The Exploration Company raises $450M in Europe's biggest space Series C
What's the deal? The Exploration Company (TEC), a Paris-based space transport startup, has raised $450 million in a Series C round to advance its reusable spacecraft and propulsion systems. Bessemer Venture Partners, Atomico, and the Scaleup Europe Fund, managed by EQTDealroom has a profile for this one. Try Dealroom →, co-led the round, with participation from existing backers Balderton, Plural, Cherry, and Red River WestDealroom has a profile for this one. Try Dealroom →. The financing brings TEC's total funding to roughly $680 million.
Why it's notable: TEC calls this the largest Series C ever announced by a European space company and the biggest round for an EU-headquartered company led by a female founder and CEO. The figure sits near the top of comparable European space Series C rounds — in the 98th percentile of 99 deals on record.
What's the endgame? TEC's near-term priority is Nyx, a reusable, launcher-agnostic capsule designed to carry cargo to space stations and return safely to Earth. Its first full-scale orbital demonstration is set to include docking with the International Space Station.
What's next? Part of the funding will accelerate Storm, a high-thrust rocket engine powered by liquid oxygen and biomethane, intended for a future reusable European heavy-lift launcher carrying up to 40 tonnes into low Earth orbit.
"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," said founder and CEO Hélène Huby.
The hire: Bessemer's Alex Ferrara will join TEC's board of directors, reflecting the round's expansion of TEC's investor base across both sides of the Atlantic.
The expansion: Subject to regulatory approvals, the round will fund hiring and expand TEC's engineering, manufacturing, mission operations, and propulsion capabilities as it scales its industrial base and international workforce. TEC says it has secured more than $2 billion in customer contracts and commitments, including work with the European Space AgencyDealroom has a profile for this one. Try Dealroom → and a Space Act Agreement with NASADealroom has a profile for this one. Try Dealroom →.
The signal: The round lands amid heavy 2026 investment in European launch and orbital transport — from Spain's PLD Space to Germany's ATMOS Space Cargo — as the continent races to build sovereign capability to reach, supply, and return from orbit.
Read more: Tech.eu, exploration.space, EU-Startups
Image credit: The Exploration Company
