LandSpace Wins Nod for $1 Billion IPO Amid China’s Space Ambitions
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LandSpace Technology Corp. Ltd. in Beijing Yizhuang on Feb. 24, 2025
Chinese private rocket company LandSpace Technology Co. Ltd. has received the green light to list on Shanghai’s STAR Market, marking a potential first for China’s fledgling commercial space sector. The company aims to raise 7.5 billion yuan ($1.1 billion) through the offering.
According to a stock exchange filing, the Shanghai bourse accepted LandSpace’s listing application on Dec. 31, just days after Chinese regulators clarified IPO rules for unprofitable tech firms in high-priority sectors. LandSpace is among several domestic space startups racing to go public, including CAS Space, Space Pioneer, and Galactic Energy, all preparing for domestic listings.s.
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- LandSpace, a Chinese private rocket firm, gained approval to list on Shanghai’s STAR Market, aiming to raise 7.5 billion yuan ($1.1 billion), despite being unprofitable.
- LandSpace’s Zhuque-2 was the first methane-fueled rocket to reach orbit; Zhuque-3 met regulatory listing requirements in December 2025, though its booster recovery failed.
- China is striving to build large satellite networks, with private and state firms planning multi-thousand satellite constellations to rival SpaceX.
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Who’s Who
- LandSpace Technology Co. Ltd.
- LandSpace Technology Co. Ltd. is a Chinese private rocket company aiming to list on Shanghai's STAR Market to raise $1.1 billion. Founded in 2015, it's China's first to successfully launch a liquid oxygen-methane rocket, the Zhuque-2. Despite being unprofitable, LandSpace plans to use IPO proceeds to scale reusable rocket production and fund development, critical for China's commercial space ambitions.
- CAS Space
- CAS Space is a Chinese private rocket company. It is one of several domestic space startups in China that are preparing for domestic listings, highlighting Beijing's efforts to develop a competitive commercial space industry. This push aims to build large-scale satellite networks and compete with companies like SpaceX.
- Space Pioneer
- Space Pioneer, also known as 星河动力, is a Chinese private rocket company. It is among several domestic space startups in China that are preparing for domestic listings, aiming to go public. This indicates its involvement in China's burgeoning commercial space industry.
- Galactic Energy
- Galactic Energy (天兵科技) is a Chinese private rocket company mentioned as one of the domestic space startups preparing for a domestic listing. This indicates their active participation in China's burgeoning commercial space industry.
- China International Capital Co. Ltd.
- China International Capital Co. Ltd. (CICC) is sponsoring the IPO deal for LandSpace Technology Co. Ltd. LandSpace is a Chinese private rocket company aiming to raise 7.5 billion yuan ($1.1 billion) by listing on Shanghai's STAR Market.
- Country Garden Holdings Co. Ltd.
- Country Garden Holdings Co. Ltd. is a real estate firm that conducted a share sale in April 2025. This transaction led to an implied valuation of approximately 11.8 billion yuan for LandSpace, a Chinese private rocket company.
- SpaceX
- To counter rivals like SpaceX, Beijing is pushing to foster a competitive commercial space industry. SpaceX has already deployed over 10,000 Starlink satellites. In contrast, LandSpace's first-stage recovery failed, while SpaceX successfully achieved first-stage recovery in 2015.
- Blue Origin
- Blue Origin, the space firm founded by Jeff Bezos, successfully achieved first-stage recovery of their rockets in November 2025. This milestone follows SpaceX's similar achievement in 2015, highlighting the ongoing efforts in the space industry to lower launch costs through reusability.
- Hengxin Satellite
- Hengxin Satellite is a private firm in China aiming to establish the "Qianfan" network, which plans to launch 15,000 satellites. This forms part of China's broader effort to build low-Earth orbit internet constellations, competing with global players like SpaceX.
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What Happened When
- 2015：
- LandSpace was founded.
- 2015：
- SpaceX achieved first-stage rocket recovery.
- July 2023：
- LandSpace's Zhuque-2 became the world’s first methane-fueled rocket to reach orbit.
- 2022 to mid-2025：
- LandSpace spent more than 2.2 billion yuan in R&D.
- April 2025：
- A share sale by Country Garden Holdings Co. Ltd. implied LandSpace’s valuation at around 11.8 billion yuan.
- June 2025：
- The China Securities Regulatory Commission revived Listing Standard No. 5, enabling certain unprofitable firms in strategic sectors to list.
- June 2025：
- Hurun Research Institute valued LandSpace at 20 billion yuan.
- First half of 2025：
- LandSpace posted a net loss of 614 million yuan on revenue of 36.4 million yuan.
- November 2025：
- Blue Origin achieved first-stage rocket recovery.
- December 3, 2025：
- LandSpace's Zhuque-3 launched and placed its payload into orbit, but the first-stage booster failed to make a soft landing.
- December 26, 2025：
- Shanghai Stock Exchange clarified that eligible launch companies must have successfully sent a medium-to-large rocket with reusable technology into orbit.
- Late December 2025：
- State-owned Long March 12A rocket also failed its first-stage recovery.
- December 31, 2025：
- Shanghai Stock Exchange accepted LandSpace’s listing application.
- 2026：
- Several domestic space startups including CAS Space, Space Pioneer, and Galactic Energy are preparing for domestic listings.
- 2026：
- LandSpace plans to use IPO proceeds to scale up production of reusable rockets and fund further technological development.
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