against competitors such as Axiom Space, Blue Origin, and Vast Space [4] Valuation and Price Target - A sum-of-the-parts valuation indicates that VOYG's core business is valued at 7.5 times one-year forward sales, with Starlab contributing additional call-option value, leading to a price target of $58 and a bull case of $84 within two years [5] - Potential catalysts for growth include funding announcements for Starlab, clarity on the Golden Dome RFP, additional defense program awards, and strategic valuation uplifts [5] Investment Opportunity - Voyager represents a compelling growth opportunity with immediate defense exposure and transformative long-term upside, despite risks related to program execution and funding timing [5]

Space Economy Growth & Vision - The space economy is at an inflection point, experiencing rapid growth, driven by commercial space activities and private companies [1][2][5] - By the end of the decade, a fully commercial space station, built by Axiom Space, is expected to be in orbit before the International Space Station retires, with the first module launching by early 2027 [3][4] - The ultimate destiny for humanity is interstellar travel, with the moon and Mars serving as stepping stones [16] - By 2050, the vision includes hourly launches to a space city above Earth, daily launches to the moon, and weekly launches to Mars, with quarterly launches to Proxima Centauri [18] Commercial Space Opportunities - Opportunities exist in low Earth orbit (LEO) for orbital data centers, semiconductors, pharmaceuticals, and bioprinting due to the unique environment of space [10][12] - AI data centers in space are a growing area, with companies like AWS pioneering in this field [13][14] - Mining on the moon, particularly for helium-3, presents economic and national security opportunities [16] Human Spaceflight & International Collaboration - Access to space is becoming more affordable, attracting interest from numerous countries, with Axiom Space having worked with 11 countries and being oversubscribed [6] - Space missions inspire the next generation, as demonstrated by the 350 million people under 16 in India who tuned in to a mission [8] Power & Nuclear Energy - Nuclear energy is crucial for space habitation and interstellar travel, with X-Energy developing small modular reactors [20][24] - X-Energy has signed deals with Amazon AWS for initially 5 gigawatts, potentially growing to 10 gigawatts, and with Centricon in the UK to power AI data centers [21] - Safe space nuclear power is necessary for lunar surface operations, nuclear electric propulsion, and nuclear thermal propulsion to shorten travel times to other planets [24]

ISS Retirement Timeline - The ISS is scheduled to retire by the end of 2030, although it has already been extended beyond its original 2024 expiration date [1][2] - There is confidence that the ISS will be decommissioned by 2030 [2] - Extending the ISS's lifespan by the government is viewed positively [2] Competitive Landscape - If a commercial solution like Axiom Space is not operational by the time the ISS is decommissioned, the only other space station in operation will be the Chinese station [3] - The Chinese space station represents a significant competitive and strategic threat [3] - The US risks ceding diplomatic leadership and influence to China if it lacks a commercial space station alternative [3]