EtherealX (Ethereal Exploration Guild)

Overview

PRE-HOT-FIRE — milestone window has passed without public confirmation

Technology

Vehicle: Razor Crest Mk-1 — medium-lift, fully reusable both stages

Engines: 9x Stallion booster + 15x Pegasus upper stage — see engine_programmes

Reuse mechanism: The Full-Flow Segregated Cooling Cycle uses the engine feed system to manage upper-stage re-entry heating rather than relying on heavy heat shielding. This is the specific technical claim that distinguishes them from Falcon 9's booster-only reuse.

Payload — Expendable: 24.8 t to LEO

Payload — Partially reusable: 22.8 t

Payload — Fully reusable: ~8 t

Payload — Extended: GTO and TLI capability claimed

Target pricing: $350–$2,000 per kg depending on configuration and cadence

Infrastructure

Base 001: Tamil Nadu engine test site, focused on upper-stage qualification

Andhra campus: 150-acre manufacturing and testing campus in Andhra Pradesh's proposed space city, operational from mid-2026 for integrated engine and stage testing

Funding

Total raised: ~$25.5 million

Valuation: $80.5 million (5.5x uplift from the $14.6M August 2024 seed valuation)

Latest round: $20.5M oversubscribed Series A, January 2026, led by TDK Ventures and BIG Capital

Investors — TDK Ventures

Investors — BIG Capital

Investors — Accel

Investors — Prosus

Investors — YourNest

Investors — BlueHill Capital

Investors — Campus Fund

Investors — Riceberg Ventures

Cap table: BIG Capital 12.11%, YourNest 11.64%, Campus Fund 10.25%, BlueHill 8.38%, TDK Ventures 6.21%, Accel and Prosus 0.62% each. Nair, Sardar and Sharma hold 13.04% each.

Financials fy25: Pre-revenue. ₹1.1 crore non-operating income; net loss ₹4.2 crore.

Future plans

Hot fire: Targeted June–July 2026. NOT CONFIRMED AS OF 16 AUGUST 2026 — the window has closed with no public announcement. Treat as slipped until proven otherwise.

Tdv flight: November–December 2027

Commercial: Late 2028, 5–6 missions/year initially

Note: One aggregator lists Stallion at 925 kN and a TDV in 2026. Both conflict with primary reporting. Use the 1.2 MN and 2027 figures.

Research notes

Commercial: ~$130 million in signed launch MoUs including Japan's Space BD and Taiwan's TASA

Import provenance

Imported from IFSC Archive dataset v5.0, research snapshot 2026-08-16.