The Exploration Company

What The Exploration Company does

The Exploration Company (TEC) is a Munich-headquartered private space transportation company founded in 2021 that develops, manufactures, and operates modular and reusable spacecraft and high-thrust rocket engines. Its core products include the Nyx reusable capsule (designed for up to 10 missions, with the largest worldwide down-mass capability at 3,000 kg and launcher-agnostic architecture), the Storm high-thrust rocket engine (up to 180 tons of sea-level thrust via full-flow staged combustion using LOX and bio-methane), the Huracan reusable cryogenic LOX-methane e-pump cycle engine for lunar landers, and the Mistral 200N bipropellant thruster. Underlying technology is developed largely in-house, including carbon-based low-density thermal protection (Zuram + P50), modular COTS-based avionics, flight software, guidance/navigation/control (GNC), and additive manufacturing of refractory metals including niobium C103 thrust chambers (capability added through the November 2025 Thrustworks acquisition).

TEC serves primarily government space agencies — most prominently the European Space Agency (LCRS, InSPoC-1, FLPP, Lunar Remote Camp Study) and NASA (first European company to sign a Space Act Agreement; Phase 1 ISS Safety Approval achieved August 2025) — with additional engagements with the Mohammed bin Rashid Space Centre for a lunar lander demonstrator. The revenue model is hardware sales and long-cycle service contracts (€800M in signed contracts since inception), with pricing based on quote-based multi-year negotiations rather than disclosed unit pricing; a single disclosed data point is the €30M Mission Possible demonstrator (3 years, 300 kg of payloads across 25 payload integrations). TEC operates as a prime contractor through an enterprise field sales motion, with international offices in Bordeaux, Turin, Houston, Dubai, Abu Dhabi, Luxembourg, and a North Rhine-Westphalia manufacturing site, supported by ~450 employees across 35+ nationalities.

Name

The Exploration Company

Legal name

The Exploration Company GmbH

Website

https://exploration.space

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

501–1,000 employees

Short description

The Exploration Company builds modular reusable spacecraft (Nyx capsule) and high-thrust rocket engines (Storm, Huracan) for government space agencies including ESA and NASA, plus commercial payload customers, with operations across Europe, the US, and UAE.

Ownership category

akta.pro rank

Product category

Commercial Spacecraft and Space Transportation Services

NAICS

Guided Missile and Space Vehicle Manufacturing (336414), Guided Missile and Space Vehicle Propulsion Unit and Propulsion Unit Parts Manufacturing (336415), Other Guided Missile and Space Vehicle Parts and Auxiliary Equipment Manufacturing (336419)

SIC

Guided Missiles & Space Vehicles & Parts (3760), Search, Detection, Navagation, Guidance, Aeronautical Sys (3812)

akta.pro primary industry

Spacecraft & Satellites (Civil/Commercial) (IMABACAB)

akta.pro secondary industries

Launch Vehicles & Orbital Rockets (IMABACAA), Spacecraft Propulsion (In-Space) & Thrusters (IMABACAE), Space Structures, Mechanisms & Thermal Control (IMABACAF), Spacecraft Avionics, Flight Computers & Software (IMABACAI), Military Space Systems (Defense Spacecraft) (IMABACAC)

Keywords

• Reusable spacecraft
• Space transportation
• Cargo capsules
• Rocket engines
• Orbital vehicles

Headquarters

HQ city

Munich

HQ country

Germany

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Supply Chain, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Spacecraft Sales and Cargo Transportation Services: Sale of Nyx spacecraft and cargo transportation services to/from space stations including ISS. Revenue from service contracts with ESA (LCRS program) and NASA partnerships.
2. Propulsion Systems: Sale of rocket engines (Storm, Huracan) and propulsion components to aerospace and defense sector customers, including external customers for Thrustworks-manufactured components
3. Additive Manufacturing Services: Commercialization of advanced additive manufacturing capabilities including printed refractory metals and oxidation-resistant coatings acquired through Thrustworks, serving external aerospace and defense customers

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

The Exploration Company develops, manufactures, and operates modular and reusable spacecraft, including the Nyx space capsule for cargo transportation to and from LEO space stations and the Storm high-thrust rocket engine. Its portfolio also includes the Huracan LOX-methane lunar-lander engine, propulsion components, and additive-manufacturing services delivered through the acquired Thrustworks entity. Customers are government space agencies and commercial payload customers contracting via direct enterprise sales.

