CAS Space (Zhongke Aerospace Exploration / Zhongkexing)

🇨🇳ChinaLaunch (solid-fuel and reusable liquid rockets)Verified 2026-05-10

Valuation

~CNY 11.1B (~$1.55-1.6B) per 2025 pre-IPO mark; targeting ~CNY 4.18B (~$607M) Shanghai STAR Market IPO raise

as of 2026-04-04

Total Funding

~CNY 1.5B+ (~$210M+) across multiple rounds; CAS Holdings + commercial co-investors plus pre-IPO strategic round in 2025

as of 2026-04-01

Employees

~600 (per 2025 IPO disclosures and trade-press reporting)

as of 2026-04-01

Founded

2018

Overview

Spun out of the Chinese Academy of Sciences' Institute of Mechanics in 2018, CAS Space is now China's most active private commercial launch provider — capturing ~63% of private orbital launch share in 2025. Its workhorse is the solid-fueled Kinetica-1 (Lijian-1, ZK-1A), which has flown a dozen orbital missions including the first Latin American payloads on a Chinese commercial rocket. The roadmap pivots to reusability with the kerolox Kinetica-2 (Lijian-2), which completed a successful maiden flight in March 2026 carrying a Qingzhou cargo-spacecraft prototype intended to compete with state-owned Tianzhou for Tiangong resupply. Revenue is dominated by satellite-launch services (rideshare and dedicated) plus government cargo-spacecraft development contracts.

Moat: Direct affiliation with the Chinese Academy of Sciences gives CAS Space privileged access to CAS-developed propulsion, materials, and avionics IP — a moat no fully-private peer (LandSpace, Galactic Energy, Space Pioneer) enjoys. Kinetica-1 is the best-flown private Chinese launcher (12 orbital missions, ~92% success), and the company holds the dominant private launch market share in China. The early Kinetica-2 flight (Mar 2026) put it ahead of LandSpace's Zhuque-3 and Space Pioneer's Tianlong-3 on liquid medium-lift cadence, and the Qingzhou cargo-spacecraft pre-positions CAS Space for recurring CMSA revenue once Tianzhou is reduced.

Business

Primary customers

Government: Chinese Academy of Sciences (CAS) and affiliated institutes
Government: China Manned Space Agency (Tiangong / Qingzhou cargo program)
Commercial: Domestic remote-sensing operators (e.g., Geespace, Charming Globe)
Commercial: Oman Lens (Oman) and ThumbSat / Mexican payloads

Sectors

Launch (Solid-Fuel) · Launch (Reusable Liquid) · Cargo Spacecraft (Tiangong logistics) · Suborbital / Space Tourism (concept)

Last Funding Round

Round

Pre-IPO strategic

Amount

Undisclosed (multiple state-affiliated and private investors)

Date

2025-08

Post-money

~CNY 11.1B (~$1.55-1.6B)

Led by: CAS Holdings (Chinese Academy of Sciences), CAS Technology Transfer Fund, Local Guangdong / Hubei industrial guidance funds

Key Products

Kinetica-1 (Lijian-1 / ZK-1A)operational
Solid-fueled 4-stage orbital launcher; ~135 t GLOW, 30 m length, ~1,500 kg payload to 500 km SSO; 12 launches with one in-flight failure (Dec 2024); China's most-flown private rocket
First flight: 2022-07-27
Kinetica-2 (Lijian-2 / ZK-2A)operational
Kerolox medium-lift launcher; ~625 t GLOW, 52 m length, ~8-12 t to LEO with three-core configuration; maiden flight 30 March 2026 deployed Qingzhou cargo prototype + 2 satellites
First flight: 2026-03-30
Kinetica-2R reusable variantdevelopment
Reusable first-stage variant of Kinetica-2 with planned propulsive landing recovery; targeted demonstration 2027-2028
Qingzhou cargo spacecraftdevelopment
Pressurized cargo-spacecraft prototype intended for Tiangong resupply missions; flown as primary payload on Kinetica-2 maiden flight
Suborbital crewed / space-tourism vehicledevelopment
Concept-stage 7-seat suborbital vehicle aimed at the domestic Chinese space-tourism market; 2027+ first-flight goal

