Momentum is building around India’s private space launch ambitions as a Bengaluru-based startup prepares to move from funding milestones to hardware tests. Ethereal Exploration Guild, widely known as EtherealX, has recorded a sharp rise in valuation while advancing work on its fully reusable launch vehicle.
The company said its valuation has increased 5.5x to $80.5 million following an oversubscribed $20.5 million Series A round. The round was led by TDK Ventures and BIG Capital, with participation from Accel, Prosus, YourNest, BlueHill, Campus Fund, and Riceberg Ventures. A previous media report had earlier flagged the funding. EtherealX last raised $5 million in a seed round in 08/2024, when it was valued at $14.6 million.
EtherealX is developing a fully reusable launch vehicle and is preparing for engine hot-fire tests scheduled for 06–07/2026. Its first technology demonstration flight is planned for 11–12/2027, with commercial launches expected toward the end of 2028, according to co-founder and CEO Manu J. Nair, speaking to a media outlet.
The startup is building 2 engines in-house. The Pegasus upper-stage engine generates 80 kilonewtons of thrust and delivers 323 seconds of vacuum-specific impulse, using a proprietary “full-flow segregated cooling cycle” and an additively manufactured turbopump. The Stallion booster engine produces 1.2 meganewtons of thrust, runs on a gas-generator cycle, and offers 306 seconds of sea-level specific impulse.
EtherealX plans to cluster engines for its medium-lift rocket, Razor Crest Mk-1, using 9 Stallion engines on the booster and 15 Pegasus engines on the upper stage. Unlike SpaceX’s Falcon 9, which primarily reuses the first stage, EtherealX aims to recover both the booster and upper stage.
Payload capacity is targeted at 24.8 tons in expendable mode, 22.8 tons in partially reusable form, and about 8 tons when fully reusable. Pricing is expected to range between $350 and $2,000 per kg, depending on configuration and launch cadence.
The company operates Base 001, an engine test site in Tamil Nadu, and has secured a 150-acre manufacturing and testing campus in Andhra Pradesh, expected to be operational by mid-2026. EtherealX has signed launch MoUs worth around $130 million with customers including Space BD of Japan and Taiwan’s space agency (TASA).
The latest funding will support flight qualification of the Stallion engine and clustered firing tests of Pegasus engines. EtherealX currently employs 67 people and plans to grow to about 90 in the next 2 months.
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