ExPace (Expace Technology / CASIC Rocket Technology)
Overview
Wholly-owned commercial launch arm of state-owned CASIC (China Aerospace Science & Industry Corporation, the country's primary missile and defense contractor), operating from a 68.8 sq-km dedicated industrial base in Wuhan. Sells solid-fueled 'quick-reaction' launch services priced below CASC Long March: Kuaizhou-1A (200–300 kg to SSO) is the workhorse for Chinese smallsat operators, while Kuaizhou-11 (~1.0–1.5 t to LEO) addresses medium payloads. Customer base spans Chinese commercial smallsat operators, military quick-response payloads, and increasingly Belt-and-Road export missions. CASIC's 2025 five-year plan adds a reusable solid-liquid Kuaizhou-21/31 family and a reusable commercial spaceplane to the long-term roadmap.
Moat: Sole CASIC commercial launch arm with 30+ Kuaizhou-1A flights and ~90% success rate as of late 2025 — the most-flown Chinese commercial launcher by mission count. Vertically integrated solid motor production (CASIC Fourth Academy heritage from DF-21 / DF-26 missile families), dedicated 68.8 sq-km Wuhan industrial base, and direct access to CASIC parent military launch demand insulate ExPace from the cash-burn pressures facing Chinese private launch peers. Lower per-mission pricing than CASC Long March on small payloads.
Business
Primary customers
- Commercial: Chinese commercial smallsat operators (Tianqi, Yunyao, Geely Geespace, Traffic VDES)
- Commercial: Belt-and-Road / Pakistan SUPARCO export customers
- Defense: PLA Strategic Support Force / military quick-reaction payloads
- Government: CASIC parent state programs
Sectors
Launch Services · Solid Rockets · State-owned commercial space
Last Funding Round
Key Products
- Kuaizhou-1A (KZ-1A)operational
Solid-fueled three-stage small launcher (~200–300 kg to SSO) with liquid 4th-stage upper; 30+ flights since 2017, ~90% success rate; workhorse Chinese smallsat launcher
First flight: 2017-01-09
- Kuaizhou-1A Prooperational
Upgraded KZ-1A variant first flown July 2025 carrying Pakistan's PRSC-EO2 remote-sensing satellite — the 30th Kuaizhou-1A mission
First flight: 2025-07-31
- Kuaizhou-11 (KZ-11)operational
Solid medium-lift launcher (~1.0–1.5 t to LEO); failed maiden Jul 2020, returned to flight successfully Dec 2022; multiple operational flights through 2026
First flight: 2020-07-10
- Kuaizhou-21 / Kuaizhou-31 (planned)development
Heavy-lift solid-liquid hybrid vehicles announced under CASIC's 2025 five-year plan; targeting late-decade introduction
- CASIC reusable commercial spaceplane (announced)development
Reusable spaceplane program disclosed under the 2025 CASIC five-year plan; conceptual phase
Government Contracts
| Agency | Program | Amount | Year | Source |
|---|---|---|---|---|
| China State Council / CASIC parent program funding | Kuaizhou family operational launch services (state and military payloads) | Undisclosed (consolidated within CASIC defense contracts) | Recurring |
Near-term Catalysts
- Throughout 2026
Kuaizhou-1A cadence ramp toward 8–10 launches/year for commercial smallsats
Sustains ExPace's lead as the most-flown Chinese commercial launcher by mission count
- 2026–2027
Kuaizhou-11 commercial cadence expansion
Closes the medium-lift gap before liquid private rivals (Hyperbola-3, Tianlong-3, Zhuque-3) hit full cadence
- 2027–2028
Kuaizhou-21 / Kuaizhou-31 critical-design milestones
Heavier solid-liquid vehicles broaden ExPace's addressable manifest
- Late-decade
CASIC reusable spaceplane prototype hop tests (announced)
First state-owned response to Chinese private reusables (LandSpace Zhuque-3, iSpace Hyperbola-3)
Top Risks
- No reusability today — strategic gap versus Chinese private rivals (LandSpace, iSpace, Space Pioneer, Deep Blue Aerospace, CAS Space) is widening
- Kuaizhou-11 has only one historical failure but limited flight heritage; another anomaly would dent the medium-lift business
- CASIC parent control limits commercial agility and pricing flexibility versus VC-backed private peers
- US export-control regime (ITAR/EAR) and CASIC's defense designation eliminate Western satellite customer access
- State-budget priorities can override commercial-customer manifest in any geopolitical crisis
Recent Milestones
- 2017-01-09
Kuaizhou-1A maiden flight successfully delivered three smallsats to orbit
- 2020-07
Kuaizhou-11 maiden flight failed shortly after launch
- 2022-06-14
Closed CNY 1.59B (~$237M) Series B led by GP Capital and China Aerospace Investment Holdings
- 2022-12
Kuaizhou-11 returned to flight successfully after the 2020 maiden-flight failure
- 2024-05
Kuaizhou-11 Y2 successfully launched four satellites to sun-synchronous orbit
- 2025-07-31
Kuaizhou-1A Pro launched Pakistan's PRSC-EO2 remote-sensing satellite — the 30th Kuaizhou-1A mission
- 2025
CASIC publicly outlined a five-year plan covering Kuaizhou upgrades and a reusable commercial spaceplane
- 2025-12
Kuaizhou-1A successfully orbited two Traffic VDES satellites, demonstrating continued tempo
- 2026-03
Kuaizhou-11 fifth commercial flight placed eight payloads in orbit, demonstrating recovery of medium-lift cadence
What investors should know
Q1What does ExPace do?⌄
Q2What is the key technology behind the Kuaizhou family?⌄
Q3How is ExPace funded?⌄
Q4What is ExPace's commercial path?⌄
Q5What geopolitical or export-control risks does ExPace face?⌄
Q6What near-term catalysts should investors watch?⌄
Q7How does ExPace compare to its peers?⌄
Peers
Sources & References
Trade Press
- SpaceNews — Chinese commercial launch firm Expace raises $237 million · 2022-06-15(archived)
- SpaceNews — China's CASIC reveals five-year plan for reusable spaceplane · 2025-09-01(archived)
- Xinhua — Kuaizhou rocket commercial industrialization · 2024-04-23(archived)
- China-in-Space — Pakistani satellite soars from Xichang (Kuaizhou-1A Flight-30) · 2025-07-31(archived)
- SpaceNews — China debuts modified solid rocket with remote sensing satellite launch · 2025-08-01(archived)
- Xinhua — Kuaizhou launch coverage · 2025-12-05(archived)
- Wikipedia — Kuaizhou · 2026-04-01(archived)