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L3Harris Sells 60% Stake in Space Propulsion Business to AE Industrial for $845 Million

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U.S. defense contractor L3Harris Technologies said on Monday it will sell roughly a 60% stake in its space propulsion and power systems business to private equity firm AE Industrial Partners for $845 million, including debt.

The transaction advances L3Harris’ strategy to scale back its exposure to space-related activities and sharpen its focus on defense capabilities, as rising geopolitical uncertainty drives increased demand for military technologies.

Separately, L3Harris announced it will reorganize its operations into three business segments, down from four, to better align its portfolio with what it described as the “future of warfare.” The new structure will consist of space and mission systems led by Sam Mehta, communications and spectrum dominance headed by Jon Rambeau, and missile solutions overseen by Ken Bedingfield.

“We’re now best poised to deliver the speed, technology and commerciality required by our most important customer – the warfighter,” said Chief Executive Christopher Kubasik.

Despite the divestment, L3Harris will retain full ownership of the RS-25 rocket engine, which is currently used in NASA’s Space Launch System for the Artemis program.

The deal with AE Industrial, first reported by Reuters on Sunday, is expected to close in the second half of 2026. AE Industrial said the partnership will also help accelerate the development of next-generation propulsion technologies, including nuclear propulsion systems viewed as critical for future Mars exploration missions.

AE Industrial’s previous investments in the space sector include Firefly Aerospace, RedWire Space, and York Space Systems.

China tightens rare earths export rules, adds semiconductor and defense curbs

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China sharply expanded its rare earths export restrictions on Thursday, adding five new elements and imposing stricter controls on semiconductor and defense users, in a move seen as tightening Beijing’s grip on critical materials ahead of Trump–Xi talks later this month.

The Ministry of Commerce said the new rules include holmium, erbium, thulium, europium, and ytterbium, bringing the total number of restricted rare earths to 12. Dozens of refining technologies were also added to the control list, while foreign companies using Chinese materials or equipment will now need a Chinese export licence — even if the finished product is made abroad.

China produces over 90% of the world’s processed rare earths, which are vital for EVs, aircraft engines, radars, and advanced chips. The new curbs come amid escalating U.S.–China tech tensions, following American calls to expand chip export bans.

Beijing said the rules will take effect November 8, with extra measures for foreign users from December 1. It also stated that defense-related users will not be granted licences, and chipmakers working on 14-nanometer or smaller chips and AI with military potential will face case-by-case reviews.

“The move helps Beijing gain leverage ahead of the Trump–Xi summit,” said Tim Zhang of Edge Research. Analysts described the controls as part of a global supply chain split, with China localizing production while the U.S. and allies accelerate their own.

Shares in Chinese and U.S. rare earth firms surged on the news, as investors braced for a new phase of strategic competition over the world’s most critical materials.

Voyager Technologies Soars to $3.8 Billion Valuation in NYSE Debut

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Voyager Technologies, a defense and space technology firm based in Denver, Colorado, saw its valuation surge to $3.8 billion as its shares more than doubled during its U.S. debut on the New York Stock Exchange. The stock opened at $69.75 on Wednesday, a 125% increase from its $31 offer price, after Voyager raised $382.8 million by selling nearly 12.4 million shares in an upsized initial public offering.

The company’s strong debut highlights robust investor interest in the space sector, which is poised for growth amid significant policy initiatives under the Trump administration. Notably, President Trump proposed the $175 billion Golden Dome project aimed at establishing a U.S. missile defense shield, supporting firms like Voyager.

Founded in 2019, Voyager specializes in mission-critical space and defense technologies. It reported a backlog of $179.2 million as of March 31. Industry experts view Voyager’s IPO as a key step toward greater commercial maturity in the space sector.

Voyager has recently secured significant contracts and funding, including a 2024 deal with Lockheed Martin to supply propulsion and optical guidance systems crucial for U.S. missile defense. NASA also awarded Voyager $217.5 million to develop Starlab, a planned successor to the International Space Station, to be operated jointly with partners Airbus, Mitsubishi, and Palantir.

Voyager’s public offering follows a similar path to defense and space firm Karman, which also saw its stock more than double post-IPO. Analysts note that despite high entry barriers in defense, the current environment encourages established companies to go public.

Asset managers Janus Henderson and Wellington Management had expressed interest in purchasing up to $60 million of Voyager’s shares ahead of the offering.