VOYG Stock Forecast & Price Target

Voyager Technologies is attractive because its FY26 revenue guidance was raised to $230-$255 million, implying 38%-53% growth, while liquidity remains strong at $641 million and management still expects positive EBITDA exiting 2027 and free cash flow in 2028, both excluding Starlab. The investment case is strengthened by record 1Q26 bookings of about $45 million, backlog of roughly $275 million, a 1.3 book-to-bill, and a qualified pipeline above $5 billion, with Golden Dome and NGI providing multi-year national security exposure. It also has meaningful upside from Starlab and Astrobotic, as the former completed CDR in December 2025 and the latter broadens lunar capabilities, positioning Voyager across two structurally growing markets rather than relying on a single narrative.

Voyager Technologies is fundamentally challenged by its heavy reliance on government and NASA demand, with 86% of 2025 sales derived from USG customers and NASA funding under pressure as CLD is only 2% of the FY27 request. Starlab may be strategically important, but its value is still contingent on unresolved procurement outcomes, bureaucratic reversals in 2026, and a late 2029/early 2030 launch timeline before meaningful revenue ramps toward ~$4 billion and ~$1.5 billion in free cash flow. The stock’s outlook is further weakened by dilution risk from an estimated $18.8 billion FY27 NASA request, declining civil-space priorities, and ongoing exposure to a segment where growth and cash generation remain far from realization.