The Avalonia, a trading ship, departs from Lave. Young Alex Ryder longs to visit the planet, but his father Jason, a seasoned trader, reminds him of the strict regulations. The Ryder family has a long history in trading, but Alex is still uncertain about his future, torn between adventure and stability.

As the ship prepares for hyperspace, a heavily armed Cobra-class freighter follows them unnoticed. The Avalonia jumps into Witch-Space, a mysterious and dangerous realm, but Jason soon realizes they are being pursued. Emerging near Leesti, they are attacked. With the ship doomed, Jason forces Alex into an escape pod, uttering the cryptic word “Raxxla” before the Avalonia is destroyed. The Cobra fires on the escape pod, leaving Alex drifting toward the planet below.

Alex survives the destruction of the Avalonia thanks to his RemLok mask, which shields him and sends a distress signal. Rescued by a hospital vessel, he vows to avenge his father's death who seemed to have anticipated the attack.

Later, Alex receives a mysterious HoloFac message from Rafe Zetter, an old associate of his father. Rafe reveals to a surprised Alex that his father was more than a trader—he was an élite combateer. When Alex mentions "Raxxla," Rafe explains it’s a legendary ghost planet, suggesting Jason’s death is tied to a greater mystery. Before disappearing, Rafe instructs Alex to visit the grave of Starpilot Fleischer in Tionisla’s orbital cemetery for vital information.

Alex arrives at the eerie, massive, orbital graveyard at Tionisla. Following Rafe Zetter’s instructions he searches for the grave of Starpilot Fleischer and discovers a battered Cobra-class ship with a blinking signal directing him to land. Inside the Cobra, he only finds a corpse at the controls, and a woman named Elyssia Fields. A sharp-witted fugitive from the clone-world Teorge, Elyssia reveals their plan—to steal the abandoned ship, once owned by Henry Bell, and use it to start a trading career while secretly preparing for revenge against the Cobra that killed Alex’s father. With minimal fuel and weak defenses, they must trade and upgrade their ship before taking on their enemy.

Alex Ryder, now in possession of a ship and with Rafe Zetter's guidance, is preparing for a dangerous journey to avenge his father's death. Rafe explains that Alex's father, Jason, was part of the legendary Dark Wheel, a secret group searching for hidden truths in the universe. Jason's death wasn’t caused by pirates but by someone trying to protect a secret he discovered. To uncover this secret and follow in his father's footsteps, Alex must reach elite combat status, which involves seeking out danger and bounty hunting. Despite the shock, Alex is determined to honor his father's legacy. In the meantime, during various skirmishes Alex’s skill in combat becomes evident.

Over three months of trading aboard their modified Cobra Nemesis, Alex and Elyssia work toward transforming their ship into a battle-ready vessel but remain low on funds. Weighing risky trade options, they are interrupted by a cryptic message from Patrick McGreavy. McGreavy, horribly disfigured by parasites, with a shady past, warns Alex that he is being watched and manipulated, even by Rafe Zetter. He urges Alex to visit the traders' center in South City on Coriolis station. Entering the seedy underworld of illicit trade, Alex meets McGreavy at the Magellan Building, where he is offered a deal to trade rare creatures called Mymurths, revered by the Ciragian people. With limited funds, Alex purchases them, hoping to sell them for a significant profit—money that will bring him one step closer to arming the Nemesis for his ultimate mission: vengeance.

As Alex and Elyssia approach Cirag, an unregistered and dangerous planet tied to Alex’s father’s past, they find it swarming with criminals. They are ambushed by pirate ships. In the ensuing battle, Elyssia skillfully evades and destroys several fighters. Pursued relentlessly, Elyssia is injured, leaving Alex to take control. They manage to escape to a Coriolis station, only to discover a disturbing truth—the Mymurths they’ve been transporting are infected with Tharglets, the deadly larval form of the infamous Thargoids. Realizing they’ve been set up and that their cargo is more dangerous than they imagined, Alex’s mission takes on a new urgency.

In the heat of battle, Alex finally faces the Cobra that destroyed his father’s ship. Driven by revenge, he engages in a desperate dogfight but soon realizes the Nemesis is outmatched. Using the sun’s radiation to his advantage, he fires a missile cloaked by solar interference, striking the Cobra and destroying it in a fiery explosion.

After his victory over the Cobra and the pirates, Alex Ryder gains recognition from the Galactic Police, earning the prestigious Deadly status—an impressive feat for someone of his age. Rafe Zetter reappears, revealing more about Jason Ryder’s connection to Raxxla—a legendary, possibly alien gateway sought by the secretive Dark Wheel. Jason had been close to uncovering its secrets before his assassination. Rafe warns that those who control Raxxla will go to any lengths to protect it, making Alex a target if he continues his pursuit. Rafe offers Alex a place within the Dark Wheel, a path requiring years of training and sacrifice but one that could lead to unimaginable discoveries.