The Exploration Company (TEC) is in talks to raise at least $300mn, potentially valuing it above $2bn once new investment is in, according to sources. Brussels’ Scaleup Europe Fund, backed by the European Commission and run by EQT, is considering one of its first investments into TECernooi.

Founded in 2021 and led by chief executive Hélène Huby, TEC aims to develop Europe’s first reusable capsule to ferry cargo — and eventually people — to the International Space Station. The company has previously secured funding from investors such as Balderton, Bessemer, and Plural, and last raised about $160mn in 2024.

TEC operates out of Germany, France, Luxembourg, Spain, and Italy, with additional offices in the US and UAE. It emerged as one of two groups to win initial ESA backing for a commercially viable low‑Earth‑orbit service by 2028, building aBaseline family of spacecraft called Nyx and a new rocket engine named Storm.

The firm’s ambition pits it against US giants like SpaceX, seeking to challenge their dominance in the space sector while positioning itself as a key player in Europe’s growing aerospace ecosystem.