iSpace (Beijing Interstellar Glory Space Technology)
Valuation
Closed CNY 5.04B (~$730M) Series D++ Feb 2026 — largest single round ever for a Chinese private aerospace firm; post-money valuation not disclosed
Employees
~300-400 (per industry analyst databases)
Current Status
China's pioneer private orbital launch firm, with a mixed track record (3 successes / 4 failures on Hyperbola-1 through 2024). Pivoted from Hyperbola-2 to focus on the larger reusable Hyperbola-3, completed a record CNY 5B funding round in Feb 2026, and as of Apr 2026 is in final integration and pad testing of Hyperbola-3 at Wenchang ahead of an expected 2026 maiden flight.
Future Outlook
Targeting Hyperbola-3 maiden orbital flight from Wenchang in 2026, with first-stage propulsive landing recovery as the follow-on demonstration. Heavy-lift three-core Hyperbola-3B is on the medium-term roadmap.
Key Products
Recent Milestones
Hyperbola-1 returned to flight successfully without payload after prior failures
Apr 2023
Hyperbola-2Y verification stage performed successful 343m vertical takeoff/landing hop test
Dec 2023
Hyperbola-1 Y7 failed during ascent, losing three Yunyao-1 weather satellites due to fourth-stage separation anomaly
Jul 2024
Hyperbola-1 Y10 successfully launched the Kunpeng-03 satellite, restoring confidence in the solid launcher
Jul 2025
Unveiled completed 'Qinglan' autonomous drone ship for Hyperbola-3 first-stage sea recovery
Aug 2025
Closed record Series D++ of CNY 5.037B (~$730M) co-led by Cowin Capital and Jingming Capital
Feb 2026