EtherealX Surges 5x in Valuation and Prepares for Engine Tests Ahead of Flight
EtherealX has skyrocketed to $80.5 million in valuation as it gears up for engine tests, paving its way to join the competitive space race.
EtherealX raised $20.5 million in a Series A funding round led by TDK Ventures. Others like Accel and Prosus also helped. Before this, they raised $5 million in August 2024, where their value was only $14.6 million.
India wants to grow its space industry, aiming to expand its economy to $45 billion from $8 billion in ten years. EtherealX is getting a lot of attention because of its plans in this area.
EtherealX aims to compete with SpaceX by providing more launch options for satellites. The company is making a vehicle that can bring back both the booster and upper stage. This could save money for each launch and allow more flights without needing to book a lot of rockets.
They are working on two engines: the Pegasus and Stallion. The Pegasus is for the upper stage, while the Stallion is the booster. They plan to test these engines soon, around June and July.
EtherealX hopes to launch a test vehicle by late 2027. This will be before starting commercial launches in 2028, as their CEO, Manu J. Nair, shared in an interview. Engineers will also check how well the engines use fuel to ensure they can carry heavy loads.
The Pegasus engine is efficient, providing 323 seconds of thrust while the Stallion offers 306 seconds at sea level. They plan to use multiple engines together to carry heavier loads.
Compared to SpaceX, which reuses only part of its rocket, EtherealX wants to be even more reusable. Their vehicle could carry up to 24.8 tons in certain modes and charge between $350 to $2,000 per kilogram based on how the rockets are used.
To help with their plans, EtherealX has a testing site in Tamil Nadu called Base 001. They also have land in Andhra Pradesh for a larger facility by 2026.
EtherealX has agreements to launch for around $130 million with clients in Japan and Taiwan. They will use their new funding to finish engine testing and grow their team from 67 to about 90 to prepare for their first flight.