Analysis
EOS-X Space has raised roughly €110 million (about $120 million) from Global Emerging Markets at a $1.2 billion valuation, the Spanish balloon-flight space-tourism and defense company said, as it pushes toward its first commercial flight by the end of 2026. Source
What EOS-X Space does
Founded in 2020 by Kemel Kharbachi, EOS-X Space sells roughly five-hour flights in a helium-balloon capsule that climbs to about 40 kilometers, with each capsule holding eight or nine people including the pilot at about $200,000 per seat. Source That is a different flight profile from the minutes-long rocket rides Blue Origin and Virgin Galactic sell. The company originally targeted a first commercial flight in 2023 but has pushed that back repeatedly; its next commercial flights will use a capsule from Space Perspective, the Florida balloon-tourism company EOS-X bought in July 2025 for an undisclosed sum, with European flights from Spain now expected in 2027.
EOS-X Space's funding history -- how much has EOS-X Space raised
- May 2026 Series D -- $140M, bringing total 2026 funding to $260M. Source
- July 2025 acquisition -- bought Space Perspective for an undisclosed amount; EOS-X valued itself at just over $230M at the time, roughly a fifth of today's mark.
- Nov 2026 round -- roughly €110M (about $120M) led by Global Emerging Markets, at a $1.2B pre-commercial-launch valuation.
“- May 2026 Series D -- $140M, bringing total 2026 funding to $260M.”
Who invested in EOS-X Space
Global Emerging Markets led the round, according to Spanish business outlet Expansión as relayed by Tech Funding News; no other investor was named, and EOS-X's earlier-round backers were not disclosed in the sources opened for this story. Source GEM is a structured-capital firm better known for PIPE-style financings of small- and micro-cap public companies than for space-tech venture investing, a sign EOS-X is tapping a different capital pool than rocket-focused peers.
Space tourism market and competitors
Grand View Research estimated the space tourism market at $1.05 billion in 2024, growing to $9.7 billion by 2030. Source EOS-X's closest comparisons are Blue Origin and Virgin Galactic, both selling rocket-based suborbital flights that last only minutes, versus EOS-X's five-hour balloon rides. Pulse covered a similar public-market push in Agility Robotics' Nasdaq debut under ticker AGLT days earlier, part of a broader wave of frontier-hardware startups testing public markets.
The counterweight
EOS-X's valuation and its pitched dual-listing target both rest on a company that has not yet flown a single paying customer; its original 2023 commercial-launch target has already slipped three years, and an earlier revenue forecast for 2025 did not hold. By EOS-X's own math, hitting the revenue and positive EBITDA it has told investors it is targeting for 2026 would require flying more than 400 trips a year at its stated per-seat price -- a volume it has never approached.
Watch for EOS-X's actual first commercial flight date, which keeps slipping, and whether a company that has raised $260 million-plus in 2026 alone can convert that into the audited revenue a New York or London listing would require.