Product overview

The Exploration Company is building a full-stack space transportation platform consisting of space vehicles, reusable capsules, and high-thrust rocket engines. The core product portfolio includes Nyx, a reusable capsule for cargo delivery to and from space stations; Storm, a high-thrust rocket engine delivering up to 180 tons of thrust; and Huracan, a 15 kN LOX-methane engine for lunar landers. The company also operates demonstrator programs (Mission Possible, Mission Bikini) and acquired Thrustworks for additive manufacturing of propulsion components. The ecosystem includes proprietary technologies in thermal protection, avionics, flight software, GNC, and docking systems.

Differentiator

Problem solved

Functional benefit

Brands

• Nyx: Reusable space capsule for cargo missions to low Earth orbit and beyond, designed to dock with space stations
• Storm
• Huracan
• Mistral

Products and services

• Nyx reusable space capsule Reusable space capsule designed to dock with LEO space stations and deliver and return cargo, with 3,000 kg down-mass capability, launcher-agnostic interface, carbon-based thermal protection, MON-3/MMH propulsion, and reuse for up to 10 missions. Customers include ESA, NASA, and commercial payload customers.
• Storm high-thrust rocket engine High-thrust rocket engine delivering up to 180 tons of sea-level thrust via a full-flow staged combustion cycle on liquid oxygen and bio-methane, designed for reusable launcher concepts and built in partnership across European countries.
• Huracan cryogenic LOX-methane engine Reusable cryogenic LOX-methane engine delivering 15 kN of vacuum thrust via an e-pump cycle for lunar landers and cislunar transport vehicles, designed to land on the Moon and restart for ascent or orbital rendezvous.
• Mission Possible capsule Demonstrator capsule for controlled re-entry testing, carrying 300 kg of payloads; conceived, developed, qualified, and launched within three years for €30 million including launch costs.
• Mission Bikini capsule First TEC demonstrator capsule built for ballistic re-entry testing, reaching flight-ready status from paper sketch in approximately nine months.
• Thrustworks additive manufacturing services Advanced additive manufacturing service for aerospace components, including printing and coating of high-performance thrust chambers in niobium alloy C103, refractory metals, and oxidation-resistant coatings for civil and defense applications.
• Mistral 200N bipropellant thruster 200N bipropellant hypergolic thruster using additively manufactured parts, developed as a greener and less toxic propellant option for spacecraft.

Quantifiable outcome

• Mission Possible developed and launched in 3 years (July 2022 - June 2025) at €30 million including launch costs, setting cost and speed records worldwide
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

20 partnerships are on record, tiered core, supporting and minor.

• LEAP71coreTechnology or Integration · 24 March 2026Five-year renewable collaboration agreement for licensing Noyron RP computational engineering technology to support rocket engine design. Noyron autonomously generates rocket engine component geometries from performance specifications to manufacturable hardware.
• QuesTek InnovationssupportingTechnology or Integration · 23 March 2026TEC adopted QuesTek's ICMD materials simulation software platform to support Nyx spacecraft development, leveraging Materials by Design technology for advanced materials in extreme environments.
• Redwire CorporationcoreTechnology or Integration · 18 December 2025Eight-figure contract for Redwire to supply two International Berthing and Docking Mechanisms for Nyx spacecraft, with development in Belgium and Germany.
• European Space Agency (ESA)coreStrategic or Co-development PartnerLCRS (LEO Cargo Return Service) contract for Nyx Earth; InSPoC-1 Phase B2 and subsequent phases for in-orbit docking and refueling; THRUST! framework for Storm engine development; ESA Business Incubation Centres support.
• NASAcoreStrategic or Co-development PartnerFirst European company to sign Space Act Agreement with NASA; Nyx Earth undergoing NASA/ESA Joint Safety Review for ISS certification; collaboration on visiting vehicle standards.
• DLR (German Aerospace Center)coreStrategic or Co-development PartnerStorm engine subsystem testing at DLR facilities in Germany including P8 test bench and P3.2 test bench; preburner performance and stability testing at Lampoldshausen sites.
• Airborne Engineering LtdcoreTechnology or IntegrationHuracan engine testing conducted at Wescott, UK; seven-week campaign with 26 hot-fires accumulating 375 seconds run time; fast integration from assembly to first cold flows in under 4 weeks.
• Airborne SystemscoreTechnology or IntegrationParachute system provider for Nyx recovery system with extensive aerospace and defense program experience; collaborated on drop test vehicle development.
• CNR - Istituto di Ingegneria del Mare (INM)supportingTechnology or IntegrationHigh-fidelity water impact testing at 470m towing tank facility in Rome; 1:4 scale model testing (135kg) for Nyx splashdown validation.
• Poli-Model SrlsupportingTechnology or IntegrationFiberglass model structures for Nyx splashdown testing at CNR facility.
• Thales Alenia SpacecoreStrategic or Co-development PartnerPart of European consortium led by TEC for InSPoC-1 mission; coordination on European docking and refueling standards.
• SAGA Space ArchitectssupportingStrategic or Co-development PartnerESA Lunar Remote Camp Study consortium for robotic-first surface shelter concept; builds on SAGA's LUNARK mission experience in Greenland.
• Space Applications ServicessupportingStrategic or Co-development PartnerESA Lunar Remote Camp Study consortium for lunar surface systems and mission operations expertise.
• AirbuscoreStrategic or Co-development PartnerPart of SCOPE servicer component for ISOS (In-Space Operations and Services) Programme under Horizon Europe, leveraging space robotics capabilities.
• IndracoreStrategic or Co-development PartnerPart of SCOPE servicer component for ISOS Programme alongside Leonardo and Airbus.
• GMVcoreStrategic or Co-development PartnerPart of SCOPE consortium for ISOS Programme developing orbital services capabilities.
• LeonardocoreStrategic or Co-development PartnerAwarded ISOS SCOPE servicer development by European Commission; coordinates ISOS consortium with Airbus, Indra, and GMV.
• Mohammed bin Rashid Space CentresupportingStrategic or Co-development PartnerUAE space agency collaboration on lunar lander demonstrator expected to enter testing next year.
• Thrustworks Additive Manufacturing GmbHcoreStrategic or Co-development PartnerAcquired company specializing in advanced additive manufacturing for aerospace components; adds EU-based niobium C103 printing and coating capability; expands North Rhine-Westphalia footprint.
• OrbexminorStrategic or Co-development PartnerExplored acquisition of UK rocket company; talks collapsed leading to Orbex administration filing.

