This is a strong moment for Europe’s space industry. It shows what Europe can achieve when talent, ambition and innovation are matched with capital.
Ursula von der Leyen, President of the European Commission
Client opportunity
Atomico and Bessemer Venture Partners co-led the Exploration Company's US$450 million Series C financing, together with the Scaleup Europe fund, which is managed by global investment firm EQT. The Exploration Company (TEC) builds infrastructure for space transportation, enabling cargo to reach orbit and return safely to Earth. We advised Atomic and Bessemer on the transaction, which was the largest Series C financing raised by a European space company. Through this financing, a significant milestone for TEC, our clients helped advance the development of European capabilities across the emerging space economy.
Our approach
A cross-practice team of 24 lawyers from our Germany, Paris, Milan, London and Washington, DC offices leveraged deep sector knowledge across technology, space & defense, and private capital to advise Bessemer Venture Partners and Atomico on this transaction. This cross-border matter required close coordination across multiple jurisdictions and a strategic approach to navigating complex governance, regulatory and national security considerations.
Outcome
The financing will accelerate development of TEC's reusable space transportation technologies, particularly the Nyx spacecraft and Storm rocket engine. Nyx, TEC's immediate priority, is designed to carry cargo to both current and future space stations and return it safely to Earth. Storm, its next priority, is a reusable, high-thrust rocket engine powered by liquid oxygen and biomethane. The engine is intended to power a future reusable European heavy-lift launcher capable of carrying up to 40 tons to low Earth orbit in a reusable configuration.
