A key requirement to achieve sustainable high-speed flight and efficiency improvements in space access lies in the advanced performance of future propulsive architectures. Such concepts often feature high-speed nozzles, similar to rocket engines, but employ different configurations tailored to their mission. Additionally, they exhibit complex interaction phenomena between high-speed and separated flow regions at the base, which are not yet well understood. This paper presents a numerical investigation on the aerodynamic performance of a representative, novel exhaust system, which employs a high-speed nozzle and a complex-shaped cavity region at the base. Reynolds-Averaged Navier–Stokes computations are performed for a number of nozzle pressure ratios (NPRs) and freestream Mach numbers in the range of 2.7 < NPR < 24 and 0.7 < M∞ < 1.2, respectively. The corresponding Reynolds number lies within the range of 1.06 × 106 < Red < 1.28 × 106 based on the maximum diameter of the configuration. The impact of the cavity is revealed by direct comparison to an identical noncavity configuration. Results show a consistent trend of increasing base drag with increasing NPR for both configurations, owing to the jet entrainment effect. Cavity is found to have no impact on the incipient separation location of the nozzle flow. At conditions of M∞ = 1.2 and high NPRs, the cavity has a significant effect on the aerodynamic performance, transitioning nozzle operation to underexpanded conditions. This results in approximately 12% higher drag coefficient compared to the noncavity case and shifts the minimum NPR required for positive gross propulsive force to higher values.