THE EXPLORATION COMPANY announces a €387 million funding round for Nyx and Storm

The Exploration Company is strengthening its resources to take Nyx to the International Space Station and accelerate development of its Storm rocket engine. The Series C supports two programmes operating on different timelines, with orbital cargo transport and return to Earth remaining the near-term priority.

The Exploration Company today announced a Series C funding round of approximately €387 million, co-led by Bessemer Venture Partners, Atomico and the Scaleup Europe Fund, managed by EQT. Balderton, Plural, Cherry and Red River West are also participating in the round.

Founded in 2021 by Hélène Huby and a team of space industry professionals, the company brings its total announced funding to the equivalent of approximately €586 million. Its valuation has not been disclosed.

The capital will support recruitment and the expansion of engineering, manufacturing and operational capacity. The financing remains subject to applicable regulatory approvals. The announcement does not detail how the funds will be allocated between the two programmes and the industrial capabilities supporting them.

Nyx remains the priority as Storm lays the groundwork for the next phase

Nyx remains the near-term priority. Designed to carry cargo to space stations and bring it back to Earth, the capsule is intended to complete a first full-scale orbital demonstration involving docking with the ISS and returning to Earth.

The goal is to demonstrate an end-to-end service, rather than simply the spacecraft’s ability to operate in orbit. TEC has not specified a date for the mission. Nyx is also designed to be compatible with different launch vehicles, a feature that distinguishes its development path from that of the propulsion programme.

Storm is intended to provide high-thrust propulsion for a future reusable European launch vehicle. The funding will support a sequence of tests, progressing from components in the coming months to more complete engine assemblies over the following years.

The announcement therefore concerns the development of an engine, not a complete launch vehicle with a confirmed entry-into-service date. The stated priorities remain clear: Nyx is intended to establish a transport service, while Storm will add a further industrial capability. The funding accelerates both programmes, but they remain at different stages of development.

Turning commercial commitments into missions

TEC reports the equivalent of more than €1.72 billion in contracts and commitments, spanning public-sector programmes and private-sector customers. The company cites the European Space Agency and logistics agreements with commercial space stations.

The scope of that figure matters, however. The announcement does not specify how much of these commitments is firm or when they are expected to be fulfilled. The total alone therefore does not establish the company’s future revenue or the pace at which it could be recognised.

To support its programmes, TEC now employs more than 550 people across Europe, the United States and the United Arab Emirates. Recruitment and industrial scale-up will span engineering, manufacturing, propulsion and mission operations.

The funding provides additional resources to bring the programmes closer to delivering the services offered to customers. For Nyx, the next milestone remains the demonstration of an end-to-end transport service to a space station and back to Earth. The company will then need to turn that capability into commercial missions.

Beyond the financing, the announcement builds on the expansion strategy examined in our 29 July analysis. From capsules to propulsion, the article explores the position TEC is seeking to establish in Europe’s space industry, the role of public procurement and the risks associated with pursuing multiple programmes.