Near-term Catalysts

2026 H2
Shanghai STAR Market IPO listing
CSRC has accepted the application; a successful ~CNY 4.18B (~$607M) raise at ~$1.6B valuation funds Kinetica-2 ramp and reusable program — the first Chinese launch-company IPO
Late 2026
Kinetica-2 second flight and operational cadence ramp
Establishes Kinetica-2 as a reliable medium-lift option, opening the bigger Guowang batch and EO constellation contracts that are currently captured by CASC
2027-2028
Kinetica-2R reusable first-stage hop / propulsive landing test
Reusability validation would put CAS Space in the same league as LandSpace's Zhuque-3 and Space Pioneer's Tianlong-3, dramatically lowering per-kg launch cost
2027
Qingzhou cargo-spacecraft contract for Tiangong resupply
Recurring CMSA contract would diversify revenue away from one-shot satellite launches and into multi-year program revenue
Continuous through 2026-2027
International commercial launch contracts (Latin America, MENA)
Building on Oman Lens (Nov 2024) and Mexican ThumbSat (Aug 2025) wins — the only Chinese private rocket with a track record of foreign commercial payloads

Top Risks

Kinetica-2 still has only one orbital flight — any second-flight anomaly would delay the IPO and reusability roadmap
Persistent operating losses (CNY 748M / $105M FY2024 net loss; CNY 311M / $43M H1 2025 net loss) — IPO proceeds fund 2-3 years of runway only
Competition from LandSpace (Zhuque-2/3 methane), Space Pioneer (Tianlong-3 kerolox), Galactic Energy (Pallas-1) for the same medium-lift commercial slots
Kinetica-1 Dec 2024 third-stage TVC failure highlighted reliability risk on solid stages — single anomaly could pause the workhorse vehicle for months
Geopolitical risk on US Entity-List exposure: limits foreign customer access and component imports
CSRC IPO calendar uncertainty — Chinese commercial-space IPOs have been deferred multiple times since 2023

Recent Milestones

2022-07-27
Kinetica-1 (Lijian-1, ZK-1A) maiden flight successfully placed 6 satellites into orbit from Jiuquan — China's most capable private solid-fueled launcher at the time
Apr 2023
Closed Series C round of ~$87M, valuing the company at ~$1.55B
Jan 2024
Kinetica-1 Y3 launched 5 remote-sensing satellites; demonstrated dedicated ride-share rhythm
Nov 2024
Kinetica-1 Y5 launched 15 satellites including IRSS-1 for Omani startup Oman Lens — first foreign commercial payload on a private Chinese rocket
Dec 2024
Kinetica-1 suffered its first in-flight failure due to a third-stage thrust-vector-control malfunction
Aug 2025
Kinetica-1 Y8 launched 7 satellites including two Mexican ThumbSats — first Latin American payloads on the rocket; same month CSRC accepted IPO counseling for Shanghai STAR Market
Mar 2026
Kinetica-2 (Lijian-2) successfully completed its maiden orbital flight from Dongfeng on 30 March 2026, deploying the Qingzhou cargo-spacecraft prototype and two satellites — China's first private kerolox medium-lift rocket to reach orbit
Apr 2026
Shanghai STAR Market accepted CAS Space's IPO application targeting ~CNY 4.18B (~$607M) raise — the first Chinese commercial launch-company IPO to reach formal review

What investors should know

Q1What does CAS Space actually do?⌄

CAS Space is a Chinese commercial launch provider that designs, builds, and operates orbital rockets — primarily the solid-fueled Kinetica-1 (Lijian-1, ZK-1A) and the new kerolox medium-lift Kinetica-2 (Lijian-2). It also builds the Qingzhou cargo spacecraft for Tiangong space-station resupply and is developing reusable launcher variants and a suborbital space-tourism vehicle. As of April 2026 it captures roughly 63% of China's private orbital-launch market share, has flown 12 Kinetica-1 missions including the first Latin American payloads on a private Chinese rocket, and successfully debuted Kinetica-2 in March 2026.

Q2What is the CAS affiliation, and why does it matter?⌄

CAS Space was spun out of the Chinese Academy of Sciences' Institute of Mechanics in 2018, and CAS Holdings remains a key shareholder via the CAS Technology Transfer Fund. CAS is China's premier scientific institution, and its propulsion, materials, and avionics IP — much of it derived from the state-run Long March-11 program where founder Yang Yiqiang served as chief commander — flows directly into CAS Space's vehicles. That gives the company a moat no fully-private launch peer (LandSpace, Galactic Energy, Space Pioneer) enjoys: privileged access to state-grade engineering talent, classified test infrastructure, and government procurement priority for Qingzhou cargo missions.

