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Indian SpaceX rival EtherealX hits 5x valuation as it readies engine tests
Ethereal Exploration Guild, known as EtherealX, has increased its valuation by 5.5x to $80.5 million following a $20.5 million Series A funding round. The Indian startup is set to conduct engine hot-fire tests and aims for a technology demonstration flight in 2027, focusing on a fully reusable launch vehicle that competes with SpaceX, targeting lower launch costs and increased frequency.
Key points
- EtherealX's valuation rose from $14.6 million to $80.5 million after a successful Series A funding round.
- The startup is developing a fully reusable launch vehicle, expected to cut per-launch costs.
- In-house engines include the 80-kilonewton 'Pegasus' and 1.2-meganewton 'Stallion', with planned hot-fire tests for June–July.
- The launch window for a technology demonstration flight is targeted for late 2027.
- EtherealX has signed MOUs worth $130 million with clients like SpaceBD and TASA.
- The company plans to expand its workforce from 67 to 90 employees to increase manufacturing capacity.
Why it matters
- India's space industry is projected to grow from $8 billion to $45 billion over the next decade, highlighting the importance of companies like EtherealX.
- The demand for more launch capacity and flexible scheduling from satellite operators reflects the current trends in the satellite market.
- EtherealX's focus on reusability parallels SpaceX's practices and signifies a shift in space launch strategies globally.
EtherealX's rapid valuation growth and focus on developing fully reusable launch vehicles signify a pivotal moment in India's burgeoning space industry, potentially reshaping the competitive landscape in satellite launches.