Orbex's move to develop its medium-lift Proxima rocket is directly tied to its European Launcher Challenge bid, aiming to fund its development with the €150 million award.

UK-based rocket builder Orbex has revealed that it is counting on a positive outcome from its European Launch Challenge bid to fund the development of its medium-lift rocket, Proxima, citing a “challenging investment climate.”

The European Space Agency initiated the European Launcher Challenge in November 2023 to support the development of sovereign launch capabilities and, ultimately, a successor to the Ariane 6. While the exact format of the challenge has not yet been confirmed, initial reports have indicated that it will include multiple awards of €150 million each.