Starlab design as of December 2025

The space station startup Voyager Technologies — the lead company in the consortium building the Starlab space station — has in the past week made major moves to solidify its financial situation as well as diversify its holdings.

First, it announced it had “closed a $250 million credit facility led by J.P. Morgan.”

The upsized facility expands Voyager’s financial flexibility, providing liquidity at scale to support accelerating customer demand across the company’s space, defense and national security portfolio.

I don’t claim to understand the jargon of the banking business, but I think this translates into a $250 million credit line with J.P. Morgan, giving Voyager access to cash when it needs it. The collateral for this credit line is probably based on the undisclosed capital investment the company obtained in January and May 2026. It also provides us a good indication of the amount of capital obtained in those earlier announcements.

Next, Voyager announced today that it has completed its acquisition of the lunar lander startup Astrobotic, first revealed in early June. In doing so, it also noted the new $298 million contracts NASA had issued to Astrobotic on June 30, 2026 for two more Peregrine lunar landers.

The Astrobotic subsidiary will now operate under the name Voyager Lunar Systems.

These announcements once again strengthen the position of Voyager and its Starlab station in the competition to win a construction contract under NASA’s station program.

My updated ranking of the five American space stations presently under development:

• Haven-1 and Haven-2, being built by Vast, with no NASA funds. The company plans to launch its single module Haven-1 demo station in 2027 for a three-year period during which it will be occupied by at least four 2-week-long manned missions, one of which will include a French astronaut. It planned manned mission to ISS in ’28 will also include both a French and Czech astronaut. It has also made preliminary deals with Lithuania, Colombia, Uzbekistan, Japan, the Czech Republic, and the Maldives for possible astronaut flights to Haven-1, as well as four biomedical companies. It has raised more than a billion in cash for this work, and has already tested an unmanned small demo module in orbit.
• Starlab, being built by a consortium led by Voyager Space, Airbus, and Northrop Grumman, with extensive partnership agreements with the European Space Agency, Mitsubishi, and others. Though no construction has yet begun on its NASA-approved design, it has raised $383 million in a public stock offering, the $217.5 million provided by NASA, and an unstated amount from private capital, probably in the range of about $250 million. It has also begun signing up station customers, as well as a number of companies to build the station’s hardware. It also plans a mission to ISS in ’28.
• Axiom, being built by Axiom, has launched four tourist flights to ISS. A fifth mission is now planned for ’27. The company has now raised $625 million in private investment capital. Thales Alenia in Europe has been building its first two modules, with the first scheduled to launch in 2028. The company has also now established a subsidiary in Europe as well as signed Redwire to build that module’s solar panels.
• Thunderbird, proposed by the startup Max Space. It is building a smaller demo test station to launch in ’27 on a Falcon 9 rocket, and has begun work on its manufacturing facility at Kennedy in Florida. Its management includes one former NASA astronaut and one former member of the Bigelow space station team that built the first private orbiting inflatable modules, Genesis-1, Genesis-2, and BEAM (still operating on ISS).
• Orbital Reef, being built by a consortium led by Blue Origin and Sierra Space. This station looks increasingly dead in the water. Blue Origin has built almost nothing, as seems normal for this company. And while Sierra Space has successfully tested its inflatable modules, including a full scale version, its reputation is soured by its failure in getting its Dream Chaser cargo mini-shuttle launched to ISS.