Pomegra
Munich's The Exploration Company closes Europe's largest space Series C at $450M, co-led by Bessemer and Atomico, for its Nyx capsule and Storm engine.
Key Takeaways:
- $450M Series C co-led by Bessemer Venture Partners, Atomico, and Scaleup Europe Fund, managed by EQT
- Round is the largest Series C ever raised by a European space startup, bringing total funding to ~$680M since 2021
- Proceeds fund the Nyx reusable cargo capsule, targeting an ISS mission in 2028, and the Storm biomethane engine
Lead
The Exploration Company announced on September 8, 2026, a $450 million Series C round - the largest ever raised by a European space startup - to accelerate development of its Nyx reusable cargo capsule and Storm biomethane rocket engine. The round was co-led by Bessemer Venture Partners, Atomico, and the Scaleup Europe Fund, the latter managed by Swedish private equity group EQT. The raise brings TEC's total capitalization since its 2021 founding to roughly $680 million and comes as the Munich-headquartered company eyes a valuation above $2 billion.
What Is The Exploration Company Building?
A reusable cargo capsule and the engine to propel future European rockets. The company's primary vehicle is Nyx Earth, a 4-meter-diameter reusable capsule designed to carry 2,600 kg of pressurized payload to the International Space Station under a contract with the European Space Agency through its LEO Cargo Return Service program. TEC has already logged two missions: Mission Bikini in July 2024 as a ballistic re-entry demonstrator aboard Ariane 6's maiden flight, and Mission Possible on June 23, 2025, which placed a 300-kg payload in orbit for three hours and demonstrated recovery technologies. The first full ISS cargo mission is targeted for 2028, and Nyx has received Phase 1 ISS Safety Approval.
Alongside Nyx, TEC is developing Storm, a reusable high-thrust engine powered by liquid oxygen and biomethane. Storm's stated purpose is to anchor a European super-heavy launcher capable of carrying up to 40 tonnes to low Earth orbit in a reusable configuration - a direct answer to a capability Europe does not currently possess domestically.
Why Does This Round Signal a Shift in European Space Investment?
The scale alone marks a clear inflection. A $450 million Series C for a European space startup was implausible five years ago; capital at that magnitude historically flowed to U.S. companies, while European ventures relied on government contracts and modest private rounds. TEC's $160 million Series B in November 2024, led by Balderton Capital and Plural and supported by French Tech Souveraineté and Germany's DeepTech & Climate Fonds, already pushed the prior ceiling. This round more than doubles it.
The co-lead structure reinforces the signal. Bessemer Venture Partners, a U.S. firm with a long track record in enterprise software, now holds a board seat through partner Alex Ferrara - an explicit bet that TEC's commercial cargo model can produce returns at software-like scale. Atomico and the Scaleup Europe Fund provide European institutional credibility. The combination suggests that transatlantic capital is treating European space infrastructure as a credible standalone asset class, not a subsidized national champion to be politely supported.
What Does This Mean for Competition With SpaceX's Dragon?
CEO Hélène Huby, a former head of Airbus's space exploration business, has positioned Nyx as a direct alternative to SpaceX's Dragon capsule for cargo resupply. Dragon remains the only non-Russian vehicle currently conducting regular ISS cargo missions. Nyx's pitch combines European supply-chain sovereignty with commercial flexibility - a capsule that launches, returns, and flies again without routing mission-critical payloads through a single U.S. provider.
Storm sharpens that positioning further. A reusable biomethane engine built in Europe would reduce continental dependence on external propulsion technology, a gap that geopolitical pressures between 2022 and 2025 made harder for policymakers to ignore. Biomethane is also a choice worth watching: it offers a path to sustainable propellant sourcing that methane derived from fossil feedstocks does not.
Outlook
TEC's path from here runs through hardware. The round's value depends entirely on whether Nyx Earth successfully docks with the ISS on or near its 2028 target, and whether Storm advances from development to credible first test firings. TEC has secured Phase 1 ISS Safety Approval and a Redwire contract for two International Berthing and Docking Mechanisms, which reduces integration risk. But $680 million in cumulative funding is a large number for a company with no revenue-generating orbital missions yet. The real proof point is a Nyx ISS rendezvous and a Storm hot-fire test. Until those happen, the round reflects a well-timed bet on a genuine European supply gap and a team that has, so far, delivered on incremental milestones.
