Due to a loss of almost $41 million in 2025, it appears that ArianeGroup, the sole owner of the small rocket startup Maiaspace, was required under French law to declare whether it would dissolve the startup or let it continue operating.

ArianeGroup has chosen to keep Maiaspace alive.

According to the company’s 2025 annual accounts, filed on 22 July 2026, MaiaSpace ended the year with €114.2 million in cash. Despite that seemingly healthy cash position, its shareholders’ equity fell from a positive €35.82 million at the end of 2024 to negative €823,375. Shareholders’ equity is what remains after the company has paid all its liabilities. A negative figure means it owes more than it owns.

…Under French corporate law, when shareholders’ equity falls below half of the company’s share capital, the shareholder, in this case ArianeGroup, is required to decide whether the company should be dissolved or allowed to continue operating. At a meeting on 25 June 2026, ArianeGroup officially rejected the option of dissolving MaiaSpace, allowing the company to continue preparations for the inaugural flight of Maia.

This negative cash position is probably why Maiapsace cancelled a planned suborbital test flight this year to proceed directly to an orbital test launch in the second half of 2027. Upper management at ArianeGroup likely demanded changes to gain some control over these finances.

Maiaspace currently trails three other European rocket startups, Isar Aerospace, Rocket Factory Augsburg, and PLD, all of which appear ready to attempt their first launches this year.