Q3What has Kinetica-1 (Lijian-1) accomplished?⌄

Kinetica-1 made its maiden flight on 27 July 2022 from Jiuquan, placing 6 satellites in orbit and becoming China's most capable private solid-fueled launcher at the time. By April 2026 it has flown 12 times with 11 successes — only the December 2024 third-stage thrust-vector-control failure marred its record (~92% success rate). Notable missions include the November 2024 Y5 mission with Oman Lens IRSS-1 (first foreign commercial payload on a private Chinese rocket) and the August 2025 Y8 with two Mexican ThumbSats (first Latin American payloads). The vehicle delivers ~1,500 kg to a 500 km sun-synchronous orbit at a takeoff weight of 135 t.

Q4How is the Kinetica-2 reusable program progressing?⌄

Kinetica-2 (Lijian-2 / ZK-2A) is a kerolox medium-lift rocket — 52 m tall, ~625 t GLOW, ~8-12 t to LEO in three-core configuration — and it successfully completed its maiden orbital flight on 30 March 2026 from Dongfeng, deploying the Qingzhou cargo-spacecraft prototype and two satellites. That puts CAS Space ahead of LandSpace's Zhuque-3 and Space Pioneer's Tianlong-3 on the first-flight milestone. The reusable variant Kinetica-2R is in development with first-stage propulsive-landing tests targeted for 2027-2028 — the same window when LandSpace expects Zhuque-3 reusability and a couple of years behind SpaceX's Falcon 9 cadence parity.

Q5How is CAS Space funded, and what's the IPO plan?⌄

CAS Space has raised over CNY 1.5B (~$210M) across multiple rounds led by CAS Holdings, the CAS Technology Transfer Fund, and Guangdong/Hubei industrial guidance funds, plus a 2025 pre-IPO strategic round that lifted valuation to ~CNY 11.1B (~$1.55-1.6B). Shanghai Stock Exchange accepted its STAR Market IPO application in April 2026 for a ~CNY 4.18B (~$607M) raise — the first Chinese commercial launch-company IPO to reach formal review. Proceeds are earmarked roughly CNY 2.2B for reusable-rocket development. Reported FY2024 financials: CNY 243M (~$34M) revenue, CNY 748M (~$105M) net loss; H1 2025 net loss CNY 311M (~$43M).

Q6What are the biggest risks for CAS Space?⌄

Kinetica-2 has only one orbital flight, so any anomaly on the second mission would delay both the IPO and the reusable roadmap — a major valuation overhang. Operating losses are large (FY2024 net loss CNY 748M / $105M; H1 2025 net loss CNY 311M / $43M), so IPO proceeds fund only 2-3 years of runway at the current burn. Competition from LandSpace (Zhuque-2/3 methane), Space Pioneer (Tianlong-3 kerolox), and Galactic Energy (Pallas-1) for the same medium-lift commercial slots is intense. Kinetica-1's December 2024 TVC failure highlighted solid-stage reliability risk. Geopolitical risk on US Entity-List exposure and CSRC IPO-calendar uncertainty round out the picture.

Q7How does CAS Space compare to LandSpace and Galactic Energy?⌄

CAS Space is the most operationally diverse of the three: LandSpace is the Chinese methane-rocket leader (Zhuque-2 with 5 successful flights, Zhuque-3 hop tests), Galactic Energy is the most-flown private launch firm overall (Ceres-1 solid + Pallas-1 kerolox in development), and CAS Space sits between them with the most-flown private solid vehicle (Kinetica-1, 12 missions) plus the first-orbital private kerolox medium-lift (Kinetica-2, March 2026). The differentiator is the CAS affiliation — CAS Space gets state-grade IP and Tiangong cargo-program access neither peer has, but is more capital-intensive and IPO-stage. On valuation, CAS Space's ~$1.6B mark slots between LandSpace's ~$2B and Galactic Energy's ~$1.2B; on cadence it is the busiest, but on reusability it is one cycle behind LandSpace's Zhuque-3.

Peers

🇨🇳LandSpace

~CNY 30B (~$4.1B) implied by July 2025 STAR Market IPO filing seeking CNY 7.5B raise

🇨🇳Galactic Energy

~CNY 15B (~$2.1B) implied by Series D round (Sep 2025); pre-IPO counseling in progress

🇨🇳Space Pioneer

Implied ~CNY 25B+ (~$3.5B) post-money following combined Pre-D + D rounds (Oct 2025); IPO counseling rumored

Compare side-by-side →

Sources & References

Agency Document

Chinese Academy of Sciences · 2025-09-10

Trade Press

SpaceNews · 2025-09-15(archived)
SpaceNews · 2025-08-19(archived)
Caixin Global · 2026-03-31(archived)
Caixin Global · 2026-04-01(archived)
Space.com · 2025-06-10(archived)
China in Space · 2025-08-25(archived)
Caproasia · 2026-04-04(archived)

