GalaxySpace (Yinhe Hangtian)
Overview
Builds and sells flat-panel LEO broadband satellites in volume out of its Nantong smart factory, while operating its own Q/V-band Yinhe technology demonstration constellation and filing 96- and 81-satellite Galaxy-SAR-2 and BlackSpider-3 constellations of its own. The bulk of revenue comes from supplying spacecraft to the state-led Guowang (China SatNet) megaconstellation — making GalaxySpace the first private vendor inside China's national LEO internet program. Secondary revenue comes from international licensing of its broadband stack (e.g., Thailand True Corp partnership) and development contracts for direct-to-handset NTN payloads.
Moat: Only private Chinese supplier qualified to deliver flat-panel stackable broadband satellites into Guowang batches, plus a 100-150 sat/yr smart factory in Nantong that no other domestic private peer has replicated. Q/V-band payload heritage from the original Yinhe-1/Mini-Spider Web demonstration plus an early lead in direct-to-handset NTN testing (first Chinese D2D handset call) gives it a one-to-two-year tech lead over LandSpace's spacecraft arm and CASIC's internal builders. A deep state-backed cap table (CCB, Hefei, Anhui) effectively guarantees domestic procurement allocation.
Business
Primary customers
- Government: China SatNet (Guowang megaconstellation)
- Government: China Aerospace Science & Industry / ministry-affiliated programs
- Commercial: True Corporation (Thailand)
- Commercial: Domestic mobile operators (D2D pilots)
Sectors
Satellite Manufacturing · LEO Broadband Constellations · Direct-to-Device (D2D / NTN) · SAR Earth Observation
Last Funding Round
Key Products
- Yinhe-1 / Mini-Spider Web demo constellationoperational
First Chinese private LEO broadband constellation; Q/V-band tech demonstrator validating the stackable bus design and used for the 2024 Thailand True Corp overseas trial
First flight: 2020-01
- Flat-panel stackable Guowang spacecraftoperational
Mass-produced LEO broadband satellites built at Nantong; the first commercially-built Guowang group flew on Long March 12 in Aug 2025 with GalaxySpace as the prime contractor
First flight: 2025-08
- Galaxy-SAR-2 SAR constellationdevelopment
96-satellite synthetic-aperture-radar constellation across 26 orbital planes filed with ITU in Dec 2025; targets all-weather Earth observation for civil and defense customers
- BlackSpider-3 imaging constellationdevelopment
81-satellite imaging constellation filing submitted Dec 2025; mission profile undisclosed but presumed dual-use optical/RF
- Direct-to-Handset NTN payloaddevelopment
3GPP NTN-compatible payload that completed China's first satellite-to-unmodified-handset voice call; precursor to a commercial D2D service
Near-term Catalysts
- 2026 H2
A-share IPO counseling completion and prospectus filing
Listing on a Chinese exchange would crystallize the ~$4.5B post-money mark, fund Nantong line-2 expansion, and become the first pure-play Chinese satellite-manufacturing IPO
- 2026
Nantong smart factory ramp to 100-150 satellites/yr
Unlocks Guowang batch cadence and SAR-2/BlackSpider-3 self-deployment in parallel — proves the manufacturing moat at scale
- Continuous through 2026-2027
Guowang batch deliveries (every 6-8 weeks via Long March 5B / 8A / 12)
Each successful batch stacks recognized revenue and validates the prime-contractor relationship with China SatNet
- Late 2026 / early 2027
First Galaxy-SAR-2 demo satellite
Begins capacity build-out for the company's own EO franchise, diversifying away from a Guowang-only revenue mix
- 2026-2027
Commercial D2D launch with True Corporation / domestic operator
Opens a recurring connectivity-revenue stream layered on top of hardware sales
Top Risks
- Single-customer concentration: Guowang batches dominate near-term revenue; any reallocation by China SatNet to in-house CASC/CASIC builders would compress margins
- Geopolitical/export risk — US Entity-List exposure for Chinese sat-comms suppliers limits access to Western components, ground stations, and overseas markets
- Direct competition from SpaceX Starlink and AST SpaceMobile in international markets; Chinese private operators face spectrum-coordination friction outside friendly jurisdictions
- Capital intensity — Nantong line-2 plus SAR-2/BlackSpider-3 self-deployment will burn cash at >$300M/yr until the IPO closes
- Domestic political risk — A-share IPO timing depends on the CSRC approval calendar, which slipped multiple times for peer space firms in 2024-2025
- Technology risk on D2D — the 3GPP NTN standard is still evolving and payload economics are unproven outside narrowband
Recent Milestones
- 2020-01
Launched first Yinhe-1 broadband demo satellite — first Chinese private commercial broadband satellite
- Mar 2024
Completed first overseas LEO broadband trial in Thailand with True Corporation using the 'Mini-Spider Web' constellation
- Nov 2024
Inaugurated full Nantong smart factory production line; first satellites rolled off the new facility ahead of Guowang batches
- Feb 2025
Closed Series C round at ~CNY 32B (~$4.5B) post-money valuation, led by CCB International with HongShan and IDG participation
- Aug 2025
Long March 12 launched the first commercially-built Guowang group — GalaxySpace became the first private prime contractor for the state megaconstellation
- Dec 2025
Filed Galaxy-SAR-2 (96 satellites, 26 orbits) and BlackSpider-3 (81 satellites) constellation plans with the ITU
- Jan 2026
Delivered the 19th Guowang batch; total Guowang spacecraft in orbit reached 154 with GalaxySpace prime on the majority of commercially-built batches
- Mar 2026
Filed for A-share IPO counseling with Beijing CSRC; Huatai United Securities engaged as listing advisor
Recent News
- 2026-03-31
- 2025-08-15
- 2025-02-20
- 2025-02-14
What investors should know
Q1What does GalaxySpace actually do?⌄
Q2What is the status of the Yinhe / Mini-Spider Web constellation?⌄
Q3How big is the Nantong manufacturing facility, and why does it matter?⌄
Q4Who has funded GalaxySpace and what is its valuation?⌄
Q5Is GalaxySpace going public, and where?⌄
Q6What are the biggest risks for GalaxySpace?⌄
Q7How does GalaxySpace compare to Western peers like AST SpaceMobile and Eutelsat OneWeb?⌄
Peers
Compare side-by-side →Sources & References
Trade Press
- SpaceNews · 2025-02-20(archived)
- SpaceNews · 2025-08-15(archived)
- Caixin Global · 2026-03-31(archived)
- South China Morning Post · 2024-11-18(archived)
- China in Space · 2025-09-30(archived)
- China in Space · 2025-12-30(archived)
- MERICS · 2025-06-15(archived)
- China.org.cn · 2025-02-14(archived)