Janus Henderson Group plc (NYSE: JHG) announced a strategic investment in Starlab Space on November 20, 2025. The investment is part of a joint venture led by Voyager Technologies, with Starlab headquartered in Houston and founded in 2021. Starlab’s partners include Airbus, Mitsubishi Corporation, MDA Space, and Palantir Technologies, and the company is developing modular space habitats that could serve as a commercial alternative to the International Space Station after its planned retirement in 2030.
JHG’s Q3 2025 results underscored the company’s strong financial footing. Adjusted diluted earnings per share rose to $1.09 from $1.00 in the prior quarter, beating consensus expectations by $0.09. Total revenue reached $700.4 million, up 7% year‑over‑year and $18.7 million above the $681.69 million forecast. The growth was driven by six consecutive quarters of net inflows and a 7% organic expansion rate, supported by recent acquisitions of NBK Capital Partners, Victory Park Capital, and Tabula.
CEO Ali Dibadj highlighted the company’s momentum, noting that the Q3 earnings beat reflected disciplined cost management and a robust inflow pipeline. Small‑cap growth portfolio manager Jonathan Coleman praised Starlab’s design and cost profile, stating that the partnership positions JHG to tap into the projected $10.6 billion commercial space station market by 2032. Voyager’s chairman Dylan Taylor added that the investment signals a maturation of the commercial space economy and validates the joint venture’s business model.
Starlab has completed its Preliminary Design Review with NASA in March 2025 and is targeting a Critical Design Review in 2026, with a planned launch of the first modular habitat in 2028 via SpaceX’s Starship. The company’s modular approach aims to reduce launch costs and accelerate deployment, offering research and commercial payloads a dedicated microgravity environment.
JHG’s entry into the space‑technology sector aligns with its “Protect & Grow, Amplify, and Diversify” strategy, which has already expanded into private credit and active ETFs. By leveraging its capital‑raising expertise, JHG seeks to support Starlab’s development while creating new revenue streams and enhancing its competitive positioning in the asset‑management landscape.
Investors are currently evaluating a non‑binding takeover offer from Trian and General Catalyst, which has shifted focus from the investment announcement. Nonetheless, JHG’s commitment to Starlab demonstrates confidence in the long‑term growth prospects of the commercial space station market and reinforces its diversification agenda.
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