The Exploration Company nabs $450 million to challenge SpaceX

The Exploration Company (TEC) has raised $450 million in a Series C round, the largest for a European space firm, to develop a reusable heavy-lift launcher and the Nyx cargo capsule. TEC plans to dock Nyx with the ISS and return by November 2028, while also funding the Storm rocket-engine program and building a launch pad. The company’s board includes Atomico, EQT-Scaleup Europe, and Bessemer Venture Partners.