Artificial intelligence (AI) demand is exploding, and the data centers powering it are expanding just as fast. These facilities are the backbone of the AI boom. But here on Earth, they come with real headaches. Massive electricity consumption, heavy water use for cooling, and growing land constraints. That’s exactly why some companies, including tech giants like Alphabet (GOOG) (GOOGL), are beginning to look beyond the planet for answers. And surprisingly, space makes a compelling case.
When it comes to power and heat management, space has clear advantages. By placing a data-processing satellite in the right orbit, it can enjoy constant sunlight, allowing solar panels to generate virtually unlimited energy. At the same time, radiators positioned on the shaded side of the spacecraft can efficiently release excess heat into the freezing vacuum of space. Still, not everyone is convinced this is practical today.
For instance, OpenAI CEO Sam Altman has openly ridiculed the idea of orbital data centers for now, even as SpaceX CEO Elon Musk makes the concept a priority. Altman pointed to high launch costs and the obvious challenge of repairing something like a broken GPU in orbit. As he put it, “We are not there yet. There will come a time. Orbital data centers are not something that’s going to matter at scale this decade.”
Yet skepticism has not slowed everyone down. In fact, some companies are determined to turn space-based computing into reality, and Voyager Technologies (VOYG) is one of them. The company is actively developing, testing, and deploying specialized, space-hardened edge data centers into orbit, with the goal of enabling real-time in-space AI computing. So, with that bold vision in mind, here is a closer look at this stock.
About Voyager Stock
Founded in 2019, Denver-based Voyager Technologies sits at the intersection of defense, national security, and the rapidly expanding space economy. In simple terms, it operates where cutting-edge technology meets some of the world’s most complex security and space challenges. From the start, the company has focused on building solutions designed for high-stakes, next-generation missions. Voyager develops mission-critical systems that combine advanced analytics, specialized hardware, and in-space capabilities.
Its portfolio spans communications and intelligence-gathering systems, defense technologies, advanced space platforms, in-space infrastructure, and space mission services. At the same time, it is leaning into emerging areas such as smart missile technology, software-driven surveillance systems, and AI-enabled edge computing that works directly in orbit.
Since going public in June 2025, Voyager has drawn particular attention for its role in the Starlab project, a commercial space station intended to help replace the International Space Station, which is scheduled for retirement in 2030. In early February, Voyager Technologies stepped further into the spotlight after CEO Dylan Taylor shared a grounded but forward-looking view on space-based data centers.
The CEO made it clear that orbital data centers are not a fantasy, but the road ahead is not without obstacles. Taylor cautioned that bringing fully operational space data centers online within two years would be “aggressive.” The biggest sticking point remains cooling. While space offers abundant solar energy, managing and dissipating heat efficiently in orbit is still a significant engineering challenge that needs to be solved before the vision can scale.
Now standing at a market capitalization of roughly $1.5 billion, Voyager Technologies has been quietly outperforming the broader market. Over the past three months, the stock has climbed nearly 30.3%, sharply ahead of the broader S&P 500 Index’s ($SPX) modest 1.4% gain during the same period. So far in 2026, VOYG is holding onto positive momentum, rising about 9.64% year-to-date (YTD).
Inside Voyager’s Q3 Earnings Results
On Nov. 3, Voyager reported its fiscal 2025 third-quarter results, offering a closer look at how the business is evolving. For the three months ended Sept. 30, 2025, net sales came in at $39.6 million, essentially flat year-over-year (YOY). However, when adjusted for the planned wind-down of the NASA services contract within the Space Solutions segment, revenue actually rose 15.1%. Even so, the reported figure narrowly missed Wall Street’s $40.5 million expectation.
A closer look at the segments tells a more detailed story. Voyager’s Defense & National Security segment delivered net sales of $28.5 million, marking a strong 31% YOY increase. Growth was primarily driven by continued progress on the Next Generation Interceptor (NGI) program and contributions from an undisclosed program. In contrast, the Space Solutions segment saw net sales decline 41%, largely reflecting the NASA contract wind-down.
Voyager’s Starlab Space Stations segment, a Voyager-led, majority-owned joint venture focused on building a commercial replacement for the International Space Station, remains pre-revenue and is not expected to generate revenue in the near term. Still, the project continues to secure meaningful NASA support under its Space Act Agreement.
During the third quarter of 2025, Starlab achieved two key milestones and received $4 million in cash from NASA, signaling continued forward momentum. On the bottom line, there was a clear improvement. Adjusted loss narrowed sharply to $0.22 per share, compared to a loss of $1.56 per share in the year-ago quarter. The result also came in better than Wall Street’s projected loss of $0.35 per share.
Financially, the company remains well-positioned. Total backlog climbed to $188.6 million, which included $88.2 million in funded backlog tied to signed contracts with remaining work. Voyager ended the quarter with $413.3 million in cash and cash equivalents and total liquidity of $613.3 million, including $200 million in undrawn revolver capacity.
Innovation continues to play a central role in Voyager’s long-term strategy. For the three months ended Sept. 30, 2025, innovation spending accounted for 19% of net sales, excluding Starlab. Looking ahead, management now expects full-year 2025 net sales to land toward the high end of its $165 million to $170 million guidance range. Plus, non-GAAP adjusted EBITDA loss is projected to range between $63 million and $60 million.
How Are Analysts Viewing Voyager Stock?
Wall Street’s tone on Voyager remains firmly upbeat. The stock carries a consensus “Strong Buy” rating, reflecting broad confidence in its outlook. Of the eight analysts covering the name, six rate it a “Strong Buy,” while the remaining two take a more cautious “Hold” stance. Price targets also point to meaningful upside. The average target of $43.43 implies roughly 51.5% potential gains from current levels, while the Street-high estimate of $46 suggests the stock could climb as much as 60.5% from here.
On the date of publication, Anushka Mukherji did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
