Indian SpaceX rival EtherealX hits 5x valuation as it readies engine tests

Ethereal Exploration Guild (EtherealX), an Indian space technology startup, has seen its valuation surge 5.5 times to $80.5 million following a $20.5 million oversubscribed Series A funding round led by TDK Ventures and BIG Capital. The Bengaluru-based company is developing a fully reusable launch vehicle designed to return both the booster and upper stage, aiming to reduce launch costs and increase flight frequency. EtherealX plans to conduct hot-fire tests of its two in-house developed engines—the 80-kilonewton Pegasus upper-stage engine and the 1.2-meganewton Stallion booster engine—in June–July 2026, with a technology demonstration flight targeted for late 2027 and commercial missions expected by the end of 2028. The startup’s medium-lift vehicle, Razor Crest Mk-1, will cluster multiple engines per stage (nine Stallion engines on the booster and 15 Pegasus engines on the upper stage) and aims