Skip to main content

EtherealX

HardwareBengaluru, IndiaFounded 2022· One of 1708 Hardware companies tracked by AMPulse

A space-tech startup developing the world's first fully reusable medium-lift launch vehicle designed to drastically reduce the cost of access to space.

CEO / Founder
Manu J. Nair
Team Size
51-200
Stage
Active
Total Funding
$26.0M
Latest Round
Series A
Key Investors
TDK Ventures, Accel, YourNest, BIG Capital, Campus Fund, Riceberg Ventures, Prosus, BlueHill

Technology & Products

Key Products

["Razor Crest Mk-1 (Fully reusable medium-lift launch vehicle)","Pegasus upper-stage engine (80 kN, 323 seconds vacuum-specific impulse)","Stallion booster engine (1.2 MN, 306 seconds sea-level specific impulse)","Proprietary full-flow segregated cooling cycle","Additively manufactured turbopump assembly","Launch-as-a-Service (LaaS) for satellite constellations"]

Technological Advantage

Leverages high-performance liquid propulsion and advanced recovery mechanisms developed by a team of former ISRO scientists and NASA-trained engineers. The company benefits from India's cost-efficient aerospace manufacturing ecosystem while targeting the global commercial launch market.

Differentiation

Value Proposition

Offers 'absolute reusability' (both stages) to lower launch costs by up to 10x compared to traditional expendable rockets, specifically targeting the underserved medium-lift market (8-25 ton payload class).

How They Differentiate

Focuses on 'absolute reusability' where both the first and second stages are fully recoverable, specifically optimized for the medium-lift category (8-25 tons) to achieve a 10x reduction in launch costs.

Market & Competition

Target Customers

Commercial satellite operators, national space agencies (e.g., ISRO, NASA), telecommunications companies, and Earth observation providers.

Industry Verticals

["Aerospace & Defense","Telecommunications","Satellite Manufacturing","Earth Observation & Remote Sensing"]

Competitors

Rocket Lab; Relativity Space; SpaceX

Growth & Milestones

Growth Metrics

Valuation increased 5.5x to $80.5M following Series A; secured $130M in signed MOUs and launch service contracts.

Major Milestones

["Secured $5M Seed funding led by YourNest in August 2024","Signed $130M in MOUs for future launch services by late 2024","Closed $21M Series A funding led by TDK Ventures and Accel in January 2025","Achieved a post-money valuation of $80.5M"]

Notable Customers

Japan's Space BD; Taiwan's space agency TASA; $130M in launch memoranda of understanding

https://www.etherealx.space

Why this company matters

EtherealX targets a gap in the commercial launch market: medium-lift vehicles (8-25 tons) that are fully reusable on both stages. Most competitors focus on small-lift or partial reusability, while heavy-lift vehicles like SpaceX's Falcon 9 serve a different payload range. EtherealX aims to offer 'absolute reusability'—recovering both the first and second stages—to reduce per-kilogram launch costs by an order of magnitude compared to expendable rockets.

The company's core product is the Razor Crest Mk-1 launch vehicle, powered by two proprietary liquid-propellant engines: the Stallion booster engine (1.2 MN thrust, 306 seconds sea-level specific impulse) and the Pegasus upper-stage engine (80 kN, 323 seconds vacuum-specific impulse). EtherealX uses a full-flow segregated cooling cycle and additively manufactured turbopump assemblies to improve engine performance and manufacturability. The vehicle is designed for satellite constellation deployment and other medium-lift missions.

EtherealX has secured $130 million in launch memoranda of understanding with customers including Japan's Space BD and Taiwan's space agency TASA. The company raised $26 million in total funding from TDK Ventures, Accel, YourNest, and others, achieving an $80.5 million post-money valuation after its Series A in January 2025. The team includes former ISRO scientists and NASA-trained engineers, and benefits from India's cost-efficient aerospace manufacturing ecosystem.

The key open question is whether EtherealX can execute on full-stage reusability at a medium-lift scale, a technically demanding goal that has only been demonstrated commercially by SpaceX. The company's reliance on early-stage MOUs rather than firm launch contracts introduces execution risk, but its focus on an underserved payload class and India's growing space ecosystem provides a differentiated position against competitors like Rocket Lab and Relativity Space.