Over the past several years, Oxbow Industries has identified the National Security / Defense and Space industries as markets ripe for continued investment. The acceleration in technological advancement and innovation, a growing demand derived from rising political tensions and increased government spending, and a mostly private company ecosystem provide meaningful investment opportunities. Further, Oxbow’s previous investment success in the industry provides further knowledge and perspective of the pressing issues that the industry is solving.
Since its founding in 2019, Voyager Technologies, Inc. (“Voyager”) has been a leader in the industry, providing critical national defense solutions and highly innovative space infrastructure to commercial, civil, and national security customers around the world.
In early 2025, Oxbow was invited to participate in Voyager’s pre-IPO private funding round to accelerate the company’s growth. Oxbow’s investment reflected an investment strategy in pre-IPO companies that have a clear, short-term path to an IPO, as well as investments that have the potential for outsized returns.
Voyager ultimately went public on the New York Stock Exchange (NYSE) under the ticker symbol “VOYG” on June 11, 2025. Investor demand was exceptionally strong: Voyager’s stock opened at $69.75—up 125% from the IPO price—giving the company a market capitalization of $3.8 billion on its first day of trading. The ~$400M of proceeds from the IPO are earmarked for strategic growth initiatives, including research and development, capital asset acquisitions, potential mergers and acquisitions, and general corporate purposes.
Voyager’s IPO is considered a milestone for the commercial space and national security sector, signaling growing investor appetite and confidence in companies operating at the intersection of space technology and national security.
About Voyager Technologies, Inc.
Founded in 2019, Voyager is an innovative national security and space solutions company that delivers transformative, mission-critical solutions. Voyager is committed to developing technologies that fortify national security and protect critical assets from ground to space. Since 2019, Voyager has delivered and operated over 2,000 missions in space on behalf of 500+ customers from 35+ nations around the world.
About Oxbow Industries
Oxbow Industries is a Minneapolis-based diversified holding company that invests across multiple asset classes, including private equity, growth equity, public equity, debt, and sports. For more information about Oxbow, please visit www.oxbowindustries.com.