Indian space startup EtherealX raised $20.5M Series A at an $80.5M valuation (5.5x increase) as it develops fully reusable launch vehicles. The company is preparing hot-fire tests for its Pegasus and Stallion engines in mid-2026, targeting a November-December 2027 technology demonstration flight. EtherealX aims to compete with SpaceX by reusing both booster and upper stages, with payload capacity up to 24.8 tonnes and pricing between $350-$2,000 per kilogram. The startup has secured $130M in launch agreements and is building a 150-acre manufacturing campus in Andhra Pradesh.
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