Oversubscribed Series A Funding Boost
EtherealX confirmed that it has closed an oversubscribed $20.5 million Series A funding round led by TDK Ventures and BIG Capital. Several prominent investors, including Accel, Prosus, YourNest, BlueHill, Campus Fund, and Riceberg Ventures, also participated in the round.
This investment follows the startup’s $5 million seed round in August 2024, when EtherealX was valued at $14.6 million. The latest infusion underscores strong investor confidence in the company’s long-term vision of building a cost-efficient, reusable launch vehicle from India.
India’s Expanding Space Ambitions
India is pushing to grow its space economy from roughly $8 billion to $45 billion over the next decade, encouraging private players to move beyond satellite components and small launch services. Policy reforms and regulatory support from the Indian government have opened doors for startups like EtherealX to pursue ambitious launch vehicle programs.
According to the Indian Space Research Organisation and government estimates, increased private participation is expected to play a key role in achieving these growth targets. More details on India’s space policy framework are available on the official ISRO website.
Reusable Rocket and In-House Engines
EtherealX is developing a medium-lift launch vehicle called Razor Crest Mk-1, designed to return both the booster and the upper stage after flight. This approach goes a step further than SpaceX’s Falcon 9, which primarily reuses only the first-stage booster.
The startup is building two rocket engines in-house. The “Pegasus” engine, intended for the upper stage, produces 80 kilonewtons of thrust and uses a proprietary cooling cycle. The larger “Stallion” booster engine delivers 1.2 meganewtons of thrust using a gas-generator cycle.
Testing, Timelines, and Commercial Plans
Hot-fire tests of both engines are scheduled for mid-2026, with clustered engine tests planned soon after. EtherealX aims to conduct its first technology demonstration flight between November and December 2027, followed by commercial missions from late 2028.
In a fully reusable configuration, the rocket is expected to carry around 8 tonnes to orbit, with higher payload capacity in partially reusable or expendable modes. Over time, EtherealX is targeting launch costs ranging from $350 to $2,000 per kilogram, depending on mission profile.
Infrastructure and Early Demand
The company operates an engine test facility in Tamil Nadu and has secured land for a large manufacturing and testing campus in Andhra Pradesh’s proposed space city. The facility is expected to become operational by mid-2026.
EtherealX has also signed launch memoranda of understanding worth approximately $130 million with early customers, including Japan’s Space BD and Taiwan’s space agency, TASA, indicating strong international interest in its services.
