<p>Access to and re-use of publicly funded research data remains a controversial topic, caught between colliding rights and interests. Horizon Europe mandates the principle of “as open as possible, as closed as necessary” to govern such data, but legal ambiguities persist. Based on evidence and professional experience, this paper identifies the need for clearer regulation to ease researchers’ data management burdens, while safeguarding rights and interests. Recognising that complete open access to research data is rather unlikely, this paper strives to balance the public interest with commercial interests and intellectual property rights. Our overall purpose is to propose innovative legal solutions for balanced and impactful data management. To date, the interplay of these principles in Horizon Europe has not been thoroughly analysed. This paper examines relevant literature, legislation, and Court of Justice of the European Union (CJEU) case-law, along with recent EU data legislation, to identify best practices for balancing public and private interests. The findings propose regulatory recommendations to enhance access to and re-use of research data generated in the Horizon Europe programme, the EU’s third largest budget expenditure. Our results indicate that balancing intellectual property protection and access and re-use is lawfully possible through modernised data management. <i>Mutatis mutandis</i> application of provisions from the European Health Data Space could modernise Horizon Europe and strengthen its research and innovation impact. Revising Regulation (EU) 2021/695, Horizon Europe’s framework, is proposed to tackle knowledge concentration issues. Feasible only when commercial interests are addressed, an updated value chain incorporating data intermediation and permits is called for.</p>