The Exploration Company: Igniting Its Second Stage with a €160 Million Series B
Velocity since Series A: a masterclass in overdelivering on early promises
When we first invested in The Exploration Company leading their Series A with EQT ventures back in 2023, we lauded their execution as "100% on track with strong traction.", a previous assertion that now feels like an understatement. Today, it's clear they've exceeded even that high mark—surpassing expectations in both technical advancements and commercial achievements.
Technical Achievements: Pioneering Sustainable Spacecraft
The Exploration Company's ambitious goal is to develop the Nyx capsule—a reusable, modular spacecraft. In a remarkably short time, they've not only brought this vision to life but also set new industry standards. They achieved significant technical milestones: a successful System Requirement Review in December 2023 affirmed Nyx Earth's design robustness; the Mistral thruster, crucial for Nyx's green propulsion, was successfully tested in March 2024; and the Huracan engine for Nyx Moon missions demonstrated exceptional throttling capabilities, setting industry benchmarks in just 16 months.
In July, Nyx Bikini, the miniature demonstrator of the future space cargo, reached space, proving Europe’s autonomous access. Built in just nine months, it showcased their ability to develop spacecraft quickly and cost-effectively. The capsule is launcher-agnostic, and after its demonstration with Ariane, the next launch is planned with SpaceX, further proving its flexibility and adaptability across different launch systems.
Commercial and Financial Triumphs: Securing Landmark Partnerships and Funding
The company's commercial traction has been nothing short of extraordinary. They signed a historic pre booking contract with Axiom Space in September 2023, positioning Nyx as a key vehicle for future space station logistics. With over €750 million in contracts already signed (90% coming from private space station providers such as Vast, Starlab, and Axiom, and 10% from space agencies), The Exploration Company has unparalleled visibility into future revenues.
It is also the first European company to sign a Space Act Agreement with NASA and reached a major milestone this year when it signed its first major contract with the European Space Agency (ESA), ranking number one in the European space capsule competition.
A catalyst and a symbol of Europe joining the New Space race
“Building global companies with European roots can only be done through fostering trust and cooperation between European countries. 98% of our shareholders are European, demonstrating that the continent can finance bold entrepreneurs. Space will play a critical role in shaping humanity’s future and I want to contribute to building a future which is peaceful and cooperative and our European DNA fits perfectly with this mission.”
Hélène Huby, CEO
The Exploration Company estimates the space logistics market in Low Earth Orbit and around the Moon to exceed $300B over the next decade. This growth is driven by the increasing construction of space stations such as Axiom, StarLab, Vast, Orbital Reef, and the Lunar Gateway, alongside the accelerating exploration of the Moon and Mars. With cargo transportation capabilities dominated by a few key players in the US, China, and Russia, Europe is striving to establish its own space exploration infrastructure.
The planned retirement of the International Space Station (ISS) by 2030 has catalyzed a transition towards commercial space stations. Countries like the U.S. are heavily investing in private infrastructure to reduce reliance on international partnerships, while technological advances have lowered costs. Simultaneously, new entrants, including India, Japan, and Saudi Arabia, are intensifying the demand for orbital infrastructure and services. These dynamics extend to lunar exploration, with over 150 missions planned by 2035 to support sustainable human presence and resource utilization.
The Exploration Company’s Strategic Role
The Exploration Company plays a pivotal role in advancing European space capabilities through its reusable Nyx capsule. Designed as an alternative to dominant players like SpaceX and NASA, Nyx provides versatile, sustainable cargo transport solutions to meet the growing demands of space stations and lunar exploration. By addressing critical geopolitical and market needs, the company is positioned at the forefront of Europe’s entry into the new space race, leading the continent’s push to become a key player in the next era of space exploration.
We’re doubling down and our sleeves are rolled up
Since our initial deep dive of the new space market in 2020, we've had the privilege of meeting numerous exceptional European space founders. Among them, we continue to regard The Exploration Company as standing at the very pinnacle of innovation and ambition. This isn’t only our own Investor judgment, our data platform Ramp has consistently ranked the company as having the greatest velocity and momentum not only in space tech but overall in all European startups!
Strategic Round Structuring
The Series B round is led by Balderton and Plural, we played an active role in not only identifying but extending to assisting new co-investors during their due diligence process on different analysis topics. Bessemer’s participation highlights that US expansion is strategic, a critical step toward achieving global leadership.
Recognizing the exceptional progress and the vast opportunities ahead, we didn’t stop our commitment at Series A! We’ve doubled down on our conviction, becoming one of the largest investors in this round.
Continued Value Creation
While Hélène and team are obviously exceptional and know what they’re doing, we believe there is always room to provide support and guidance, this is at the heart of our hands on thesis. We contributed strategic and operational expertise across multiple dimensions to drive value. This includes securing non-dilutive financing, preparing a US roadshow, introducing and engaging top-tier investors for the Series B... We organized meetings with high-profile leaders to elevate the company's visibility. Our efforts extended to business development through introductions to influential decision-makers and family offices, refining strategic projects, and optimizing operations with tools, KPIs, and recruitment support. Additionally, we guided ESG structuring and connected the company with cybersecurity and financial experts to strengthen its foundations during this critical growth phase.
What’s Next – Scaling the Vision
Immediate Milestones
Launching: The company is on track to launch its mid-size capsule, Mission Possible, in 2025 carrying 300kg of customer payloads. Nyx Earth’s maiden flight is set for 2028, to carry cargo for ESA to the International Space Station.
Expanding Commercial Operations: the U.S. subsidiary in Houston, Texas, is now operational, led by industry veteran Mark Kirasich, former Deputy Associate Administrator for Artemis Campaign Development and Orion Program Manager at NASA.
Longer-Term Objectives
The Exploration Company is strategically advancing its capabilities for lunar missions with the Nyx Moon capsule and Huracan engine, positioning itself to support key initiatives like the Lunar Gateway. By adapting Nyx for human spaceflight, it aims to tap into growing markets for astronaut transport and space tourism. Additionally, the company is exploring revenue opportunities through the commercialization of its proprietary technologies, including advanced propulsion systems.
Joseph and Red River West team