LandSpace Pushes Ahead With $1.1 Billion IPO as Exchange Reviews Application
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The LandSpace booth in Shanghai. Photo: VCG
Chinese private rocket company LandSpace Technology Co. Ltd. moved a step closer to going public on Shanghai's tech-focused STAR Market, as the exchange disclosed it had begun reviewing the firm’s IPO application — a step that could make LandSpace the first Chinese commercial rocket maker to go public.
LandSpace’s application was accepted by the Shanghai bourse on Dec. 31. The company is seeking to raise 7.5 billion yuan ($1.1 billion) to scale up production of reusable rockets and fund further technological development. On Friday, the exchange revealed it had issued inquiries about the offering.
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- LandSpace applied for IPO on Shanghai's STAR Market, aiming to raise 7.5 billion yuan ($1.1 billion) to expand reusable rocket production; review started after Dec. 31, 2025.
- Despite technological milestones, LandSpace remains unprofitable, posting a 614 million yuan net loss on 36.4 million yuan revenue in H1 2025.
- China seeks to boost its space sector and compete with Starlink, with government-backed and private satellite projects targeting over 28,000 satellites.
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Who’s Who
- LandSpace Technology Co. Ltd.
- LandSpace Technology Co. Ltd. is a Chinese private rocket company aiming to be the first of its kind to go public on Shanghai's STAR Market. Founded in 2015, it was the first in China to launch a liquid oxygen-methane rocket. Its Zhuque-2 became the world's first methane-fueled rocket to reach orbit in July 2023. The company is seeking to raise $1.1 billion to scale up reusable rocket production despite being unprofitable.
- Geovis Technology Co. Ltd.
- Geovis Technology Co. Ltd. (北京吉威时代信息技术有限公司) is a company whose shares rallied after LandSpace's IPO application was accepted. It saw a 16% jump in its share price. This indicates its involvement or position in the space-related industry, benefiting from the positive market sentiment surrounding LandSpace's public offering.
- Essence Fastening Systems (Shanghai) Co. Ltd.
- Essence Fastening Systems (Shanghai) Co. Ltd. (上海集盛紧固件有限公司) is a company whose shares rallied by 15.2% following the announcement that LandSpace's IPO application had begun review. This indicates its involvement, potentially indirectly, in the space sector or that it is perceived to benefit from developments within it.
- Hunan Aerospace Huanyu Communication Technology Co. Ltd.
- Hunan Aerospace Huanyu Communication Technology Co. Ltd. is a Chinese space-related company. Its shares rose significantly, climbing 13.3%, after the announcement of LandSpace's IPO application review. This surge in stock price signals investor interest in the burgeoning space sector in China.
- SpaceX
- The article mentions **SpaceX** (美国太空探索技术公司) in the context of its Starlink satellite constellation, which has already deployed over 10,000 satellites. China aims to develop its own large-scale satellite constellations to compete with Starlink. SpaceX successfully achieved first-stage rocket recovery in 2015, a key technological advancement in reducing launch costs.
- Blue Origin
- Blue Origin, the space company founded by Jeff Bezos, successfully achieved first-stage recovery of its rockets in November 2025. This accomplishment followed SpaceX's similar success in 2015, highlighting the advancements in reusability crucial for reducing launch costs in the space industry.
- Hengxin Satellite
- Hengxin Satellite (恒信卫星互联有限公司) is a private firm in China's rapidly expanding space sector. It is developing the "Qianfan" network, which aims to launch 15,000 satellites. This contributes to China's ambition to build low-Earth orbit internet constellations, competing with services like Elon Musk's Starlink.
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What Happened When
- 2015：
- LandSpace Technology Co. Ltd. was founded.
- 2015：
- SpaceX nailed first-stage booster recovery.
- July 2023：
- LandSpace's Zhuque-2 became the world's first methane-fueled rocket to reach orbit.
- 2022 through mid-2025：
- LandSpace spent more than 2.2 billion yuan on R&D.
- First half of 2025：
- LandSpace posted a net loss of 614 million yuan on revenue of 36.4 million yuan.
- June 2025：
- China Securities Regulatory Commission revived Listing Standard No. 5.
- November 2025：
- Blue Origin followed SpaceX by recovering its first-stage booster.
- Jan. 22, 2026：
- The Shanghai Stock Exchange revealed it had issued inquiries about LandSpace's IPO offering.
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