The Exploration Company closed a $450 million Series C to push two big bets: Nyx, a reusable capsule for cargo and later crew trips to the International Space Station, and Storm, a new methane-oxygen engine the SpaceX rival says would be the largest in Europe. Since launching in 2021, the company has raised about $680 million in total. On the capsule side, it has lined up roughly $2 billion in contracts so far.
Chief Executive Officer Helene Huby said most of the fresh capital is aimed at Storm, a three-years-in-development engine for Europe's next-generation heavy-lift launcher. "My strategy right now is to stay very focused on the rocket engine because there is no rocket without the engine," Huby said. "That's the most difficult and longest part to build." She added that the financing enables Storm test campaigns beginning late this year and running through 2028.
Europe currently has one heavy-lift launcher, Ariane 6, which is built by ArianeGroup SAS, the Airbus SE and Safran SA joint venture. According to Huby, the European Space Agency is likely to launch a design contest before the decade concludes. French President Emmanuel Macron called the company's progress "inspiration for the space companies" across Europe. "Our roots are in Europe," Huby said. "We're building a unique capacity for Europe at the same time."
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This round leans hard into the hardest part of launch - propulsion - while keeping Nyx moving. For everyday investors, the takeaway is straightforward: patient money is backing long-cycle space infrastructure, and real revenue is showing up in signed contracts.
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