The Exploration Company Raises $450 Million for Nyx Capsule

The Exploration Company has secured $450 million in a Series C funding round to advance its Nyx reusable space capsule and Storm reusable rocket engine. The European space logistics startup announced the financing on 8 September.

US venture capital firm Bessemer Venture Partners, London-based Atomico, and the Scaleup Europe Fund managed by EQT co-led the round. Existing investors also participated. This new investment brings the total funding raised by the company since its 2021 founding to roughly $680 million. Its previous round was a €150 million Series B in late 2024.

CEO Hélène Huby stated the capital enables urgent execution. "This financing will allow us to execute with urgency: to bring Nyx to the International Space Station and safely back to Earth, while accelerating Storm, the high-thrust propulsion capability Europe needs for its future reusable heavy launcher," Huby said.

Funding Allocation and Vehicle Development

According to a company press release, the near-term focus is the Nyx capsule. It is designed for cargo transport to and from low Earth orbit. Future versions aim to carry crew to orbit and cargo to the lunar surface. The company indicated in June that Nyx's first demonstration flight is expected in 2028.

A significant portion of the Series C funding will accelerate development of the Storm engine. This is a reusable, high-thrust engine using liquid oxygen and biomethane propellants. The Exploration Company positions Storm as the propulsion foundation for a future European reusable super-heavy launcher. That conceptual vehicle would be capable of lifting up to 40 tonnes to low Earth orbit in a reusable configuration.

The Yrene Rocket Concept

The company briefly referenced a reusable heavy-lift rocket named Yrene on its website in June. Published imagery suggested a vehicle powered by nine Storm engines. However, a company spokesperson later clarified to European Spaceflight that Yrene was a "long-term concept." The spokesperson emphasized the short- and medium-term focus remains on the capsule and engine programs. References to the Yrene rocket were subsequently removed from the company's website.

Testing Timeline and Contract Backlog

The new capital will fund a series of engine tests. The company plans subscale thrust chamber and pre-burner tests in the coming months. An oxygen-rich power-pack test and a workhorse engine test are scheduled over the next several years.

The Exploration Company also reports a substantial backlog of business. It claims to have secured more than $2 billion in contracts and commitments from public and private customers. These include agreements with the European Space Agency and commercial space station operators. The press release did not specify how much of the $2 billion figure represents firm, contracted revenue versus non-binding commitments or conditional future business.