The Exploration Company Raises $160M in New Funding

The Exploration Company announced on 17 November that it had raised $160 million (€151.6 million) in Series B funding to continue the development of its Nyx spacecraft. The company has now raised nearly $230 million.

Founded in 2021, The Exploration Company is developing Nyx, a reusable modular spacecraft that will be used to deliver cargo to low Earth orbit, lunar orbit, and the surface of the Moon. In May 2024, the European Space Agency selected The Exploration Company to complete a cargo transport mission to and from the International Space Station. Slated for 2028, this mission will be Nyx’s inaugural voyage.

The company’s Series B funding round was co-led by Balderton Capital and Plural, and included contributions from new and existing investors. According to The Exploration Company, the new funding will be used to develop and test Nyx, expand its 200-strong workforce, and scale its capacity.

“Over the past 12 months, we have hit major operational and financial milestones and signed significant service contracts with both space agencies and commercial clients,” said Hélène Huby, co-founder and CEO of The Exploration Company. “This new funding is the next step in scaling up our ambitions.”

Speaking at the International Space Station Research & Development Conference in August, Chief Commercial Officer, Dana Baki revealed that The Exploration Company has already secured contracts worth a combined $770 million. According to Baki, 10% of that has come from space agencies, and the other 90% from private space station providers, which include Vast, Starlab, and Axiom Space.

The company’s next major milestone is the launch of its second demonstrator in 2025. The Mission Possible capsule will be the first to carry customer payloads to orbit. The capsule will be launched aboard a SpaceX Falcon 9.