As demand for orbital access continues to rise, the supply gap in commercial space infrastructure is widening. European commercial space company The Exploration Company (TEC) has announced the completion of a $450 million Series C funding round to advance its reusable spacecraft Nyx and rocket engine projects, aiming to establish new capacity options beyond SpaceX.
Set a new record for commercial space financing in Europe
TEC stated that this is one of the largest Series C funding rounds in the history of European space companies. The company operates in Germany, France, Luxembourg, Spain, and Italy. TechCrunch reported that this financing also reflects ongoing investor confidence in reusable spacecraft among investors in Europe and the United States.
This funding round is co-led by the Atom token issuance, EQT’s Scaleup Europe Fund, and Bessemer Venture Partners. Bessemer partner Alex Ferrara will join TEC’s board.
- The funding amount is $450 million.
- Nyx has received 10 task bookings.
- The total contract and commitment amount exceeds $2 billion.
Nyx targets the year 2028.
TEC's current flagship project is Nyx, a reusable spacecraft similar in design to SpaceX's Dragon, initially designed for cargo missions with plans to later expand to crewed capabilities.
The company plans to dock Nyx with the upcoming deorbiting International Space Station and return it safely to Earth by November 2028. According to the disclosure data for the Atom token offering, Nyx has secured 10 mission bookings, corresponding to contracts and commitments totaling over $2 billion.
These orders partially come from institutional clients, including the European Space Agency and NASA. This means that, although TEC is still under development, it has already secured a portion of future demand.
Funds allocated to engines and rockets
TEC stated that, in addition to supporting Nyx, this funding round will also be used to advance the Storm rocket engine project. The company’s management noted that future, larger funding requirements will primarily focus on launch pad construction and the development of the complete rocket.
The company also noted that future rockets will adopt full-flow staged combustion cycle technology—a pathway also used by SpaceX and Stoke Space—which presents high development challenges but offers greater efficiency. TEC stated that this marks the first time a European company is advancing the development of this type of rocket engine.
TEC management believes that demand for space communications and space data centers is likely to continue rising over the next five to ten years, driving increased demand for heavy-lift rockets and high-frequency launch capabilities. As a result, reusability has become a key component of its long-term roadmap.
Europe accelerates closing its space capabilities gap
Recently, German startup Isar Aerospace completed a commercial rocket launch in Norway, marking another advancement in Europe’s commercial space sector. TEC management described this as a positive signal for the entire European space ecosystem, but also noted that the company plans to build even larger rockets.
French President Macron and European Commission President von der Leyen both welcomed TEC’s current funding round. The announcement was made ahead of the Paris International Space Summit, signaling Europe’s effort to reduce its dependence on a single supplier for strategic space infrastructure.