Intensive innovation contexts push organizations to search for new partnerships in order to explore value creation opportunities and to access external resources. Recent literature shows that more and more partnerships are established before the object and the terms of the partnership has been determined. In such exploratory partnerships (Segrestin 2006), motivated by the prospect of joint value creation and co-innovation, partners explore and progressively construct a common project and an agreement on the sharing of tasks and outputs. In this work we investigate co-innovation dynamics of exploratory partnerships within the context of MINATEC IDEAs Laboratory® (MIL). MIL comprises several industrial partners from different sectors and a major scientific partner specialized in micro-nanotechnologies. Partners of MIL share resources to explore new project ideas and co-innovation opportunities. A particularity of MIL is that all its industrial partners come from different business sectors. The diversity of agendas, competencies and design strategies exhibited at MIL allow the examination of different dimensions of exploratory partnerships: Are there different configurations of exploratory partnerships? What are the dynamics of exploration? How does the exploratory process converge? An analytical framework based on CK design theory is used in order to examine the dynamics of exploratory partnerships within MIL.