Scale indicators10 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• SpaceX: SpaceX's Dragon is the incumbent ISS cargo-return vehicle and the primary competitor TEC explicitly positions Nyx against. Both build reusable cargo capsules serving government space agencies with comparable docking and down-mass capabilities.
• Sierra Space: Sierra Space's Dream Chaser is a reusable lifting-body cargo spaceplane developed for ISS cargo return under NASA's Commercial Resupply Services — directly comparable to Nyx in mission profile, customer base (NASA/ISS), and reusable architecture.

Broad incumbents

• Northrop Grumman (Cygnus): Northrop Grumman's Cygnus is an existing CRS-2 ISS cargo vehicle serving the same NASA customer segment as Nyx, though Cygnus is expendable rather than reusable, positioning it as an incumbent in TEC's primary addressable market.
• Rocket Lab: Rocket Lab develops the Neutron medium-lift launch vehicle and Electron small launcher and is expanding into spacecraft and re-entry technologies (e.g., Varda partnership); it is a broad incumbent competing for European sovereign launch and smallsat/cargo demand adjacent to Storm and Nyx.
• Arianespace: Arianespace is Europe's incumbent launch service provider and a likely customer/competitor for the Storm engine as a sovereign launcher propulsion option; comparable in serving ESA institutional launch demand though as an integrator rather than a capsule operator.
• Avio: Avio manufactures the Vega family of European launch vehicles and solid/liquid propulsion components including the P120 and M10; it overlaps with TEC in European launcher propulsion and could partner or compete on European sovereign launch.

Emerging players

• PLD Space: PLD Space is a Spanish launcher startup developing Miura 1 and Miura 5 small launchers; it is a peer in the European emerging-launch ecosystem competing for institutional customers and supplier attention relevant to Nyx launch services.
• Rocket Factory Augsburg: Rocket Factory Augsburg is a German launcher startup developing the Helix engine and Spectrum launch vehicle; it is a regional emerging peer in European launcher propulsion with comparable size and funding stage to TEC.
• D-Orbit: D-Orbit provides in-orbit transportation and satellite deployment services with the ION Satellite Carrier; it overlaps with TEC in in-orbit services and docking infrastructure adjacent to Nyx and Huracan in-space propulsion.
• Varda Space Industries: Varda Space Industries is developing re-entry capsules for in-space manufacturing and pharmaceutical returns, directly comparable to TEC's Mission Possible / Nyx re-entry technology and commercial microgravity payload customer segment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/exploration-company
• Instagraminstagram.com/theexplorationcompany

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries1 record

Funding overview

Funding rounds6 records

Investors27 records

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M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Exploration Company