Hélène Huby, CEO and co-founder of The Exploration Company (TEC), often draws comparisons to Elon Musk due to her ambition in the space industry, though her company operates with a distinct "European mindset" emphasizing international collaboration and "building peace in space." TEC is developing Europe's first private astronaut-ready space capsule, Nyx, which is designed to transport cargo and eventually humans to space stations. While some European officials see TEC as a potential "European SpaceX," Huby distinguishes her company by prioritizing collaboration over colonization and focusing on affordability and speed.
Huby founded TEC in 2021 after leaving an executive role at Airbus, driven by a desire for European space sovereignty and a belief that the traditional European space development was too slow and expensive. Starting with an initial investment of €50,000 from four co-founders, the company has grown rapidly to over 400 staff. TEC has raised more than $230 million from investors, including EQT Ventures, marking the largest-ever funding for a European space tech startup. This funding includes a €40.5 million Series A round in February 2023 and a €150 million Series B round in November 2024.
TEC has demonstrated impressive speed in its development. Its first test capsule, Mission Bikini, flew after only nine months and cost less than €2 million. A larger prototype, Mission Possible, launched in under three years for €25 million. The full-size Nyx capsule is expected to fly in 2028, with the goal of ultimately providing cargo and crew transport to the International Space Station. The company also plans to build its own reusable rocket engine and support missions beyond low-Earth orbit, including to the Moon, aiming to become the "DHL of space." Huby emphasizes that Europe pays approximately half a billion euros annually to non-EU actors for space launch capabilities, highlighting the economic and strategic imperative for Europe to develop its own infrastructure.
Huby’s approach involves upending traditional European space development by securing private capital and focusing on rapid, cost-effective execution, often winning competitive bids against established aerospace giants like Thales Alenia Space. Her vision has garnered support from European politicians, including French President Emmanuel Macron, who in June 2025 called for increased investment in space to compete with the U.S. and China. TEC's success is seen as crucial for establishing European technical credibility and funding future missions, ensuring that Europe is not dependent on other nations for its space access.
