Janus Henderson Group announced a capital infusion into Starlab Space, the commercial space‑station venture led by Voyager Technologies, on November 20, 2025. The investment is intended to accelerate the joint venture’s progress toward a 2028 launch and full operational capability by 2029.
Starlab is a consortium that includes Voyager, Airbus, Mitsubishi Corporation, MDA Space, and Palantir Technologies. Voyager holds a majority stake in the venture, reported as 67% in recent filings, giving it controlling influence over design and business strategy. The partnership brings together aerospace manufacturing expertise, data‑analytics capabilities, and a strong commercial network that positions Starlab to compete for the post‑ISS market.
The capital from Janus Henderson will support key development milestones, including the completion of the Preliminary Design Review in March 2025 and the upcoming Critical Design Review scheduled for late 2025. The funding will also help cover the next phase of the project, which involves finalizing the spacecraft architecture, securing launch services with SpaceX’s Starship, and preparing for the first crewed mission in 2028. The investment underscores confidence in Starlab’s AI‑enabled design and its potential to deliver a lower‑cost, higher‑capacity alternative to the ISS.
For Voyager, the infusion strengthens its position in the emerging commercial space‑station market, which analysts estimate could generate more than $4 billion in annual revenue once operational. The partnership also signals to investors that Voyager’s technology platform and its broader Starlab initiative are on a credible path to commercial viability. The investment aligns with Voyager’s strategy to diversify its revenue streams across defense, space solutions, and space‑station services, and it complements the company’s recent $413 million cash reserve that supports ongoing R&D and market expansion.
Voyager’s Q3 2025 results showed net sales of $39.6 million and a net loss of $16.3 million, a narrower loss than the $31.4 million loss reported in Q2 2025. The company’s cash position remains robust, and the new investment is expected to provide additional liquidity for future development and potential acquisitions in the space‑station sector. The announcement is a significant milestone for Voyager, reinforcing its leadership role in the commercial space economy and positioning it to capture a share of the anticipated post‑ISS market.
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