Chinese Satellite Startup GalaxySpace Kicks Off IPO

1. Chinese commercial satellite startup GalaxySpace has initiated an A-share listing process amid a surge of commercial space firms accessing domestic markets with state support [para. 1][para. 2][para. 4].

2. GalaxySpace filed for IPO tutoring with the Beijing bureau of the China Securities Regulatory Commission, advised by Huatai United Securities [para. 2]. Founded in June 2019, it achieved early unicorn status and raised Series C funding in February from investors like a Beijing-government fund, E-Town Capital, and Broad Vision Funds [para. 3].

3. This positions GalaxySpace with other firms eyeing IPOs as Beijing prioritizes the sector and investors anticipate demand growth in launches, satellites, and communications [para. 4]. Commercial space featured in China's 2025 government work report for the second year; in 2024, 311 commercial satellites launched (84% of total Chinese satellites), with private designs over 40% [para. 5].

4. Founder Xu Ming, a Harbin Institute of Technology graduate and ex-co-founder/president of Cheetah Mobile, holds 22.04% shares but controls 72.87% voting rights via special structure [para. 6][para. 7].

5. The core team draws from state aerospace giants like China Aerospace Science and Technology Corp.; business includes satellite terminals, services, manufacturing, semiconductors, ground stations, and data [para. 8].

6. GalaxySpace completed 10 launches of over 40 satellites, including the first LEO high-frequency millimeter-wave satellite and one with large flexible solar wings; it supplies China Satellite Network Group [para. 9].

7. Focused on cost reduction for mass production, it has research centers in Beijing, Xi’an, Chengdu, and a smart plant in Nantong [para. 10]. Supply chain incorporates auto/industrial parts; covers 100-2,000 kg satellites, annual capacity 100-150 medium ones, with 80% shorter development cycles [para. 11].

8. Launch costs cut via lighter components (e.g., Q/V-band antenna from >7kg to 3.2kg) and multi-satellite designs [para. 12]. Completed internet verification for "Little Spider Web" eight-satellite LEO broadband constellation [para. 13].

9. Expanding overseas, it advances ties in Southeast Asia/Middle East, built China's first overseas satellite internet ground station in Thailand [para. 14].

10. Sector accelerates to public markets: rocket firm LandSpace's STAR IPO accepted Dec. 31, 2025, seeking 7.5B yuan ($1B); CAS Space tutored Jan. 2026; others like Space Pioneer, Galactic Energy, iSpace in guidance [para. 15][para. 16].

11. Satellite firms: Spacety tutoring Feb. 2026 (38 SAR satellites); MinoSpace guidance Sept. 2025 (satellites/ground stations); Yixin Aerospace tutoring accepted Dec. 2025 (IoT payloads) [para. 17].

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