TLDR
- Voyager Technologies (VOYG) stock climbed 6% Tuesday after formalizing a partnership with Anduril Industries.
- The deal covers weapons systems and missile defense technology, including a $60 million supply agreement for propulsion parts.
- Voyager is building an American Defense Complex in Pueblo, Colorado, targeting up to 20,000 propulsion systems a month at full scale.
- The company also closed a $402.5 million convertible notes offering due 2032, with a conversion price near $40.82 per unit of stock.
- Net proceeds of about $391.6 million will fund capped call transactions and general corporate needs.
Voyager Technologies (VOYG) stock rose 6% on Tuesday, trading near $33.18. The move followed news of a formal partnership with Anduril Industries.
Voyager Technologies, Inc., VOYG
The two defense companies had already been working together across several weapons programs. This week’s announcement turns that relationship into a signed, structured agreement.
The partnership covers weapons systems and missile defense technology. It also touches several Department of Defense priority initiatives.
Voyager is contracted to supply Anduril with more than $60 million in critical technologies. That includes solid rocket motors and divert and attitude control systems.
Both companies plan to build a shared pipeline of future programs. The focus sits on manufacturing as these programs move toward high rate production.
Building Out Production Capacity
Anduril is constructing a 1.18 million square foot campus in Long Beach, California. The site is set to open in 2027 and adds to its existing Arsenal-1 facility in Columbus, Ohio.
Voyager is working on its own American Defense Complex in Pueblo, Colorado. At full scale, the site could produce between 15,000 and 20,000 propulsion systems per month.
Matt Magaña, president of Space, Defense and National Security at Voyager, said the company has invested more than $500 million in propulsion, energetics and manufacturing capacity. He said the partnership turns that investment into active production programs.
The companies’ operations in Southern California sit close together. That proximity is meant to speed up design, integration, prototyping and testing across weapons programs.
Convertible Notes Offering
A day before the Anduril news, Voyager closed a separate financial deal. The company completed a private offering of $402.5 million in convertible senior notes due 2032.
The offering was sold to qualified institutional buyers under Rule 144A. It included $52.5 million from the initial purchasers exercising their option for additional notes.
The notes are senior and unsecured. They do not carry regular interest and mature on October 15, 2032.
The initial conversion rate equals 24.4978 units of Class A common stock per $1,000 in principal. That works out to a conversion price of about $40.82 per unit, a 30% premium over the $31.40 closing price on September 23, 2026.
Noteholders can only convert before July 15, 2032 if certain events occur. After that date, conversion is open at any time until two trading days before maturity.
Voyager can redeem the notes for cash starting October 21, 2030. That option applies if the stock trades above 130% of the conversion price for a set period.
Net proceeds from the offering came to about $391.6 million after fees and discounts. Voyager plans to use $52.5 million for capped call transactions tied to the notes.
The remaining proceeds are earmarked for general corporate purposes. Voyager also entered privately negotiated capped call transactions with the initial purchasers and other financial institutions.
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