ESA technology reference studies are used as a process to identify key technologies and technical challenges of potential future missions not yet in the science programme. This paper reports on the study of the Fundamental Physics Explorer (FPE), a re-usable platform targeted to small missions testing fundamental laws of physics in space. The study addresses three specific areas of interest: special and general relativity tests based on atomic clocks, experiments on the Weak Equivalence Principle (WEP), and studies of Bose–Einstein condensates under microgravity conditions. Starting from preliminary science objectives and payload requirements, three reference missions in the small/medium class range are discussed, based on a re-adaptation of the LISA Pathfinder spacecraft. A 700/3600km elliptic orbit has been selected to conduct clock tests of special and general relativity, a 700km circular orbit to perform experiments on the Weak Equivalence Principle and to study Bose–Einstein condensates, each mission being based on a three-axis stabilised spacecraft. It was determined that adaptation of LISA Pathfinder would be required in order to meet the demands of the FPE missions. Moreover it was established that specific payload and spacecraft technology development would be required to realise such a programme.