The Exploration

HardwareGauting/Munich area, Germany; Bordeaux/Le Haillan, France; Turin, Italy; Houston, USA; Luxembourg; Spain; UAE; Westcott, UK; North Rhine-Westphalia, GermanyFounded 2021· One of 1805 Hardware companies tracked by AMPulse

The Exploration Company builds a full-stack space transportation platform: Nyx reusable capsules and Storm high-thrust reusable rocket engines for cargo and future crew missions.

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: modular reusable cargo (and future crew) capsule for LEO stations, launcher-agnostic, up to ~3,000 kg down-mass, multi-mission reuse. Storm: LOX/bio-methane full-flow staged combustion rocket engine up to ~180 t sea-level thrust for reusable launch concepts. In-house TPS, GNC/avionics, digital twin platform.

Technological Advantage

In-house reusable capsule stack (TPS, GNC, avionics), Storm full-flow staged combustion LOX/biomethane propulsion, AM manufacturing depth (LPBF/DED via ThrustWorks), diversified agency/commercial backlog (~10 missions booked), and pan-European plus US/UAE industrial footprint.

Differentiation

Value Proposition

Affordable, sustainable, open access to space via a full-stack platform: reusable refuelable capsules (Nyx) plus sovereign European high-thrust propulsion (Storm), serving agencies and commercial operators.

How They Differentiate

Full-stack European approach (capsule + high-thrust Storm propulsion), launcher-agnostic reusable Nyx with large down-mass, in-house green/methane propulsion and AM-heavy manufacturing (incl. ThrustWorks), multi-country industrial base, and open/cooperative mission model.

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 Seed (~€5–6M) and Series A (€40.5M, Feb 2023)., Demonstrators Mission Bikini and Mission Possible., Series B ~$160M (Nov 2024); total funding ~$230M., Acquired ThrustWorks Additive Manufacturing (NRW, Nov 2025)., Nyx recovery system drop test (California, Jun 2026)., Publicly unveiled Storm high-thrust engine at ILA Berlin (Jun 10, 2026)., Acquired European Astrotech (UK Westcott, Jun 30, 2026)., Opened Houston Rapid Innovation Lab and launched TEC Federal (Jul 8, 2026).

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

AMPulse analysis, not a company disclosure

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.