(Image Source: EtherealX)
EtherealX, known as the Ethereal Exploration Guild, raised $20.5 million in an oversubscribed Series A round that boosted its valuation 5.5 times to $80.5 million. TDK Ventures and BIG Capital led the investment with participation from Accel, Prosus, YourNest, BlueHill, Campus Fund, and Riceberg Ventures. The round follows a $5 million seed in August 2024, valuing the company at $14.6 million.
The Bengaluru-based startup develops fully reusable medium-lift launch vehicles to rival SpaceX. Funds support hot-fire tests of Pegasus (80kN upper stage) and Stallion (1.2MN booster) engines scheduled for June-July 2026. First technology demonstration flight targets November-December 2027 ahead of commercial operations in 2028.
EtherealX Reusable Launch Vehicle Technology
Razor Crest Mk-1 Specifications
EtherealX’s Razor Crest Mk-1 aims for full reusability, returning both booster and upper stage. Pegasus upper engine delivers 323 seconds vacuum specific impulse using a proprietary full-flow cooling cycle. Stallion booster provides 306 seconds sea-level impulse via gas-generator cycle.
Vehicle configurations include:
- Expendable: 24.8 tonnes payload to low Earth orbit
- Partially reusable: 22.8 tonnes
- Fully reusable: 8 tonnes
Pricing targets $350-$2,000 per kilogram depending on reusability and flight cadence. Nine Stallion engines power the booster while 15 Pegasus engines lift the upper stage.
Engine Development Status
Hot-fire tests validate thrust and efficiency. EtherealX’s engines represent Asia’s most powerful operational liquid rockets outside China, Japan, and South Korea. In-house additive manufacturing produces turbopumps for Pegasus engine.
Infrastructure and Testing Facilities
EtherealX operates Base 001 test site in Tamil Nadu for upper stage qualification. A 150-acre campus in Andhra Pradesh’s proposed space city becomes operational mid-2026 for full stage testing. These facilities support clustered engine firing demonstrations.
Commercial Traction and Customer Pipeline
Signed memoranda of understanding total $130 million including Japan’s SpaceBD and Taiwan’s TASA. Demand stems from global satellite operators seeking launch capacity beyond SpaceX’s Falcon 9 dominance. EtherealX targets flexibility and cost advantages through reusability.
Competitive Landscape and Market Context
India aims to grow $8 billion space economy to $45 billion in next decade. EtherealX competes with Agnikul Cosmos (single-stage rockets) and Skyroot (Vikram launchers) while pursuing deeper reusability than SpaceX’s booster-only recovery. Global launch shortage creates demand window.
Founders Manu J. Nair (CEO), Shubhayu Sardar (COO), and Prashanth (CTO) leverage Indian Space Research Organisation experience. Current headcount of 67 grows to 90 in coming months supporting test cadence ramp-up.
Funding Utilization and Roadmap
Proceeds complete Stallion qualification and Pegasus clustered firing. Revenue from commercial missions is expected in late 2028. Series A extends runway through demonstration flight enabling Series B discussions post-engine qualification.
EtherealX positions as India’s first fully reusable medium-lift provider. Success hinges on engine test outcomes and supply chain execution amid intense global competition.
