The Exploration Company (TEC) Secures $450 Million in the Largest-Ever Series C by a European Space Company

The Exploration Company, a European space company scaling globally, led by Hélène Huby, announced a $450 million Series C financing, the largest-ever Series C announced by a European space company. It also marks the largest funding round ever secured by an EU-headquartered company led by a female founder and CEO. The round is co-led by Bessemer Venture Partners, Atomico, and the Scaleup Europe Fund, managed by EQT, with participation from TEC’s existing European backers including Balderton, Plural, Cherry and Red River West.

“Everyone on Earth depends on infrastructure in space, yet the ability to reach, supply and return from orbit remains rare,” said Hélène Huby, Founder and CEO of The Exploration Company. “This financing will allow us to execute with urgency: to bring Nyx to the International Space Station and safely back to Earth, while accelerating Storm, the high-thrust propulsion capability Europe needs for its future reusable heavy launcher. We are scaling from Europe with talent, customers and partners from around the world because the next generation of space transportation must be built to serve more nations, industries and people – and because our mission is to contribute to build a more collaborative and peaceful future in space.”

Emmanuel Macron, President of the French Republic, commented:

“Just before the International Space Summit in Paris, The Exploration Company has secured the largest Series C raised by a European space company. TEC’s transformational ambitions and excellence in execution, driven by the French German engine, are an inspiration for the space companies we build together in Europe.”

Ursula von der Leyen, President of the European Commission, added:

“This is a strong moment for Europe’s space industry. It shows what Europe can achieve when talent, ambition and innovation are matched with capital. A company built across several Member States and supported by the Scaleup Europe Fund has secured major financing to build critical space capabilities and scale them here in Europe. And its success sends an important message about women’s leadership in high technology.”

The financing expands TEC’s investor base across Europe and North America while bringing total funding secured to approximately $680 million. Bessemer’s Alex Ferrara will join TEC’s board as the company scales reusable space transportation platforms for global customers and institutions.

Space infrastructure supports critical services on Earth, but access to orbit remains concentrated as demand for space-station logistics, in-orbit services, and resilient infrastructure grows. TEC is developing reusable transportation systems to serve both public agencies and commercial operators.

The Nyx capsule is TEC’s near-term priority and the foundation of its reusable transportation platform. Designed to deliver cargo to current and future space stations and return it safely to Earth, Nyx will first dock with the International Space Station, demonstrating end-to-end reusable orbital transportation. The platform could later be adapted for crewed missions.

The Series C will accelerate development of Storm, TEC’s reusable high-thrust rocket engine using an oxygen-methane full-flow staged combustion cycle. Designed to power a future reusable European super-heavy launcher, Storm could deliver up to 40 tons to LEO in a reusable configuration. Funding will support a series of engine tests, from subscale components and power-pack testing to a full workhorse engine.

The round follows strong commercial momentum, with TEC securing more than $2 billion in contracts and commitments from public and private customers, including the European Space Agency. TEC is also the first European space startup to sign a Space Act Agreement with NASA, supporting technical and safety qualification for future ISS and commercial-station missions.

Investor Perspectives:

“Space sovereignty is increasingly critical for Europe’s national security, particularly as space becomes the infrastructure layer that the modern economy runs on. Europe cannot rent its way to owning that access”, said Alex Ferrara, Partner at Bessemer Venture Partners. “Hélène and the team at The Exploration Company have shown they can execute against the hardest problems in the industry with Nyx while they continue to drive new innovation with Storm. We believe they have the potential to become one of the most important companies in Europe and globally, and we’re proud to continue to back the team.”

“Europe’s technological resilience will depend on its ability to turn world-class engineering into industrial capabilities at scale. By advancing Nyx and Storm, TEC is addressing two of the most important constraints in space transportation and developing technologies whose significance extends far beyond any single mission,” said Laura Connell, Managing Partner at Atomico. “Hélène and her exceptional team are proving that European companies can combine the ambition, expertise and execution needed to lead on the global stage.”

“Hélène and the team have moved with extraordinary speed from ambition to real engineering and commercial execution. We’ve had the privilege of supporting that journey from an early stage through EQT Ventures. As access to space becomes increasingly critical infrastructure, building this capability in Europe while competing globally matters. We’re proud to continue supporting TEC’s next phase through the Scaleup Europe Fund,” said Ted Persson, Partner, EQT and Co-Head of the Scaleup Europe Fund.

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