The Exploration Company secures €387 million to accelerate development of reusable high-thrust rocket engine

The Exploration Company (TEC), the European space company, today announced a €387 million ($450 million) Series C financing. The funding will advance the Nyx reusable capsule toward a mission to dock with the International Space Station and return to Earth, while accelerating development of the high-thrust reusable Storm rocket engine.

The round was co-led by Bessemer Venture Partners, Atomico, and the Scaleup Europe Fund, managed by EQT, with participation from TEC’s existing European backers including Balderton, Plural, Cherry and Red River West.

“Everyone on Earth depends on infrastructure in space, yet the ability to reach, supply and return from orbit remains rare,” said Hélène Huby, founder and CEO of The Exploration Company. “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.

“We are scaling from Europe with talent, customers and partners from around the world because the next generation of space transportation must be built to serve more nations, industries and people – and because our mission is to contribute to build a more collaborative and peaceful future in space.”

The Exploration Company’s €387 million ($450 million) Series C comes amid sizeable investment in European launch, orbital transport and propulsion companies in 2026. Spanish space transportation company PLD Space extended its Series C to €288 million to support its transition towards commercial launch operations, while Germany’s ATMOS Space Cargo raised €25.7 million in Series A funding to develop reusable orbital transport and re-entry vehicles for Earth-to-space-to-Earth logistics.

Germany has also seen investment further upstream in launch and propulsion. HyImpulse Technologies secured more than €50 million in a Series A extension to commercialise its suborbital and orbital launch services and advance its hybrid propulsion technology, while Spain’s Arkadia Space secured €14.5 million to commercialise propulsion systems for satellites and other space vehicles.

Together, these four closely related 2026 financings account for more than €378 million, illustrating the level of capital being deployed across Europe’s launch, reusable spacecraft and propulsion infrastructure alongside TEC’s latest round.

The financing expands TEC’s investor base across both sides of the Atlantic while maintaining a strong European foundation, bringing long-term capital behind a shared objective: to scale reusable space transportation platforms capable of serving customers and institutions across borders.

The announcement drew comment from leading political figures too.

Emmanuel Macron, President of the French Republic, commented: “Just before the International Space Summit in Paris, The Exploration Company has secured the largest Series C raised by a European space company. TEC’s transformational ambitions and excellence in execution, driven by the French German engine, are an inspiration for the space companies we build together in Europe.”

While Ursula von der Leyen, President of the European Commission, added: “This is a strong moment for Europe’s space industry. It shows what Europe can achieve when talent, ambition and innovation are matched with capital. A company built across several Member States and supported by the Scaleup Europe Fund has secured major financing to build critical space capabilities and scale them here in Europe. And its success sends an important message about women’s leadership in high technology.”

Space infrastructure already underpins communications, scientific research, security, and critical services on Earth. Yet the ability to reach, supply and return from orbit remains concentrated and fragile, just as demand for space-station logistics, in-orbit services and resilient infrastructure is accelerating. TEC say they are addressing these constraints by building reusable transportation systems for both public agencies and commercial operators.

The Nyx capsule remains TEC’s near-term priority and the foundation of its reusable space transportation platform. Nyx is designed to carry cargo to current and future space stations and return it safely to Earth, with the growth potential to carry crew afterwards. It will dock with the International Space Station before returning to Earth, demonstrating an end-to-end capability for reusable orbital transportation.

The Series C financing will accelerate the development of Storm, TEC’s next strategic capability. Storm is Europe’s first reusable high-thrust rocket engine using a full-flow staged combustion cycle with oxygen and methane as propellants. Designed to deliver efficiency and thrust currently unmatched in Europe, Storm will provide the propulsion foundation for a future reusable and affordable European super-heavy launcher capable of placing up to 40 tons into low Earth orbit in reusable configuration.

The funding will allow TEC to perform a series of tests, ranging from pre-burners tested with a subscale thrust chamber in the next months; an ox-rich power pack test; and a workhorse engine test in the next few years.

This financing, which is subject to applicable regulatory approvals, will support continued hiring and industrial scale-up across engineering, manufacturing, mission operations, propulsion and program delivery.