Seraphim Capital and Skyrora Join Web Summit Discussion if Europe Can Build a SpaceX?

Can a launch powerhouse come out of Europe? Does something need to change for this to happen? Web Summit 2024 in Lisbon held a panel discussion on the topic on 12th November. Panelists representing the full cycle of the space industry tackled the issue. They included Seraphim Capital CEO Mark Boggett, Skyrora CEO and Co-founder Volodymyr Levykin, and constellr VP Christian Mittermaier. The discussion was moderated by Reuters European technology correspondent Martin Coulter. The following are quotes from the discussion:

Does Europe need a European Elon Musk?

Coulter asked Mark Boggett: “to build a European Space X, do we need a European Elon Musk?”

Boggett responded: “We need more European Elon Musks, because there needs to be a pool of these companies for one of them to really become the breakthrough… Richard Branson is a is an Elon Musk. He set up this audacious space travel company… so they are out there. And evidence is that there are some more unicorns that are being founded. We’re building these billion dollar businesses. But on average, each year the US is doing 4 to 6 times more unicorns than Europe. We really need to get that balance better. And it’s really about the aspiration and and risk taking that the European entrepreneurs are prepared to do.”

Profit and frequency

Volodymyr Levykin picked up on the issue of funding, and not only its source, but the manner in which the new champion would have operate. The first change from the current situation is the matter of profitability.

Levykin: In Europe, we are spending an average of one billion euro every year on subsidies to Arianespace and the Vega program. We have European Space Agency; their budget is decent, in the range of 10 billion euro, which is just three times less than NASA’s budget, and there’s a one billion euro subsidy contribution per year. It’s a significant number! This means that we have money in Europe; we need just to rethink how to spend it.

Levykin also pointed out that the frequency of launch is vital to both the bottom line and the technology.

Levykin: Think about these constellations, which will create the synergy. The Starlink program allowed SpaceX to launch multiple vehicles per month, which then leads to the mass production of the vehicle. They can reduce the price, perfect the technology around it and so on. With Vega launches, we have one a year, you know, which even from a technological point of view, is not close to enough. Even to make the product perfect, you need the multiple launches. … Yes, we have a talent. Yes, we have a money. We don’t need to be super entrepreneurial because the recipe for success is there. We can just copy it, right? … Marc just mentioned it: we need a good political will and decision making process to make it happen. And it’s work in progress to be honest.

Levykin’s pointing to the need for a profitable, frequently launching company reflected another issue. What would this champion launch? Coulter asked Christian Mittermaier this very question.

Mittermmaier:  We were talking about rocket launching and bringing up things. We should not forget for what do we do it. And in the end, the clearer it gets, the more focused it is. Also the willingness to find someone on the other end to buy in the services and to finish the whole value chain. We have a launcher here. We have someone who is funding the launchers. We have here a satellite company. But, as Mark already said, there are sectors and we need to pinpoint in the sectors, the companies and their problems with this space technology.