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CAS Space (Zhongke Aerospace Exploration / Zhongkexing)

🇨🇳ChinaLaunch (solid-fuel and reusable liquid rockets)Verified 2026-05-10

Valuation

~CNY 11.1B (~$1.55-1.6B) per 2025 pre-IPO mark; targeting ~CNY 4.18B (~$607M) Shanghai STAR Market IPO raise

as of 2026-04-04

Total Funding

~CNY 1.5B+ (~$210M+) across multiple rounds; CAS Holdings + commercial co-investors plus pre-IPO strategic round in 2025

as of 2026-04-01

Employees

~600 (per 2025 IPO disclosures and trade-press reporting)

as of 2026-04-01

Founded

2018

Overview

Business

Primary customers

Government: Chinese Academy of Sciences (CAS) and affiliated institutes
Government: China Manned Space Agency (Tiangong / Qingzhou cargo program)
Commercial: Domestic remote-sensing operators (e.g., Geespace, Charming Globe)
Commercial: Oman Lens (Oman) and ThumbSat / Mexican payloads

Sectors

Launch (Solid-Fuel) · Launch (Reusable Liquid) · Cargo Spacecraft (Tiangong logistics) · Suborbital / Space Tourism (concept)

Last Funding Round

Round

Pre-IPO strategic

Amount

Undisclosed (multiple state-affiliated and private investors)

Date

2025-08

Post-money

~CNY 11.1B (~$1.55-1.6B)

Led by: CAS Holdings (Chinese Academy of Sciences), CAS Technology Transfer Fund, Local Guangdong / Hubei industrial guidance funds

Key Products

Kinetica-1 (Lijian-1 / ZK-1A)operational
Solid-fueled 4-stage orbital launcher; ~135 t GLOW, 30 m length, ~1,500 kg payload to 500 km SSO; 12 launches with one in-flight failure (Dec 2024); China's most-flown private rocket
First flight: 2022-07-27
Kinetica-2 (Lijian-2 / ZK-2A)operational
Kerolox medium-lift launcher; ~625 t GLOW, 52 m length, ~8-12 t to LEO with three-core configuration; maiden flight 30 March 2026 deployed Qingzhou cargo prototype + 2 satellites
First flight: 2026-03-30
Kinetica-2R reusable variantdevelopment
Reusable first-stage variant of Kinetica-2 with planned propulsive landing recovery; targeted demonstration 2027-2028
Qingzhou cargo spacecraftdevelopment
Pressurized cargo-spacecraft prototype intended for Tiangong resupply missions; flown as primary payload on Kinetica-2 maiden flight
Suborbital crewed / space-tourism vehicledevelopment
Concept-stage 7-seat suborbital vehicle aimed at the domestic Chinese space-tourism market; 2027+ first-flight goal

Near-term Catalysts

2026 H2
Shanghai STAR Market IPO listing
CSRC has accepted the application; a successful ~CNY 4.18B (~$607M) raise at ~$1.6B valuation funds Kinetica-2 ramp and reusable program — the first Chinese launch-company IPO
Late 2026
Kinetica-2 second flight and operational cadence ramp
Establishes Kinetica-2 as a reliable medium-lift option, opening the bigger Guowang batch and EO constellation contracts that are currently captured by CASC
2027-2028
Kinetica-2R reusable first-stage hop / propulsive landing test
Reusability validation would put CAS Space in the same league as LandSpace's Zhuque-3 and Space Pioneer's Tianlong-3, dramatically lowering per-kg launch cost
2027
Qingzhou cargo-spacecraft contract for Tiangong resupply
Recurring CMSA contract would diversify revenue away from one-shot satellite launches and into multi-year program revenue
Continuous through 2026-2027
International commercial launch contracts (Latin America, MENA)
Building on Oman Lens (Nov 2024) and Mexican ThumbSat (Aug 2025) wins — the only Chinese private rocket with a track record of foreign commercial payloads

Top Risks

Kinetica-2 still has only one orbital flight — any second-flight anomaly would delay the IPO and reusability roadmap
Persistent operating losses (CNY 748M / $105M FY2024 net loss; CNY 311M / $43M H1 2025 net loss) — IPO proceeds fund 2-3 years of runway only
Competition from LandSpace (Zhuque-2/3 methane), Space Pioneer (Tianlong-3 kerolox), Galactic Energy (Pallas-1) for the same medium-lift commercial slots
Kinetica-1 Dec 2024 third-stage TVC failure highlighted reliability risk on solid stages — single anomaly could pause the workhorse vehicle for months
Geopolitical risk on US Entity-List exposure: limits foreign customer access and component imports
CSRC IPO calendar uncertainty — Chinese commercial-space IPOs have been deferred multiple times since 2023

