Who is EtherealX?
Founded in 2022 by Manu J Nair, Shubhayu Sardar, and Prashanth Sharma, EtherealX is a space technology startup with a bold vision. Headquartered in India's tech hub, Bengaluru, the company aims to drastically reduce the cost of launching satellites into
orbit. They are developing a medium-lift launch vehicle that is designed to be fully reusable—a feat that, if achieved, would be a world first. The startup has attracted significant investor attention, securing $20.5 million in a Series A funding round in early 2026 to fuel the development of its ambitious projects. This funding builds on an earlier seed round, indicating strong confidence in their mission to disrupt the launch market.
The Rocket: Razor Crest Mk-1
EtherealX's flagship project is the Razor Crest Mk-1, a two-stage rocket designed to deliver heavy payloads to orbit. In its fully reusable configuration, it aims to carry up to eight tonnes into low Earth orbit. This capacity positions it to compete in the lucrative market for satellite constellation deployments and other commercial missions. What makes the Razor Crest Mk-1 unique is its goal of recovering not just the first stage booster, like SpaceX's Falcon 9, but the upper stage as well. This full reusability is the key to achieving their target launch cost of between $500 and $1,000 per kilogram, a dramatic reduction from current industry standards.
The Technology Behind Reusability
Achieving full reusability presents immense technical challenges, particularly the intense heat the upper stage faces during atmospheric re-entry. EtherealX is developing innovative solutions to overcome this. Their engines, like the upper-stage 'Pegasus' and the booster-stage 'Stallion', are central to this plan. The company is also working on a proprietary engine system called the Full-flow Segregated Cooling Cycle (FSCC), designed to use leftover propellant for cooling during re-entry, reducing the need for heavy heat shields. This focus on lightweight, efficient systems is critical to making both stages of the rocket recoverable and ready for rapid reuse. The engines are planned to use methalox—a combination of liquid methane and liquid oxygen—a cleaner and more efficient propellant suited for reusable engines.
A New Era for India's Space Sector
EtherealX's rise comes at a pivotal moment for India's space program. The Indian government has been actively encouraging private sector participation through policies and the establishment of IN-SPACe, a single-window agency to support and authorize private space activities. This policy shift aims to create a vibrant ecosystem where private companies can thrive, taking on operational launches and commercial services. This allows the Indian Space Research Organisation (ISRO) to focus its resources on advanced research, deep-space exploration, and strategic national missions. While ISRO has its own Reusable Launch Vehicle (RLV) program, known as Pushpak, which uses a winged-body design for runway landings, private players like EtherealX are exploring different technological pathways like vertical landing, mirroring the approach of companies like SpaceX.
Challenges and the Road Ahead
The journey from design to a successful orbital launch is long and fraught with challenges. Rocket development is capital-intensive and technically demanding. EtherealX has set ambitious timelines, with hot-fire tests of its engines scheduled and a first technology demonstration flight targeted for the coming years. The company has already established a test site in Tamil Nadu and is developing a larger campus in Andhra Pradesh to support full-stage testing. Successfully executing these tests and securing further funding will be crucial milestones on their path to commercial operations. Their ambition is to eventually operate a small fleet of rockets capable of dozens of launches per year, fundamentally changing the economics of space access from India.
