If Europe knows how to send payloads into orbit, it still does not fully master their return. Behind this asymmetry lies a structural dependency within the space value chain. The issue ultimately concerns a continent’s ability to control the entire space cycle—not only access to orbit, but also the recovery of what is produced or captured there.
Incomplete sovereignty
Over the past decade, European investments have focused on access to space: launchers, constellations, and orbital infrastructure. This strategy has delivered tangible results, but it remains partial, as value no longer resides solely in sending payloads. It is shifting toward what comes back: data, materials, experiments, and sensitive components.
On this segment, Europe remains dependent on non-European players, foremost among them SpaceX, whose capsules currently handle the vast majority of operational returns. This dependency effectively limits sovereignty over certain critical applications, particularly in industrial and security domains.
Orbital return, a new industrial frontier
Orbital return is undergoing a change in status. Long considered a secondary technical function, it is becoming an infrastructure layer in its own right.
This shift is driven by three converging dynamics:
- the rise of microgravity research, particularly in biotechnology and advanced materials
- the emergence of in-orbit manufacturing, requiring regular return cycles
- the proliferation of dual-use applications, both civilian and military, involving secure flows of data and equipment
In this context, the absence of an autonomous European capability creates a discontinuity in the space logistics chain.
ATMOS, or closing the loop
Founded in 2021, ATMOS Space Cargo is developing reusable capsules capable of transporting and returning payloads from low Earth orbit. The company reached a first milestone in 2025 with the PHOENIX 1 demonstration flight, validating its atmospheric reentry systems under real conditions.
With PHOENIX 2, it is shifting scale: the objective is no longer to demonstrate, but to operate. Three vehicles will be deployed in a campaign aimed at establishing an initial operational cadence and structuring a recurring service offering.
The technological choice is central to this ambition. The capsules rely on an inflatable atmospheric decelerator (IAD), which serves both as a thermal shield and an aerodynamic braking system. This approach reduces mass, improves reusability, and limits environmental impact, while maintaining precise control during reentry.
This positioning is also intended to make orbital return more frequent, more flexible, and more cost-efficient—in other words, to turn it into a service.
Toward a European orbital supply chain
Beyond the technology, a broader industrial logic is emerging. ATMOS is positioning itself not as a simple supplier, but as an infrastructure operator.
The company is already embedding itself within a forming ecosystem, notably through its partnership with Space Cargo Unlimited, which aims to deliver an integrated service combining in-orbit operations with return to Earth.
An industry still taking shape
One uncertainty remains: the market itself. While use cases are multiplying, demand is still in a structuring phase. The model’s viability will depend on the ability to establish cadence, pool missions, and attract customers beyond public-sector actors.
ATMOS Space Cargo, founded by Sebastian Klaus in 2021 and based in Lichtenau (Germany) and Strasbourg (France), develops reusable orbital transport and return capsules for industrial, scientific, and defense applications.
The company has announced a €25.7 million Series A round led by Balnord and Expansion, with participation from Keen Defence and Security and European investors including OTB Ventures, High-Tech Gründerfonds, APEX Ventures, Seraphim Space, Faber, E2MC, Kirch Ventures, Lennertz & Co., Mätch VC, MBG Baden-Württemberg and Tech Horizons. The European Innovation Council also supports the company through its Accelerator program, combining grants and equity investment.
