- The Exploration Company secures $160M in funding to develop a European answer to SpaceX’s Dragon spacecraft
- The funding will be used to build reusable spacecraft for commercial and government missions in low Earth orbit
What happened
The European space startup The Exploration Company has just raised $160 million in a major funding round. This $160 million Series B financing will support the ongoing development of the Nyx spacecraft. The spacecraft will be able to carry 3,000 kilograms of cargo to and from Earth.
Founded three years ago by aerospace engineers Hélène Huby, Sebastien Reichstat, and Pierre Vine, the company aims to launch the Nyx spacecraft on its first round-trip mission to the International Space Station by 2028. The startup’s total funding to date has exceeded $208 million. In a recent interview, Huby remarked, “We are the world’s first company primarily funded by private investors.” She noted that this stands in stark contrast to SpaceX’s Dragon capsule, which she described as “primarily funded by NASA.”
Balderton Capital and Plural co-led the new funding round. Participants in the Series B round also include Bessemer Venture Partners, NGP Capital, and two European sovereign funds, French Tech Souverainete and DeepTech & Climate Fonds.
Also read: The Exploration Company raises $160M to build Europe’s answer to SpaceX Dragon
Also read: SpaceX competitor The Exploration Company nears deal to raise €150m in fresh funding
What it’s important
The Exploration Company’s success represents a pivotal moment in Europe’s push for space independence and innovation. U.S.-based companies like SpaceX currently dominate the commercial spaceflight market. This company has earned a reputation for reliability and affordability with its reusable spacecraft. This reliance raises concerns for European governments and private enterprises, which often depend on foreign providers for critical missions. A European alternative, like the one The Exploration Company is developing, could reduce this dependence and ensure greater access to space on the continent’s terms.
Smaller companies have shown similar potential to disrupt established markets. For example, Rocket Lab, a New Zealand-founded firm, has successfully carved a niche by offering affordable launches for smaller payloads. Its agility and cost-effectiveness have made it a formidable competitor against larger firms like SpaceX and Arianespace. Similarly, The Exploration Company could tap into the unmet demand for cost-effective, reusable spacecraft in Europe, particularly as the market for low Earth orbit missions continues to expand.
