The Profit Does Not Cover the Paper
Cemini23 ·
Voyager sold the IPO at $31. The later convert priced off $31.40. The June quarter made $4.5 million of gross profit and lost $51.4 million from operations. Starlab sales were zero.
What does the Voyager letter say?
The 28 September 2026 issue The Profit Does Not Cover the Paper is the canonical write-up. The IPO closed on 12 June 2025: 14,200,645 Class A shares at $31. On 23 September 2026 the new convert priced off a last sale of $31.40. The quarter ended 30 June 2026 made $4.5 million of gross profit and lost $51.4 million from operations. Starlab recorded no sales. The paper already raised is about $1.2 billion. The June 2025 prospectus priced the station at $2.8 to $3.3 billion. The letter leaves the 28 September 2026 settlement and the $52.5 million option open. This page does not reprint the letter and does not carry a last stock print.
Where can I read the Voyager letter?
| Surface | What it is |
|---|---|
| The Voyager letter | Free Outlier Weekly issue (28 Sep 2026). Canonical on Substack. |
What else has Outlier Weekly covered?
SPCX / Anthropic is the August letter on SpaceX versus Anthropic. Tanbreez and tungsten are the metals letters. The parlay letter is the operator stack.
Is this a live price or a closed deal?
- Not a last print. The page does not publish a live NYSE price or a put contract.
- Not a closed deal. The letter leaves the 28 September 2026 settlement and the $52.5 million option open.
- Not a short recommendation. The mismatch is gross profit versus the paper, and an empty Starlab sales line.
Subscribe at outlierweekly.substack.com/subscribe. The letter is free to read.