European cargo capsule startup raises $160 million in private investment capital

Artist rendition of the proposed Nyx cargo capsule,
taken from The Exploration Company’s website
The French cargo capsule startup The Exploration Company (TEC} announced today that it has raised an additional $160 million in private investment capital, bringing the total raised by the company to $230 million.
Venture capital firms Balderton Capital and Plural were the lead investors in the round which also included French government-backed investment vehicle French Tech Souveraineté and German government-backed fund DeepTech & Climate Fonds.
TEC’s core product is Nyx, a capsule that can be launched from rockets into space carrying passengers and cargo. Nyx is reusable so once it has dropped its payload, it can re-enter the Earth’s atmosphere and be used for the next mission.
The company hopes to do its initial test flight of Nyx in 2028. It flew a demonstrator prototype on the first Ariane-6 launch in July 2024, but was unable to test that prototype’s re-entry capabilities (its prime mission) because of a failure in Ariane-6’s upper stage. It hopes to fly a second demonstrator in 2025 on a Falcon 9.
At the moment company officials say they already signed $800 million in cargo contracts, 90% of which are with the commercial space station companies Axiom Space, Vast, and Starlab. The rest are government contracts.

