ADA Space
Overview
Builds and operates a space-based computing network, selling AI-processed geospatial products and orbital compute capacity rather than raw imagery — the thesis being that downlink bandwidth, not compute, is Earth observation's real bottleneck, so inference should run on orbit.
Moat: First mover at real scale in Chinese state-backed space compute (over RMB 57B committed sector-wide) with actual on-orbit hardware — its constellation has demonstrated live AI inference and, in a trial with Shanghai Jiao Tong University, tasked two ground robots from orbit. Holds ITU-approved orbits and spectrum for its planned constellation.
Business
Primary customers
- Commercial: Alibaba Cloud
- Commercial: Tencent
- Government: Zhejiang Lab
Sectors
Space-Based Computing · Artificial Intelligence · Earth Observation · Satellite Manufacturing
Key Products
- Three-Body Computing Constellation (Star-Compute Plan)development
Planned 2,800-satellite orbital AI compute network; ITU orbits and spectrum approved.
First flight: 2025-05-14
- Space Computing Centre Group 01operational
First 12 satellites; key-technology validation complete.
First flight: 2025-05-14
Near-term Catalysts
- 2026-2027
HKEX listing — third attempt, filed 2026-05-14
Would make it China's first publicly traded space-AI company; two prior filings lapsed.
- 2026 (stated plan)
Space Computing Centre Groups 02 and 03 reaching orbit
Would multiply combined on-orbit processing power.
Top Risks
- Profitability is unresolved against a ~68x valuation increase in under seven years — Chinese financial press has flagged this explicitly, and two lapsed HKEX filings suggest the market has already balked once.
- The 2,800-satellite target is a ~2035 horizon with only 12 satellites currently on orbit — the gap between demonstrated and promised is the largest of any company in this research batch.
- Orbital AI compute is dual-use by construction and depends on advanced processors subject to US export controls on China.
Recent Milestones
- 2025-05-14
First 12 satellites of the Three-Body Computing Constellation reach orbit on a Long March 2D
- 2026-04-01
RMB 3.55B round closes; valuation ~RMB 11.554B
- 2026-05-14
Third HKEX listing application filed