The Exploration Company Raises $160M to Advance Reusable Spacecraft

The Exploration Company (TEC), a European spacetech startup, has secured $160 million in a Series B funding round, bringing its total funding to nearly $230 million since its founding in 2021.

The funding, co-led by Balderton Capital and Plural, will support the development of TEC’s reusable spacecraft, Nyx. It is designed to transport cargo to and from low Earth orbit, lunar orbit, and the lunar surface.

TEC, founded by Hélène Huby, a former Airbus VP, aims to make space exploration more affordable, modular, and sustainable through its focus on reusable and refillable spacecraft. The company’s flagship vehicle, Nyx, is being developed to carry up to 3,000 kg of cargo to space stations and return to Earth. It offers the most considerable down-mass capability worldwide at a cost 25-50% lower than other vehicles.

Nyx’s modular design allows it to be launched from any heavy launcher and fly to any space station. Its reusability and in-orbit refueling capabilities set it apart from competitors. TEC estimates that the space transportation market will grow from $5 billion to $50 billion within the next decade, presenting a significant opportunity for a European competitor.

Over the past year, TEC has achieved major milestones, including signing its first major contract with the European Space Agency (ESA) and ranking first in the European space capsule competition. The company also became the first European firm to sign a Space Act Agreement with NASA. TEC has secured contracts worth $770 million, with 90% coming from private space station providers like Vast, Starlab, and Axiom Space and 10% from space agencies.

TEC’s European roots are a point of pride, with 98% of its shareholders being European. The company’s success demonstrates that the continent can finance bold entrepreneurs in the space sector. Investors view TEC as poised to redefine European leadership in space exploration, unlocking unprecedented opportunities for Europe and humanity’s future in space.

Looking ahead, TEC is preparing to launch its mid-size capsule, Mission Possible, in 2025, which will carry 300kg of customer payloads. Nyx Earth’s maiden flight, set for 2028, will transport cargo for ESA to the International Space Station. The Series B funding will be used to develop and test Nyx, expand the company’s 200-strong team, and scale its capacity to meet growing demand.