The proposed tie-up between The Exploration Company and Orbex comes at a pivotal moment for the European space ecosystem. On January 20, 2026, the two companies announced that they had entered into exclusive discussions after signing a non-binding letter of intent. For The Exploration Company, which is developing a space cargo transportation vehicle, the objective is clear: to integrate launch capability into its roadmap and accelerate its industrial development.
Two companies, two visions… but a shared goal
The complementarity between the two companies is central to the deal. The Exploration Company is developing Nyx, a reusable cargo capsule designed to serve low Earth orbit. Founded in 2021, the startup has raised €150 million in less than three years and, at the end of 2025, inaugurated a 7,500-square-meter factory in Mérignac, near Bordeaux. Its first test flight is scheduled for 2026. Orbex, meanwhile, was founded in 2015 and is developing Prime, a bio-propane-powered micro-launcher designed to place a 200-kilogram payload into low Earth orbit. Based in Forres, Scotland, the company also operates a site in Denmark, which is currently in bankruptcy proceedings. Prime’s first flight is planned for 2026, following several ground-testing phases already underway.
By acquiring Orbex’s assets, The Exploration Company would become one of the few European players to combine, within a single entity, the development of reusable space vehicles and its own launch capability. This positioning remains rare on the continent but aligns with global market trends, where integrated models—à la SpaceX—enable better control over costs, timelines, and operations.
The acquisition would also give The Exploration Company a direct industrial footprint in the United Kingdom, via Orbex’s Scottish site in Forres, as well as strategic access to the Sutherland spaceport, which is currently under development with support from the UK government. For Orbex, the deal represents an opportunity to join a better-funded project with a clear roadmap and an already active commercial momentum. The company raised £23 million in 2023, including £20 million in public funding.
A clear industrial and geopolitical rationale
The potential acquisition of Orbex comes at a time when the United Kingdom is seeking to strengthen its role in the European space sector despite Brexit. Backed by £20 million from the UK government, the Scottish startup is one of five companies selected by the European Space Agency to develop micro-launchers, as part of a program that could lead to up to €169 million in public funding.
On its side, The Exploration Company benefits from support from Brussels through the Flight Ticket Initiative, a program designed to structure commercial space transportation in Europe. By combining a launcher and a capsule, TEC positions itself to offer a comprehensive, continent-wide solution—something still rare in the European landscape.
The rapprochement between TEC and Orbex reflects a consolidation dynamic that remains uncommon in the European NewSpace sector. Faced with a market dominated by US players, European startups often remain fragmented, underfunded, and in competition with one another. By betting on industrial complementarity rather than dispersion, The Exploration Company is proposing a shift in approach: building an integrated player capable of operating at scale.
Neither Nyx nor Prime has yet left the ground, and many challenges lie ahead, but the ambition is clear: to bring together complementary technological building blocks to create a coherent and powerful European space offering.
