EOS-X Space, the Spanish space tourism and defense company, has raised €110 million ($120 million) in a late-stage funding round at a $1.2 billion pre-money valuation, led by Global Emerging Markets (GEM). The round follows a $140 million Series D in May 2026, bringing the company’s total funding for the year to $260 million .
The funding comes as EOS-X prepares to launch its first commercial balloon flight before the end of 2026—a timeline that has already slipped from an original 2023 target to 2025 and now to 2026.The company plans a dual listing in New York and London, targeting a valuation of $4.5 billion as a starting point.
EOS-X Space Funding Overview By CREDX Media
| Startup Name | EOS-X Space |
| Founder | Kemel Kharbachi (CEO) |
| Founded | 2020 |
| HQ | New York, USA (global HQ relocated from Spain in 2026) |
| Round | Series D Funding |
| Amount Raised | €110M ($120M) |
| Valuation | $1.2B (pre-money) |
| Category | Space Tourism, Stratospheric Balloon Flights, Defense Tech |
| Lead Investor | Global Emerging Markets (GEM) |
| 2026 Total Funding | $260M (including $140M Series D in May) |
| Key Product | Five-hour helium balloon flights to ~40km |
| Ticket Price | ~$200,000 per flight |
| Projected Revenue | ~$675M annually once operational |
💡 Use of Funds
- US Expansion: Scaling operations in the United States following the relocation of its global headquarters to New York.
- Industrial Capacity: Increasing manufacturing capacity for its balloon capsules.
- Civil and Military Tech: Developing dual-use aerospace technology, including satellite constellations for observation and communications .
Startup Overview: EOS-X Space
What EOS-X Space Is Building in Simple Words
EOS-X Space is building a space tourism experience that lasts five hours, not five minutes. Instead of a rocket ride like Blue Origin or Virgin Galactic, passengers board a helium-filled balloon capsule that ascends to approximately 40 kilometers above Earth. The capsule holds eight to nine people, including the pilot, and offers passengers a view of 99.5% of the planet.
The key difference is time. Rocket-based space tourism offers a few minutes of weightlessness. EOS-X offers a sustained stay in the stratosphere—enough time to eat, drink, and absorb the view.
Beyond tourism, EOS-X is building a civil and military aerospace line focused on satellite constellations for observation, communications, and data analysis. This dual-use strategy positions the company to capture both luxury travel demand and defense spending.
Why EOS-X Space Matters
- The market is projected to grow rapidly: Grand View Research estimated the space tourism market at $1.05 billion in 2024**, growing to **$9.7 billion by 2030 .
- A differentiated product in a crowded field: Blue Origin and Virgin Galactic offer brief rocket flights. EOS-X offers a five-hour stratospheric experience at $200,000 per ticket—positioned as ultra-luxury rather than adrenaline .
- Dual-use defense angle: The company’s military technology line aligns with a broader wave of space investment flowing toward infrastructure and defense ventures.
- Significant capital raised in a single year: $260 million in 2026, with the latest round ranking in the 96th percentile of late-stage Spanish travel deals.
Founder Background: The Serial Entrepreneur Building Europe’s Space Tourism Play
Kemel Kharbachi is a Spanish entrepreneur from Melilla who founded EOS-X Space in 2020 . Before space tourism, he built companies across travel tech, AI, Web3, and blockchain, and served as an ambassador for the World Tourism Organization (UNWTO) in Innovation .
His pivot to space came from a background in hospitality and technology. He studied at Les Roches in Switzerland and built his career pioneering digital transformation in the travel industry before founding EOS-X .
Kharbachi’s framing of the company’s position: “We are positioning ourselves at the intersection of space, artificial intelligence and data, not only as a technology provider, but as an operator of the orbital ecosystem between Europe and the United States” .
Founder Intelligence: What Founders Can Learn from EOS-X Space
- Raise on the story, not the revenue: EOS-X has not flown a paying customer yet, but it has raised $260 million in 2026 on the strength of its vision and projected $675 million annual revenue .
- Relocate for your market: EOS-X moved its global headquarters from Spain to New York to position itself for a US listing and to access American capital and defense contracts .
- Dual-use is a fundraising advantage: The defense and satellite data line gives EOS-X access to government budgets and strategic investors that pure tourism would not attract .