Recent Milestones

2022-07-27
Kinetica-1 (Lijian-1, ZK-1A) maiden flight successfully placed 6 satellites into orbit from Jiuquan — China's most capable private solid-fueled launcher at the time
Apr 2023
Closed Series C round of ~$87M, valuing the company at ~$1.55B
Jan 2024
Kinetica-1 Y3 launched 5 remote-sensing satellites; demonstrated dedicated ride-share rhythm
Nov 2024
Kinetica-1 Y5 launched 15 satellites including IRSS-1 for Omani startup Oman Lens — first foreign commercial payload on a private Chinese rocket
Dec 2024
Kinetica-1 suffered its first in-flight failure due to a third-stage thrust-vector-control malfunction
Aug 2025
Kinetica-1 Y8 launched 7 satellites including two Mexican ThumbSats — first Latin American payloads on the rocket; same month CSRC accepted IPO counseling for Shanghai STAR Market
Mar 2026
Kinetica-2 (Lijian-2) successfully completed its maiden orbital flight from Dongfeng on 30 March 2026, deploying the Qingzhou cargo-spacecraft prototype and two satellites — China's first private kerolox medium-lift rocket to reach orbit
Apr 2026
Shanghai STAR Market accepted CAS Space's IPO application targeting ~CNY 4.18B (~$607M) raise — the first Chinese commercial launch-company IPO to reach formal review

What investors should know

Q1What does CAS Space actually do?⌄

Q2What is the CAS affiliation, and why does it matter?⌄

Q3What has Kinetica-1 (Lijian-1) accomplished?⌄

Q4How is the Kinetica-2 reusable program progressing?⌄

Q5How is CAS Space funded, and what's the IPO plan?⌄

Q6What are the biggest risks for CAS Space?⌄

Q7How does CAS Space compare to LandSpace and Galactic Energy?⌄

Peers

🇨🇳LandSpace

~CNY 30B (~$4.1B) implied by July 2025 STAR Market IPO filing seeking CNY 7.5B raise

🇨🇳Galactic Energy

~CNY 15B (~$2.1B) implied by Series D round (Sep 2025); pre-IPO counseling in progress

🇨🇳Space Pioneer

Implied ~CNY 25B+ (~$3.5B) post-money following combined Pre-D + D rounds (Oct 2025); IPO counseling rumored

Compare side-by-side →

Sources & References

Agency Document

Chinese Academy of Sciences · 2025-09-10

Trade Press

SpaceNews · 2025-09-15(archived)
SpaceNews · 2025-08-19(archived)
Caixin Global · 2026-03-31(archived)
Caixin Global · 2026-04-01(archived)
Space.com · 2025-06-10(archived)
China in Space · 2025-08-25(archived)
Caproasia · 2026-04-04(archived)

CAS Space (Zhongke Aerospace Exploration / Zhongkexing)

Overview

Business

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Sectors

Last Funding Round

Key Products

Near-term Catalysts

Top Risks

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Recent News

What investors should know

Peers

Sources & References

Agency Document

Trade Press

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Upcoming Launches

CAS Space (Zhongke Aerospace Exploration / Zhongkexing)

Overview

Business

Primary customers

Sectors

Last Funding Round

Key Products

Near-term Catalysts

Top Risks

Recent Milestones

Recent News

What investors should know

Peers

Sources & References

Agency Document

Trade Press

Explore More

All Companies

Space Programs

Upcoming Launches

CAS Space (Zhongke Aerospace Exploration / Zhongkexing)

Overview

Business

Primary customers

Sectors

Last Funding Round

Key Products

Near-term Catalysts

Top Risks

Recent Milestones

Recent News

What investors should know

Peers

Sources & References

🏛️ Agency Document

📰 Trade Press

Explore More

All Companies

Space Programs

Upcoming Launches

CAS Space (Zhongke Aerospace Exploration / Zhongkexing)

Overview

Business

Primary customers

Sectors

Last Funding Round

Key Products

Near-term Catalysts

Top Risks

Recent Milestones

Recent News

What investors should know

Peers

Sources & References

🏛️ Agency Document

📰 Trade Press

Explore More

All Companies

Space Programs

Upcoming Launches

Agency Document

Trade Press

Agency Document

Trade Press