VOYG 是太空/国防领域一只潜力较大的小盘股；其成功取决于能否赢得 NASA Starlab 合同（预计2027年春季），从而从当前亏损转变为数十亿美元规模的业务。

My first share is, I believe, the smallest of the four, if I am not mistaken. It is a company that is worth approximately two billion dollars to date. Its name is "Voyager Technologies".

Of course, execution is key, and that's why at Voyager Technologies, execution is all that really matters. When people talk about "Voyager," they immediately think of it as the space station company.

Currently, this is not true. This may be the case within two years. All or most of its revenue comes from the defense sector. The company has two sectors: defense and space technologies.

They sell rocket propulsion systems, electronics, and space equipment, and achieved sales of $53.2 million in the last quarter, which is not much. But the company is not worth $20 billion, or $50 billion, or anything like that. It's still a company worth only $2 billion.

As for the figures for the last quarter, as I said, revenues reached $52.7 million, an increase of 15% year-over-year. The company is still losing money at the moment, but management has raised its 2026 revenue guidance to between $275 million and $305 million.

This is an increase from previous expectations, which were between $230 million and $255 million just two months ago, and it is a good increase. The total backlog of work reached a record high of $355.5 million, of which $189 million is already funded, meaning the money has been approved.

They have also acquired companies, well, certain companies, but the biggest deal recently is a bet on the moon. Again, here too, many of these space companies acquire other companies to become bigger and bigger.

So, in June of this year, Voyager agreed to buy Astrobotic. It is a company that builds lunar landing vehicles. The deal is valued at up to $300 million, of which $162 million is in cash and shares, in addition to assuming financial obligations.

The deal was closed in July, and it now operates under the name "Voyager Lunar Systems". The timing is very good, because between the signing and closing of the deal, NASA awarded Astrobotic a mission order worth approximately $298 million, which was not in the calculations when Voyager agreed to the price.

So, as I said, they bought it for about $300 million. Astrobotic was awarded a contract from NASA worth nearly $300 million. Once again, the lunar missions are not for this year, nor for next year.

Therefore, it is from 2028 onwards. With one deal, Voyager paid off its costs with one contract and became a fully integrated lunar logistics company, which of course means that if we return to the moon frequently, we should expect a flood of more such contracts.

The next big thing is "Starlab". It is clear that the International Space Station is scheduled to be retired around 2030. For those who did not know, now you do. NASA wants private stations to replace them, and Starlab is one of the leading candidates.

It is a joint venture with Airbus, Mitsubishi and MDA Space. I believe Voyager also has strategic partnerships with Palantir, and more recently with Andorel as well, and possibly even Raytheon.

So, many big players in the space and defense field, a small player, are already known to the big players. As for Starlab, it will be launched as a single unit aboard SpaceX's Starship around 2029.

We are now in 2026, nearing the end of it, but we are talking again about what will happen in 3 years, which I know is risky, and this is part of the risk of investing in space companies, especially the smaller ones today.

The story is always bigger 3 years from now. NASA has already paid Voyager about $211 million in interim funding, and Starlab has passed the critical design review for 2026. The main incentive here is NASA's Phase Two award, which will determine who actually gets NASA's astronaut transport certification.

The award is now expected to be given in early or spring 2027. With it, Starlab will transform from a mere presentation into a massive business that will be worth far more than $2 billion today.

But again, for anyone who thinks this is actually a space station arrow, it is not. There is still a very long way to go. If they can win it, and if they can become the biggest player for the new space station, not just for the United States, but perhaps for other countries as well, it will be a huge, lucrative business for them.

They expect to achieve slightly less than $2 billion in free cash flow. Again, in the early 1930s, so we always look further ahead. So, until then, yes, this is still a losing proposition for money.

I wouldn't be surprised if, after the stock price rises, they start raising money to fund these future projects. It's something you'll see with many space companies, but I had to put Voyager on the list because it's a small enough company that plays in a huge, manageable market, and already has a lot of strategic partnerships.

So, I thought it would be a good option to start with.

Yes, it's a great business, and what really caught my attention was their rapid expansion over the past three years through about a dozen acquisitions. They mentioned their acquisition of Astrobotic.

There were other deals including Space Micro, and a company called Nanorax. And all of this is aimed at building those systems that are of great importance, as you know, in the fields of defense, hypersonic missiles, propulsion, and even AI-powered space systems.

Therefore, they are definitely an interesting player to keep an eye on if you are investing in this area.