The Exploration Company
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.
- Company typePrivate
- Founded2021
- HeadquartersMunich, Germany
- Headcount501–1,000
- GTM typeB2B
- OfferingHardware or Manufacturing
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.
The Exploration Company firmographics
Firmographics- 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
The Exploration Company industry classification
Industry- 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
Where The Exploration Company is headquartered
LocationHeadquarters
- HQ city
- Munich
- HQ country
- Germany
- HQ region
- Europe
Offices8 records
Markets served
The Exploration Company business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Technology or R&D, Supply Chain, Operations, Marketing or Sales, Infrastructure
Revenue model
- 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.
- Propulsion Systems: Sale of rocket engines (Storm, Huracan) and propulsion components to aerospace and defense sector customers, including external customers for Thrustworks-manufactured components
- 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
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | Multi-year contract | Mission Possible capsule development and launch cost |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels6 records
The Exploration Company product offering
Product offeringCore 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
Companies that use The Exploration Company
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles4 records
The Exploration Company technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature8 records
The Exploration Company partnerships and signals
Strategic signalPartnerships
20 partnerships are on record, tiered core, supporting and minor.
- LEAP71coreFive-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 InnovationssupportingTEC 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 CorporationcoreEight-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)coreLCRS (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.
- NASAcoreFirst 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)coreStorm 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 LtdcoreHuracan 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 SystemscoreParachute 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)supportingHigh-fidelity water impact testing at 470m towing tank facility in Rome; 1:4 scale model testing (135kg) for Nyx splashdown validation.
- Poli-Model SrlsupportingFiberglass model structures for Nyx splashdown testing at CNR facility.
- Thales Alenia SpacecorePart of European consortium led by TEC for InSPoC-1 mission; coordination on European docking and refueling standards.
- SAGA Space ArchitectssupportingESA Lunar Remote Camp Study consortium for robotic-first surface shelter concept; builds on SAGA's LUNARK mission experience in Greenland.
- Space Applications ServicessupportingESA Lunar Remote Camp Study consortium for lunar surface systems and mission operations expertise.
- AirbuscorePart of SCOPE servicer component for ISOS (In-Space Operations and Services) Programme under Horizon Europe, leveraging space robotics capabilities.
- IndracorePart of SCOPE servicer component for ISOS Programme alongside Leonardo and Airbus.
- GMVcorePart of SCOPE consortium for ISOS Programme developing orbital services capabilities.
- LeonardocoreAwarded ISOS SCOPE servicer development by European Commission; coordinates ISOS consortium with Airbus, Indra, and GMV.
- Mohammed bin Rashid Space CentresupportingUAE space agency collaboration on lunar lander demonstrator expected to enter testing next year.
- Thrustworks Additive Manufacturing GmbHcoreAcquired company specializing in advanced additive manufacturing for aerospace components; adds EU-based niobium C103 printing and coating capability; expands North Rhine-Westphalia footprint.
- OrbexminorExplored acquisition of UK rocket company; talks collapsed leading to Orbex administration filing.
Scale indicators10 records
Recent moves9 records
Expansion highlights6 records
The Exploration Company competitors and assessment
Company assessmentDirect 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
The Exploration Company social profiles
Digital presenceThe Exploration Company compliance and trust
Trust signalCompliance1 record
The Exploration Company financial estimates
Financial estimateRevenue estimate
Valuation estimate
The Exploration Company leadership team
Management profileNumber of profiles
Profiles15 records
The Exploration Company subsidiaries and ownership
Company hierarchySubsidiaries1 record
The Exploration Company funding detail
Funding detailFunding overview
Funding rounds6 records
Investors27 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
The Exploration Company M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about The Exploration Company
What does The Exploration Company do?
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.
Is The Exploration Company a public or private company?
The Exploration Company is a private company. It is classified as venture growth investor backed and is currently operating.
When was The Exploration Company founded?
The Exploration Company was founded in 2021. It employs 501 to 1,000 people.
Where is The Exploration Company based?
The Exploration Company is headquartered in Munich, Germany, in the Europe region.
How does The Exploration Company make money?
Three revenue lines are on record. Spacecraft Sales and Cargo Transportation Services are the primary driver. The others are propulsion Systems and additive Manufacturing Services.
Who are The Exploration Company's main competitors?
Direct peers on record are SpaceX and Sierra Space. Broad incumbents are Northrop Grumman (Cygnus), Rocket Lab, Arianespace and Avio. Emerging players are PLD Space, Rocket Factory Augsburg, D-Orbit and Varda Space Industries.
Does The Exploration Company have an API?
No public API is recorded for The Exploration Company.
What industry is The Exploration Company in?
The Exploration Company's product category is Commercial Spacecraft and Space Transportation Services. Its primary akta.pro industry code is IMABACAB, Spacecraft & Satellites (Civil/Commercial), with a secondary code of IMABACAA, Launch Vehicles & Orbital Rockets. Its NAICS code is 336414 and its SIC code is 3760.