Compare Companies
| Field | 🇨🇳 CAS Space (Zhongke Aerospace Exploration / Zhongkexing) | 🇨🇳 LandSpace | 🇨🇳 Galactic Energy | 🇨🇳 Space Pioneer |
|---|---|---|---|---|
| Type | private | private | private | private |
| Country | 🇨🇳 China | 🇨🇳 China | 🇨🇳 China | 🇨🇳 China |
| Founded | 2018 | 2015 | 2018 | 2019 |
| CEO | Yang Yiqiang | Zhang Changwu | Liu Baiqi | Kang Yonglai |
| Mkt Cap / Valuation | ~CNY 11.1B (~$1.55-1.6B) per 2025 pre-IPO mark; targeting ~CNY 4.18B (~$607M) Shanghai STAR Market IPO raise | ~CNY 30B (~$4.1B) implied by July 2025 STAR Market IPO filing seeking CNY 7.5B raise | ~CNY 15B (~$2.1B) implied by Series D round (Sep 2025); pre-IPO counseling in progress | Implied ~CNY 25B+ (~$3.5B) post-money following combined Pre-D + D rounds (Oct 2025); IPO counseling rumored |
| Employees | ~600 (per 2025 IPO disclosures and trade-press reporting) | ~1,000+ (Beijing HQ + Huzhou propulsion + Jiaxing manufacturing campuses) | ~600 (Beijing HQ + Anhui Chizhou propulsion test site + Shandong Haiyang sea-launch base) | ~700+ (Beijing HQ + Zhangjiagang Tianlong-3 production base + Gongyi/Yulin engine test sites) |
| Sector | Launch (solid-fuel and reusable liquid rockets) | Methalox Launch (China) | Small + Medium Launch (China) | Reusable Medium-Heavy Launch (China) |
| Last raise / Last filing | Undisclosed (multiple state-affiliated and private investors) (2025-08) | CNY 900M (~$123M) (2024-12) | CNY 2.4B (~$336M) (2025-09) | ~CNY 2.5B (~$363M) (2025-10) |
| 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 | Zhuque-3 booster recovery may slip again — December 2025 maiden flight reached orbit but lost the booster, and a second consecutive recovery failure in Q2 2026 would push reuse demonstration into 2027 and undermine the IPO narrative.; Geopolitical risk: US export-control regimes (ITAR, EAR, OFAC) effectively bar US satellite operators and US-tech-bearing payloads from flying on Chinese commercial rockets, capping LandSpace's addressable Western market. | Pallas-1 program execution — the 17 January 2026 maiden flight failure forces a multi-quarter redesign and re-test cycle, potentially ceding the medium-lift reusable lead to LandSpace Zhuque-3 and CAS Space Kinetica-2.; US export controls (ITAR, EAR, OFAC) bar Western satellites and US-tech-bearing payloads, capping Galactic Energy's addressable market to Chinese and select non-aligned international customers. | Tianlong-3 program execution — two consecutive major setbacks (30 June 2024 hold-down anomaly destroying a first-stage prototype and the 3 April 2026 maiden-flight loss ~33 s after liftoff) put Space Pioneer 12-18 months behind LandSpace Zhuque-3 on flying a reusable medium-lift vehicle.; Geopolitical risk: US export controls (ITAR/EAR/OFAC) bar Western satellites and US-tech-bearing payloads from launching on Chinese commercial rockets, capping Space Pioneer's addressable market to Chinese and select non-aligned international customers. |
| Next catalyst | Shanghai STAR Market IPO listing (2026 H2) | Zhuque-3 dedicated booster-recovery test flight (2026-Q2) | Pallas-1 second orbital attempt + first-stage recovery test (2026-H2) | Tianlong-3 second flight attempt (return-to-flight) (2026-H2) |
Maximum 4 companies. Pass slugs in the ids query parameter, comma-separated. Try SpaceX vs Blue Origin vs Rocket Lab vs Firefly.