EOS-X Space Raises $120 Million at $1.2 Billion Valuation to Expand Space Tourism Operations

Spain-based space tourism company EOS-X Space has raised $120 million in a new funding round led by Global Emerging Markets (GEM), taking its reported valuation to $1.2 billion ahead of its planned first commercial balloon flight.

The funding follows a $140 million Series D round raised in May 2026, bringing the company's reported funding for 2026 to $260 million.

EOS-X Space plans to use the new capital to expand its presence in the United States, increase industrial capacity and develop technologies for both civil and military applications.

Founded in 2020, the company is preparing to enter commercial operations with a high-altitude balloon experience designed to take passengers to the edge of space. Its first commercial flight is now targeted for the end of 2026.

A Different Approach to Space Tourism

EOS-X Space, short for Edge Of Space Xperience, is developing a space tourism experience using helium-filled balloons rather than conventional rocket-powered flights.

Its proposed flights will last approximately five hours, taking passengers to an altitude of around 40 kilometres.

The capsule is designed to accommodate eight to nine people, including the pilot. According to the report, each flight is expected to cost approximately $200,000.

This approach differs from rocket-based space tourism offerings from companies such as Blue Origin and Virgin Galactic, where passengers experience shorter flights.

EOS-X's balloon-based model aims to provide a longer experience at high altitude without relying on a conventional rocket launch.

$120 Million Funding to Support US Expansion

Global Emerging Markets led the latest $120 million investment.

The company intends to use the proceeds to expand its US operations, increase industrial capacity and develop civil and military technologies.

The funding comes after EOS-X raised $140 million in a Series D round in May 2026. Together, the two rounds bring its reported funding for the year to $260 million.

EOS-X has also expanded its technology capabilities through the acquisition of US-based space tourism company Space Perspective in July 2025. The acquisition included its balloon capsule technology, according to the source report.

Founder and Commercial Launch Plans

EOS-X Space was founded by Kemel Kharbachi, a Spanish entrepreneur with experience in the tourism industry.

The company originally targeted its first commercial flights for 2023. Its launch timeline subsequently moved, with earlier plans pointing to operations from Seville and Abu Dhabi in 2025.

The current plan is to begin commercial flights using a US-based capsule by the end of 2026, while European flights from Spain are expected to begin in 2027.

The company has not yet completed its first commercial passenger flight, making the upcoming launch a critical milestone for its business model.

A $1.2 Billion Valuation and Ambitious Revenue Targets

The latest funding places EOS-X Space at a reported valuation of $1.2 billion.

Its valuation has increased significantly from the more than $230 million figure it cited in July 2025 following its acquisition of Space Perspective. The company has also presented an implied pro forma valuation of more than $650 million after the acquisition.

EOS-X is reportedly targeting a future listing valuation of $4.5 billion.

Its revenue projections are also ambitious. The company previously projected more than $500 million in revenue and positive EBITDA for 2026, according to its presentation to the New York Stock Exchange.

However, these figures remain targets rather than reported financial results.

The source article also highlights the scale of operations that would be required to support such projections. At an estimated $200,000 per passenger and seven to eight passengers per capsule, generating $675 million entirely through ticket sales would require more than 400 flights annually.

EOS-X has indicated that ticket sales would not be its only source of revenue.

Competition and the Commercial Space Industry

EOS-X is entering a developing space tourism market that includes established operators such as Blue Origin and Virgin Galactic.

Its balloon-based approach offers a different experience from rocket-powered suborbital flights, focusing on longer-duration journeys at high altitude.

The company is also positioning itself within Europe's wider commercial space ecosystem, where businesses are attracting investment across satellite manufacturing, defence technology, launch services and space infrastructure.

However, its commercial model still needs to be demonstrated through actual paying passenger flights.

What Comes Next for EOS-X Space?

EOS-X's immediate priority is to complete its first commercial balloon flight, currently targeted for the end of 2026.

The company also plans to expand US operations, increase industrial capacity and begin European commercial flights from Spain in 2027.

Its $1.2 billion valuation reflects substantial investor expectations, but the next stage will depend on execution. Delivering the first commercial flight, demonstrating repeatable operations and converting ambitious revenue forecasts into actual business performance will be critical to validating its position in the space tourism market.