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Zin Technologies parent Voyager aims to raise $316M in IPO
Story Highlights Voyager Technologies aims to raise $274-316 million in IPO.
Voyager owns 67% of Starlab, replacing ISS in 2029.
Voyager-owned Zin Technologies is Northeast Ohio's tie to Starlab.
A Denver-based space company vying to replace the International Space Station hopes to generate between $274.2 million and $316.4 million in its initial public offering, the company revealed in new IPO documents Monday.
Voyager Technologies, which filed its preliminary prospectus with the U.S. Securities and Exchange Commission on May 16, said it expects to offer its shares with a midpoint price of $27.50 per share, or between $26 to $29 each. The company plans to sell 11 million shares of its stock, it said.
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When it goes public, Voyager's stock will be sold on the New York Stock Exchange under the ticker symbol VOYG.
The company is the majority owner of Starlab, a commercial space station currently meant to launch in 2029 to replace the International Space Station, which is expected to reach the end of its operational lifespan in 2028.
Zin Technologies in Middleburg Heights has long been Northeast Ohio's tie to Starlab. Voyager acquired Zin Technologies in 2023 because of its "storied history" of working with NASA for more than 50 years on projects including the International Space Station but has since laid off about 150 Zin workers.
In its most recent filings, Voyager said it would use the proceeds to invest in itself: growth initiatives, general corporate purposes, debt payments, administrative expenses, research and development programs, and pursuing mergers and acquisitions.
Voyager's founder and CEO Dylan Taylor predicted in 2021 that the company would go public.
The U.S. Government is by far Voyager's biggest customer. Depending on the quarter, anywhere from 68.7% to 88.2% of the company's funding comes from government contracts. Since its founding in 2019, it's been awarded roughly $800 million in contracts and Space Act Agreements. 25.6% of its revenue came exclusively from NASA by the end of 2024.
Last year, Voyager Technologies made $144.2 million in revenue alongside a net loss of $65.6 million.
It owns 67% of Starlab, a joint venture with Airbus, which owns 30.5%. Palantir, which designed the station's operating system, Mitsubishi and MDA Space own the rest of the joint venture.
Starlab is set to be launched by SpaceX's Starship. Unlike the ISS, which was assembled piece by piece in orbit with multiple launches, Starlab will be fully built on Earth and launched in a single rocket. This cuts down on the cost, as launches are hideously expensive, but a single launch presents its own risks, according to the prospectus.
Voyager projected Starlab to cost $2.8 billion to $3.3 billion to develop. NASA already contributed a Space Act Agreement worth $217.5 million to the project, though $70.3 million of those funds have yet to be delivered, according to the prospectus.
In 2024, the company's revenue was split roughly in half between its space and defense wings. Its biggest customers and partners are NASA, the U.S. Air Force, Palantir, Lockheed Martin, Airbus and the U.S. Air Force.
As of March, the company employed 514 people across 10 locations, with a significant chunk of the workforce in San Diego and Washington, D.C.
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