HyPrSpace
Overview
Develops patented hybrid (solid fuel + liquid oxidizer) rocket engines and small launchers, selling dedicated, lead and shared smallsat launch, with dual-use defense propulsion as a nearer-term revenue line.
Moat: A patented thin annular combustion chamber holds combustion efficiency roughly constant regardless of engine scale — the specific barrier that has kept hybrid propulsion out of orbital launch for ~50 years — plus recycled-HDPE fuel that is cheap, inert and simple to handle.
Business
Primary customers
- Government: CNES
- Defense: French Ministry of Armed Forces
Sectors
Launch Vehicles · Propulsion · Defense & Security
Key Products
- Baguette Onedevelopment
Suborbital demonstrator; targeted as the first rocket launched to space from mainland France.
- OB-1 (Orbital Baguette 1)development
Orbital microlauncher with CNES as a customer, selected March 2025 among four French launch companies.
Near-term Catalysts
- 2026
Baguette One first suborbital flight
Flight-validates hybrid propulsion at scale and would be the first rocket launched to space from mainland France.
- 2027
CNES launch contract for OB-1
A sovereign anchor customer, which most European microlauncher startups lack; first launch attempt targeted late 2027.
Top Risks
- First-flight failure risk on a novel propulsion architecture with zero orbital heritage anywhere in the industry.
- A severely overcrowded and capital-starved European microlauncher field (Isar, RFA, PLD Space, Latitude, MaiaSpace, Orbex, Skyrora).
- ~€56M raised is an order of magnitude below what peers have needed to reach orbit — a Series B is the next gating event.
Recent Milestones
- 2023-10-24
Awarded €35M from France 2030 for the PADA1 project
- 2025-03-01
Selected by CNES as one of four French launch companies for the OB-1 launch contract
- 2025-06-17
Announces Baguette One will launch from a French Ministry of Defense range on mainland France
- 2025-11-17
Closes an oversubscribed €21M Series A
What investors should know
Q1What is hybrid rocket propulsion and why does it matter?⌄
Q2What are Baguette One and OB-1?⌄
Q3How is HyPrSpace funded?⌄
Q4Why does the CNES contract matter?⌄
Q5What's the biggest risk?⌄
Peers
Sources & References
Investor Relations
- HyPrSpace — news page · 2026-07-25
Trade Press
- European Spaceflight — HyPrSpace secures €21 million · 2025-11-17(archived)