- Timelines slip, but valuations can rise: The first commercial flight was originally targeted for 2023, then 2025, now 2026. The valuation has climbed regardless—from ~$230 million in July 2025 to $1.2 billion now .
Investor Intelligence: Why This Round Gets Premium Capital
Global Emerging Markets (GEM) led the round. GEM’s $1.2 billion valuation is approximately **five times higher** than the company’s July 2025 valuation of over $230 million, and comes before the full integration of EOS-X’s European and US operations .
The round ranks in the 96th percentile of all-time late-stage Spanish travel deals, according to Dealroom .
EOS-X is targeting a $4.5 billion listing valuation, which would represent a nearly fourfold increase from the current round .
The Road Ahead for EOS-X Space
Expansion Targets
With $120 million in capital, EOS-X Space will:
- Launch its first commercial flight before the end of 2026, using a US capsule .
- Begin European flights from Spain in 2027 .
- Pursue a dual listing in New York and London, targeting Q2-Q3 2027 .
- Scale its defense and satellite data business alongside tourism .
The Critical Milestone
The $1.2 billion valuation and $4.5 billion listing target are predicated on a timeline that has already slipped twice. As Tech Funding News noted: “The key milestone is whether a paying customer will fly prior to the end of 2026” . Until that happens, the valuation is built on forecasts, not revenue.
Revenue Math
EOS-X projects **$675 million in annual revenue** once operational. At $200,000 per ticket, that requires approximately 3,400 passengers per year—or over 400 flights annually, more than one per day, assuming seven to eight passengers per capsule . The company says ticket sales are not its only revenue source, but the tourism math alone is ambitious.
Conclusion
EOS-X Space’s $120 million funding at a $1.2 billion valuation validates the thesis that space tourism can attract capital before it has flown a single paying customer. The company’s differentiated five-hour balloon experience, dual-use defense strategy, and New York headquarters position it to capture both luxury travel demand and strategic aerospace investment.
Market tailwinds favor EOS-X: a space tourism market projected to reach $9.7 billion by 2030, investor appetite for dual-use space technology, and a founder with deep experience in travel and technology. Whether the company can actually fly a paying customer in 2026—and justify a $4.5 billion listing—remains to be proven. The timeline has moved before.
For deep analysis of spacetech funding, tourism innovation, and companies reshaping access to the stratosphere, explore CREDX Media for comprehensive coverage of startup funding trends, valuation intelligence, and founder playbooks.
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Frequently Asked Questions
1. What is EOS-X Space’s total funding and latest round size?
EOS-X Space has raised $260 million in 2026 alone**, including a **$120 million (€110M) round led by GEM in November and a $140 million Series D in May .
2. How much did EOS-X Space raise in its latest round and who led the investment?
EOS-X Space raised €110 million ($120 million) led by Global Emerging Markets (GEM).
3. What is the valuation of EOS-X Space?
EOS-X Space is valued at $1.2 billion pre-money, with a planned listing target of $4.5 billion.
4. Who are the major investors in EOS-X Space?
Major investor is Global Emerging Markets (GEM), which led the latest round.
5. Who is the founder of EOS-X Space?
Kemel Kharbachi is the founder and CEO. He is a Spanish entrepreneur with a background in travel tech and previously served as a UNWTO ambassador for innovation.
6. What is EOS-X Space’s business model?
EOS-X sells ultra-luxury stratospheric balloon flights at approximately $200,000 per ticket, holding 8-9 people per capsule for a five-hour experience at ~40km altitude. It is also building a defense and satellite data business.
7. How does EOS-X’s experience differ from Blue Origin or Virgin Galactic?
EOS-X offers a five-hour balloon flight to 40km, compared to the few minutes of weightlessness offered by rocket-based competitors.
8. What traction justifies EOS-X’s $1.2 billion valuation?
EOS-X has not yet flown a paying customer. The valuation is based on projected annual revenue of $675 million once operational, a space tourism market projected to reach $9.7 billion by 2030, and its dual-use defense strategy.
9. What are EOS-X’s plans for the $120 million funding?
EOS-X will expand in the US, increase industrial capacity, develop civil and military technology, and prepare for its first commercial flight and dual listing.
10. When will EOS-X fly its first paying customer?
EOS-X targets its first commercial flight before the end of 2026, using a US capsule. European flights from Spain are planned for 2027 .
11. Who is the CEO of EOS-X Space?
Kemel Kharbachi serves as founder and CEO.
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