In order to explore co-production alternatives, a once-through process for CO2 hydrogenation to chemicals and liquid fuels was investigated experimentally. In this approach, two different catalysts were considered; the first was a Cu-based catalyst that hydrogenates CO2 to methanol and CO and the second a Fisher–Tropsch (FT) Co-based catalyst. The two catalysts were loaded into different reactors and were initially operated separately. The experimental results show that: (1) the Cu catalyst was very active in both the methanol synthesis and reverse-water gas shift (R-WGS) reactions and these two reactions were restricted by thermodynamic equilibrium; this was also supported by an Aspen plus simulation of an (equilibrium) Gibbs reactor. The Aspen simulation results also indicated that the reactor can be operated adiabatically under certain conditions, given that the methanol reaction is exothermic and R-WGS is endothermic. (2) the FT catalyst produced mainly CH4 and short chain saturated hydrocarbons when the feed was CO2/H2. When the two reactors were coupled in series and the presence of CO in the tail gas from the first reactor (loaded with Cu catalyst) significantly improves the FT product selectivity toward higher carbon hydrocarbons in the second reactor compared to the standalone FT reactor with only CO2/H2 in the feed.