BofA retained a ‘Buy’ rating on RKLB with 72% implied upside, but maintained ‘Underperform’ ratings on RDW and LUNR.

  • Voyager’s record Q2 revenue climbed 51% sequentially to $52.7 million, beating Wall Street’s estimate.
  • Record bookings of $113 million drove a 2.1-times book-to-bill ratio and lifted Voyager’s backlog to a record $336 million.
  • Golden Dome awards, new Space Force and Raytheon contracts, and the Astrobotic acquisition helped expand Voyager’s five-year pipeline beyond $5 billion.

Voyager Technologies (VOYG) emerged as August’s strongest performer among popular space stocks, outpacing AST SpaceMobile (ASTS), Rocket Lab (RKLB), SpaceX (SPCX) and Intuitive Machines (LUNR) as Bank of America Securities (BofA) raised its also signaled over a 30% additional upside.

VOYG shares surged 37% in August, outpacing SPCX’s 33% gain and LUNR’s 25% rise, while ASTS edged up 0.2% and RKLB fell 2%. 

Voyager’s Record Q2 Fuels Bullish Call 

BofA raised its VOYG price target to $45 from $39, implying a 34% upside from current levels, after second-quarter (Q2) earnings and maintained its ‘Buy’ rating. Voyager reported record Q2 revenue of $52.7 million, beating Wall Street’s $49.76 million estimate and rising 51% sequentially. Its adjusted loss of $0.70 per share was narrower than the $0.91 loss analysts expected.

Bookings hit a record $113 million, producing a 2.1-times book-to-bill ratio and lifting backlog to a record $336 million. “Demand continues to build faster than what we’re converting into revenue,” CEO Dylan Taylor said, adding that the expanding backlog reflects durable customer demand rather than quarterly timing.

Voyager also raised its full-year revenue outlook to between $275 million and $305 million, well above the $240.81 million consensus estimate. The new range represents growth of about 66% to 84% from 2025.

Voyager Secures New Defense And Space Awards

Voyager secured $84 million in Golden Dome-related awards, which Taylor called part of a “multi-year modernization initiative” spanning sensing, communications, propulsion and autonomous systems. The company subsequently won a U.S. Space Force contract for secure intersatellite communications and Raytheon propulsion work for the Standard Missile-3, helping lift its probability-adjusted five-year pipeline above $5 billion. Meanwhile, Voyager’s $300 million Astrobotic acquisition adds lunar delivery, robotics, mobility and infrastructure capabilities and is expected to contribute $40 million to $50 million in 2026 revenue. 

“The next generation of the space economy will increasingly be defined by permanent infrastructure rather than individual missions,” Taylor said. Voyager’s Starlab commercial space station has also secured over $500 million in reservations, with the total nearing $600 million. 

BofA Backs VOYG And RKLB, Flags Downside For RDW And LUNR

BofA’s higher target for Voyager came alongside mixed revisions across its space coverage. The firm lowered RKLB’s price target to $110 from $115, still implying a 72% upside from current levels, but retained its ‘Buy’ rating. 

For Redwire, BofA raised its target to $8 from $7, implying a 25% downside from the stock’s last close, while maintaining its ‘Underperform’ rating. BofA also lifted LUNR’s target to $13 from $11, implying a 15% downside from current levels, but kept its ‘Underperform’ rating. 

How Do Retail Traders Feel About Space Stocks?

On Stocktwits, retail sentiment was ‘bearish’ across all five stocks. Message volume was ‘low’ for ASTS, RKLB and LUNR, and ‘extremely low’ for SPCX and VOYG. 

Over the past year, LUNR led with a 75% gain, followed by RKLB at 32%, ASTS at 21% and VOYG at 10%, while SPCX declined 11%. 

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