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The Exploration

HardwareMunich, Germany; Bordeaux, France; Turin, Italy; Houston, USAFounded 2021· One of 1738 Hardware companies tracked by AMPulse

The Exploration Company is developing Nyx, a modular, reusable, and in-orbit refuelable orbital vehicle for a variety of missions, from LEO to the Moon.

CEO / Founder
Hélène Huby
Team Size
201-500
Stage
Active
Total Funding
$230M
Latest Round
Series B
Key Investors
EQT Ventures, Red River West, Promus Ventures, Cherry Ventures, Vsquared Ventures, Balderton Capital, Plural, Bessemer Venture Partners, NGP Capital, French Tech Souveraineté, DeepTech & Climate Fonds

Technology & Products

Key Products

Nyx: A modular, reusable, and in-orbit refuelable space vehicle designed for cargo transport from LEO to the Moon. It aims to provide affordable, sustainable, and open access to space exploration.

Technological Advantage

Key advantages include proprietary in-house technologies like reusable spacecraft and green propulsion, a diversified market strategy with significant government and commercial contracts, an agile and iterative development approach, and a focus on European sovereign capabilities.

Differentiation

Value Proposition

To provide affordable, sustainable, and open access to space exploration through reusable and refuelable spacecraft.

How They Differentiate

The Exploration Company differentiates itself through its focus on an open, cooperative, and sustainable approach. The in-orbit refueling capability of Nyx is a major differentiator, enabling more ambitious missions. Their open-source platform, SpaceStore, also sets them apart.

Market & Competition

Target Customers

Commercial and institutional customers in the space industry, including space agencies and private companies.

Industry Verticals

["Aerospace","Defense","Telecommunications"]

Competitors

SpaceX, Blue Origin, Arianespace

Growth & Milestones

Growth Metrics

The company has secured over $770 million in contracts since its founding in 2021.

Major Milestones

["Founded in July 2021.","Raised €5.3M in Seed funding in 2022.","Successfully tested a first demonstrator capsule in 2023.","Raised €40.5M in Series A funding in February 2023.","Signed contracts with Axiom Space and Vast for cargo services.","Raised over €150M in Series B funding in November 2024."]

Notable Customers

European Space Agency (ESA) for Nyx design studies aimed at ISS resupply. Signed a Space Act Agreement with NASA. Commercial contracts with space station developers Axiom Space, Starlab Space, and Vast.

https://www.exploration.space

Recent coverage of The Exploration

Why this company matters

The Exploration Company positions itself as a European challenger in the reusable spacecraft market, focusing on affordable, sustainable, and open access to space. Its Nyx vehicle is designed as a modular, reusable, and in-orbit refuelable orbital vehicle capable of missions from low Earth orbit to the Moon. The company emphasizes an open-source platform called SpaceStore and in-orbit refueling as key differentiators from established alternatives like SpaceX's Dragon and Blue Origin's New Shepard.

The core technology behind Nyx includes proprietary in-house reusable spacecraft and green propulsion systems. The company uses metal additive manufacturing to produce critical components, enabling rapid iteration and design flexibility. Nyx is intended for cargo transport, with future crewed variants planned, and its in-orbit refueling capability allows for more ambitious missions beyond LEO without requiring a single heavy-lift launch.

The Exploration Company serves both commercial and institutional customers in the aerospace, defense, and telecommunications sectors. Notable customers include the European Space Agency, which awarded Nyx design studies for ISS resupply, and NASA, with which the company signed a Space Act Agreement. Commercial contracts have been secured with space station developers Axiom Space, Starlab Space, and Vast. The company has accumulated over $770 million in contracts since its founding in 2021.

The company's strategic moat lies in its pan-European identity and open-source approach, which appeal to sovereign customers seeking non-US alternatives. However, it faces intense competition from SpaceX's mature Dragon program and Blue Origin's Blue Moon lander. The key open question is whether Nyx can achieve flight readiness and cost parity with these incumbents before government and commercial customers commit to long-term contracts.