The Exploration Company Secures $160 Million for Nyx Spacecraft Development

The Exploration Company has successfully raised $160 million in a Series B funding round to bolster the development of its Nyx spacecraft, designed for cargo transportation to support future commercial space stations.

The round was led by European venture capital firms Balderton Capital and Plural, with additional participation from France’s French Tech Souveraineté, Germany’s DeepTech & Climate Fonds, and other investors.

Advancing the Nyx Spacecraft Program

The Nyx spacecraft is envisioned as a versatile cargo transport vehicle capable of operating in low Earth orbit (LEO) and later extending its reach to cislunar space.

The LEO version, Nyx Earth, will be able to deliver up to four tons of pressurized and unpressurized cargo to orbit and return with three tons of payload. The company plans for Nyx Earth to initially service the International Space Station (ISS) before shifting focus to commercial space stations.

“Over the past 12 months, we have hit major operational and financial milestones and signed significant service contracts with both space agencies and commercial clients...This new funding is the next step in scaling up our ambitions.” - Hélène Huby, chief executive and co-founder of The Exploration Company

Progress and Challenges

The Exploration Company achieved a significant milestone in May when it secured one of two contracts from the European Space Agency (ESA) to design a cargo vehicle for ISS missions. The $26.4 million contract is part of ESA's larger program to develop cargo transportation capabilities. A demonstration mission could occur by 2028, contingent on future ESA funding decisions.

In July, the company launched its first spacecraft, a reentry demonstrator named Nyx Bikini, on the inaugural flight of the Ariane 6 rocket. However, a malfunction during the final stage burn of the rocket prevented the spacecraft from reentering Earth’s atmosphere, leaving Nyx Bikini stranded in orbit. Despite this, the company remains optimistic about its progress.

“While we did not gather the expected reentry data, this is not a problem for our next flights,” - The Exploration Company Statement

“We got some great data to begin with and we derisked a lot of what needed to be derisked,” - Dana Baki, the company’s chief commercial officer

Upcoming Missions and Commercial Focus

The next planned mission, Mission Possible, will involve a mid-sized capsule launched aboard a SpaceX Falcon 9 in mid-2025. This capsule will carry 300 kilograms of cargo, including science experiments and technology demonstrations, for a brief three-hour orbital flight before splashing down near Hawaii.

Although initial missions will serve the ISS, the company’s long-term goal is to cater to commercial space stations.

The Exploration Company has already secured contracts with Axiom Space, Starlab Space, and Vast to deliver cargo to their future stations. These agreements, along with commitments from space agencies, contribute to a reported backlog of more than $750 million.

Funding and European Leadership

The $160 million Series B round marks the largest of its kind for a European space company, bringing The Exploration Company’s total funding to $230 million. Despite its growing influence, the 200-person company remains smaller than European aerospace giants like Airbus Defence and Space and Thales Alenia Space.

“The Exploration Company is poised to redefine European leadership in space exploration...Their mission to make space exploration more accessible and sustainable promises to unlock unprecedented opportunities not just for Europe, but for humanity’s future in space.” - David Thévenon, a partner at Balderton Capital

A Bold Vision for Europe in Space

The Exploration Company aims to position itself as a leader in the burgeoning commercial space market, leveraging its European heritage and innovative Nyx spacecraft to drive new opportunities for space exploration and industry growth from Europe.