Space Exploration is developing a product called Nyx, a reusable capsule that can be launched from rockets into space and carry passengers and cargo.
The Exploration Corporation (TEC) announced Monday that it has raised $160 million to support the development of its capsule designed to transport astronauts and cargo to space stations.
Venture capital firms Balderton Capital and Plural were the lead investors in the round, which also included French government-backed investment vehicle French Tech Souveraineté and German government-backed DeepTech & Climate Fonds.
TEC's core product is Nyx, a capsule that can be launched from rockets into space and carry passengers and cargo. The Nyx is reusable, so once its payload is dropped, it can return to Earth's atmosphere and be used for the next mission.
“It's a big market, and it's growing a little over 10% a year because more countries want to send astronauts, more countries want to go to the moon,” Helen Hobby, founder and CEO of TEC, told CNBC. interview.
“So there is an increasing demand for sending people to stations and sending goods to stations,” she said.
This segment of the market has very few players. Some of the biggest are SpaceX which has a capsule called Dragon. There are also competitors from China and Russia.
“We said, 'Okay, let's build this capability in Europe so that Europe can have its own capsule, and the world needs an alternative solution. (We) can't just bet on SpaceX,'” Hobby said.
TEC is currently developing the second version of Nyx which it expects to launch next year, followed by a final version in 2028. This model will be partly funded by the European Space Agency.
Huby said the company has signed contracts worth $800 million to use its capsule. These include mission contracts with companies including Starlab, which is designing a new space station, and Axiom Space.
There is increasing activity in space between countries including China, the United States and India. One of the most ambitious projects is the NASA-led Gateway project, which will be the first space station to orbit the moon.
“If you have more people, you also need more goods. That's what happens around the Earth and around the Moon,” Hobby said.
Huby sees TEC as a major player when it comes to developing the technology needed to return cargo to Earth once it reaches space.
“This is where we think our car will play an important role,” Hobby said.
