Project HALCON (Hybridization Algorithms and Low‐cost Components for Optimized Navigation) covers the full development of an innovative navigation solution for launch vehicles and space platforms. It advances beyond traditional launcher navigation by exploiting cost‐effective COTS components combined with GNSS and inertial sensor fusion, improving accuracy, robustness, and enabling advanced functions such as precision landing navigation and autonomous flight termination. In a highly competitive global context, where Europe seeks greater autonomy in space transportation, PLD Space views HALCON as a key milestone. By adopting architectures already proven in international launchers, HALCON represents a significant evolution beyond legacy inertial systems used in Vega and Ariane 6.