European Startup Raises $160 Million to Build Rival to SpaceX Dragon
The Exploration Company secures $160 million in Series B funding to develop Nyx, Europe's first reusable space capsule for International Space Station cargo missions. The startup boasts a massive commercial backlog as it aims for a 2028 maiden flight.
The Exploration Company raises $160 million in a Series B funding round to build Nyx, a reusable space capsule designed to carry 3,000 kilograms of cargo to and from the International Space Station. Unlike the two current ISS cargo providers based in the United States, this European startup operates primarily out of Germany, France, and Italy. Led by Balderton Capital and Plural, this new investment brings the company's total funding to over $208 million.
Founder Hélène Huby highlights that Nyx stands out as the first spacecraft of its kind mainly funded by private investors rather than a government space agency. The startup builds strong momentum by securing a €25 million study contract from the European Space Agency to develop cargo return services through 2026. This ESA agreement mirrors NASA's early Commercial Orbital Transportation Services program, which originally paved the way for SpaceX's massive success.
Beyond government backing, the company sees significant commercial demand for its future spacecraft. Approximately 90 percent of its $770 million contract backlog comes from private space station developers like Vast, Axiom Space, and Starlab. With these partnerships in place, The Exploration Company targets 2028 for Nyx's maiden voyage to the ISS.