EOS-X Space raises €110M at $1.2B valuation to fund US push
What's the deal? Spanish space-tourism and defense company EOS-X Space has raised €110 million ($120 million) in a late-stage round led by Global Emerging Markets (GEM)Dealroom has a profile for this one. Try Dealroom →. The financing values the company at $1.2 billion and will fund its US expansion, industrial capacity, and civil and military technology programs.
Why now? The round follows a $140 million Series D closed earlier in the year, lifting EOS-X's 2026 fundraising to $260 million. The company plans to list on Wall Street and in London, targeting a New York debut between the second and third quarters of next year.
What's the endgame? EOS-X offers ultra-luxury flights in helium-lifted capsules that climb to roughly 40km, promising passengers a view of 99.5% of the planet. Each capsule seats eight to nine people, including the pilot, at about $200,000 per trip.
Founded by Kemel Kharbachi, the company projects initial annual revenue of about $675 million once commercial operations begin, which it expects before year-end. Beyond tourism, it is building a civil and military aerospace line focused on satellite constellations for observation, communications, and data analysis.
By the numbers: The round ranks among the largest of its kind, sitting in the 96th percentile of all-time late-VC rounds in travel in Spain, based on a sample of 101 deals. GEM values the company at $1.2 billion before its European and US structures are integrated; EOS-X estimates a $4.5 billion valuation "as a starting point" for its listing.
What could go wrong? EOS-X's commercial launch is still prospective, and its planned US and London listings are ambitions, not proof of a working business. The company has also repositioned around New York and acquired US rival Space Perspective, adding integration risk.
The signal: EOS-X's dual-use pitch — passenger flights plus defense-linked space and data — fits a broader wave of space investment flowing toward infrastructure and defense ventures. But with capital concentrating in a few large rounds, execution will decide whether that funding translates into a proven operator.
Read more: expansion.com
Image credit: Generated with Gemini
