Voyager Technologies has raised US$382.8 million through its initial public offering (IPO), the company announced on June 10, 2025.

The Denver-based space and defense technology provider sold approximately 12.35 million shares at US$31 each, exceeding its marketed range of US$26 to US$29.

The company’s listing comes amid rising global military spending.

Shares will begin trading on the New York Stock Exchange on Wednesday under the symbol “VOYG.”

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🔗 Source: Reuters

🧠 Food for thought

1️⃣ Defense tech IPOs ride wave of record global military spending

Voyager’s successful IPO above its target price range reflects the unprecedented growth in global defense budgets that’s creating a favorable environment for military technology companies.

Global military expenditure reached $2,718 billion in 2024, marking a 9.4% increase from 2023, the largest annual rise since the Cold War 1.

This growth is geographically widespread, with the United States proposing a $849.8 billion defense budget for 2025, European military spending surging by 17% to $693 billion, and Middle Eastern defense expenditures increasing by 15% to $243 billion 1.

The market is particularly responsive to companies positioned at the intersection of defense and advanced technology, as demonstrated by Anduril Industries’ recent $2.5 billion funding round that valued the defense tech startup at $30.5 billion 2.

These spending increases are directly translating into market opportunities, with the U.S. defense industry alone projected to reach approximately $320.86 billion in 2025, growing at a compound annual rate of 3.58% 3.

2️⃣ IPO market recovery benefits specialized defense sectors

Voyager’s offering is part of a broader resurgence in the U.S. IPO market, which has seen 145 public offerings so far in 2025, a 79.01% increase compared to the same period in 2024 4.

This recovery demonstrates increased investor confidence, particularly in specialized sectors like defense technology that benefit from stable government spending and long-term contracts.

Defense stocks are generally viewed as stable investments during economic uncertainty, providing a hedge against broader market volatility 3.

The integration of advanced technologies in defense systems, including AI, unmanned systems, and digital infrastructure, is creating new market segments with significant growth potential beyond traditional defense contractors 5.

Companies securing government contracts for these new technologies are positioned for sustainable growth, particularly as the Pentagon prioritizes AI integration to maintain competitive advantages against near-peer adversaries 6.

3️⃣ Geopolitical tensions fuel defense technology innovation and spending

The successful pricing of Voyager’s IPO reflects how escalating global conflicts are accelerating defense modernization efforts and creating unprecedented demand for advanced military capabilities.

Russia’s military spending surged by 38% to $149 billion in 2024, while all NATO members increased their defense budgets, with 18 of 32 members meeting the alliance’s 2% GDP spending guideline 1.

These spending increases are heavily focused on technological advancement, with the defense sector evolving rapidly through innovations in AI, drones, and robotics designed to enhance operational efficiency and effectiveness 3.

Deteriorating global security conditions have prompted a significant shift in military priorities, with many nations increasing defense budgets to develop capabilities in emerging warfare domains 7.

The new defense landscape has created space for disruptive startups like Anduril and Voyager to challenge established defense contractors through technological innovation, particularly in AI-enabled systems 6.

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