SpaceX competitor TEC raises $160 million for the development of a new generation reusable space capsule.

The Exploration Company (TEC), a potential competitor to SpaceX, announced on Monday that it has raised approximately $160 million to develop its new generation spacecraft designed to transport astronauts and cargo to space stations. TEC is a leader in the field of space exploration from Europe, with its core product Nyx, a reusable spacecraft that can carry passengers and large cargo from rocket launches to space. Global venture capital firms Balderton Capital and Plural were the main investors in this round of funding, with other investors including French Tech Souverainet, supported by the French government, and DeepTech & Climate Fonds, supported by the German government. TEC's core product Nyx is a spacecraft that can be launched into space by rockets and carry passengers and cargo. Nyx is reusable, allowing it to re-enter Earth's atmosphere after releasing its payload and be used for the next space mission. TEC's founder and CEO Hlne Huby said in a recent interview with the media, "It's a huge market, growing at over 10% annually as more countries want to send astronauts into space and reach the moon. Therefore, the demand for reusable devices to transport personnel and goods to space stations is also increasing." Participants in the space sector are few, with one of the largest being SpaceX founded and led by Tesla CEO Elon Musk, with its spacecraft called Dragon and extensive experience and technological advantages, especially in manned and cargo transportation missions. Additionally, there are competitors from China and Russia. "We are telling others: Well, let's build this capability in Europe so that Europe can have its own independently developed spacecraft, and the world also needs an alternative solution. We cannot just rely on SpaceX," Huby said. Reports reveal that TEC is currently developing the second version of Nyx, anticipated to be launched next year, followed by a final version in 2028. The new model will be partly funded by the European Space Agency. Huby stated that the company has signed contracts worth $800 million for the use of its spacecraft, including mission contracts with space companies such as Starlab and Axiom Space, designing new space stations. Space activities in the world, including major countries like China, the US, and India, are becoming increasingly frequent. One of the most ambitious projects is NASA's "Gateway" program, which will be the first space station to orbit the moon. "If the population continues to increase, the demand for goods will also increase. This is what is happening around the Earth and the Moon," Huby said. Huby believes that TEC will play a crucial role in developing the core technology needed to transport goods back to Earth. "This is also where we believe our vehicles will play a significant role," Huby said. The Exploration Company (TEC) is a French-German joint venture startup focused on developing modular, reusable spacecraft that can refuel in orbit. It has shown strong capabilities in the domain of reusable spacecraft and is seen as a strong competitor that SpaceX, led by Musk, may face in the future, despite its smaller overall scale and business model compared to SpaceX. Its main product Nyx aims to safely and economically transport goods to low Earth orbit and beyond from any heavy-lift rocket globally. It is reported that SpaceX is preparing to sell existing shares in December at a price of around $135 per share, with a projected valuation of over $250 billion. SpaceX's rapid valuation growth is mainly due to its leading position in the commercial space launch service market and the rapid development of its Starlink satellite internet service. In addition, U.S. President-elect Trump announced that Musk will co-lead the upcoming "Department of Efficiency" to oversee the federal government and strive to reduce the federal budget, which will undoubtedly provide potential policy support for the major tech giants under Musk.