PLD Space and HyImpulse Secure Major Funding for European

Two European launch vehicle developers have secured major funding extensions this week. Spain's PLD Space raised a €108 million Series C extension, while Germany's HyImpulse Technologies GmbH closed a Series A extension of over €50 million, according to a report from Payload. The investments aim to bolster sovereign launch capabilities for Europe.

PLD Space's round was led by Mitsubishi Electric Corporation, with co-investment from COFIDES and participation from Endeavor Catalyst and the Spain Oman Private Equity Fund. This brings the company's total financing since its 2011 founding to €488 million. HyImpulse's round was co-led by JOIN Capital and Ace Capital Partners, with investors including North Ventures, BW-Capital, Bayern Kapital, and DLR. Its total raised since 2018 now exceeds €125 million.

Vehicle Development and Milestones

The companies are at different stages. PLD Space is planning the first orbital test flight of its MIURA 5 rocket from French Guiana in late 2026. HyImpulse is preparing for the second test flight of its suborbital SR75 rocket from the UK's SaxaVord Spaceport before year's end. CEO Christian Schmierer stated the company also plans to begin ground-testing its orbital SL1 vehicle in mid-2025, targeting a first orbital flight in late 2027 or early 2028.

The new capital will be deployed differently. PLD Space will focus on industrializing its MIURA 5 vehicle, investing in production capacity, test facilities, and launch infrastructure. Its goal is to reach 30 annual launches by 2030. HyImpulse intends to use its funding to support vehicle development through the first orbital flight of its SL1 rocket.

Diverging Market Strategies

The contrast between the two firms suggests a move toward market differentiation rather than direct competition in Europe. As part of a European Launcher Challenge selection, PLD Space is already planning heavier-lift successors to the MIURA 5, named MIURA Next, MIURA Next Heavy, and MIURA Next Super Heavy.

HyImpulse is targeting the small launch segment. It is developing a hybrid rocket engine that uses paraffin-based fuel and liquid oxygen to create a lower-cost dedicated option. CEO Christian Schmierer said that once the SL1 is operational, launch costs are expected to start at €10,000 per kilogram and fall over time.

Secured Launch Demand

Current market demand appears sufficient for both approaches. PLD Space told Payload late last year that it had launches booked through 2027. HyImpulse has received over €350 million in launch commitments for its SL1 vehicle, according to Schmierer. This backlog indicates a healthy pipeline for the emerging European launch providers.