LandSpace
Overview
LandSpace builds and operates China's only operational commercial methalox (liquid-methane / liquid-oxygen) orbital launch family. The flagship Zhuque-2E is an expendable medium-lift vehicle (~4,000 kg to LEO) that won the global race to methane orbit on 12 July 2023 and now serves Chinese commercial smallsat and constellation customers from Jiuquan. The next-generation Zhuque-3 — a stainless-steel, partially reusable Falcon-9-class vehicle (~21 t to LEO) — flew its maiden mission on 3 December 2025, reaching orbit on the upper stage but losing the booster on attempted recovery. Revenue is a mix of dedicated commercial launches, rideshare, and state-aligned constellation contracts; long-term thesis depends on Zhuque-3 booster reuse to reach SpaceX-comparable per-kg pricing.
Moat: First-mover and only proven Chinese commercial methalox orbital provider — Zhuque-2 beat SpaceX Starship, Blue Origin New Glenn, ULA Vulcan, and Relativity Terran R to first methane orbit in July 2023, building three-plus years of integrated propulsion, vehicle, and ground-ops experience that no Chinese rival has matched. Vertically integrated TQ-12/TQ-15A engine production at Huzhou and stainless-steel Zhuque-3 tank manufacturing at Jiaxing give LandSpace cost and IP advantages over peers reliant on third-party engines. State endorsement via the 900M-yuan Manufacturing Fund and STAR Market IPO counseling signals Beijing's preference for LandSpace as a national reusable-launch champion.
Business
Primary customers
- Commercial: Chinese commercial smallsat operators
- Government: Guowang / Qianfan megaconstellation suppliers
- Commercial: International rideshare customers (small)
Sectors
Methalox Launch · Reusable Launch · Liquid Propulsion
Last Funding Round
Key Products
- Zhuque-2Eoperational
Two-stage methalox medium-lift expendable rocket; ~4,000 kg to LEO; powered by TQ-12 (1st stage, 4×) and TQ-15A (vacuum) engines; the world's first methane-fueled rocket to reach orbit.
First flight: 2023-07-12
- Zhuque-3operational
Stainless-steel, two-stage methalox medium-lift launch vehicle with reusable first stage; ~21,300 kg to LEO expendable / ~18,300 kg reusable; TQ-12B engines; first orbital flight 3 Dec 2025 (orbit success, booster recovery failed).
First flight: 2025-12-03
- Zhuque-3 Reusable Configurationdevelopment
Booster recovery and reuse demonstrator — Q2 2026 dedicated recovery test followed by intended first reuse flight in Q4 2026.
- 10-meter-diameter heavy-lift vehicle (unnamed)development
Long-term super-heavy methalox launcher financed in part from STAR Market IPO proceeds.
Near-term Catalysts
- 2026-Q2
Zhuque-3 dedicated booster-recovery test flight
First chance to validate vertical-landing recovery after the December 2025 maiden-flight booster loss; success closes the technical gap with Falcon 9 and unlocks commercial pricing leverage.
- 2026-Q4
Zhuque-3 first booster reuse flight
Would make LandSpace the first non-SpaceX operator to reuse an orbital first stage and the only operational reusable launcher in China.
- 2026-2027
Shanghai STAR Market IPO listing
CNY 7.5B (~$1.07B) targeted raise — would be the largest Chinese commercial-space IPO to date and fund the 10-meter heavy-lift program plus Zhuque-3 production scale-up.
- 2026
Zhuque-2E commercial cadence ramp
Targeting 6-8 Zhuque-2E flights in 2026 to clear commercial backlog and demonstrate operational reliability ahead of Zhuque-3 transition.
Top Risks
- 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.
- Domestic competition is intensifying — iSpace's Hyperbola-3, Space Pioneer's Tianlong-3, Deep Blue Aerospace's Nebula-1, and CAS Space's Kinetica-2/2R all target the same medium-lift reusable segment with state and Vc backing.
- STAR Market regulatory cycle is slow and politically sensitive; IPO timing depends on CSRC sign-off and broader A-share market conditions outside LandSpace's control.
- Methalox engine reliability — any in-flight TQ-12/TQ-15A anomaly during the 2026 Zhuque-2E cadence ramp would cascade across the production line and the Zhuque-3 program.
Recent Milestones
- 2023-07-12
Zhuque-2 became the world's first methane-fueled rocket to reach orbit on its second flight from Jiuquan.
- 2024-09
Completed 10-km vertical takeoff and landing recovery test at Jiuquan — 200-second flight, secondary engine relight, 10,002 m apogee.
- 2024-12
Closed CNY 900M (~$123M) state-backed strategic round from China's National Manufacturing Transformation and Upgrading Fund earmarked for Zhuque series production.
- 2025-07
Filed for Shanghai STAR Market IPO seeking CNY 7.5B (~$1.07B) — CNY 4.73B earmarked for Zhuque-3 and a new 10-meter-diameter heavy-lift vehicle.
- 2025-10
Completed full propellant-loading rehearsal and first-stage static fire of Zhuque-3 at Jiuquan.
- 2025-12-03
Zhuque-3 maiden flight: upper stage reached orbit successfully, but the first stage was lost during the recovery descent near the planned landing zone.
- 2026-02
Confirmed Q2 2026 dedicated Zhuque-3 recovery test followed by Q4 2026 first booster reuse flight target.
What investors should know
Q1What does LandSpace do?⌄
Q2What is LandSpace's signature achievement and operational status?⌄
Q3How much funding has LandSpace raised, and who are the investors?⌄
Q4What is the commercial path and revenue model?⌄
Q5What are the biggest risks?⌄
Q6What are the near-term catalysts that could re-rate the company?⌄
Q7How does LandSpace compare to its Chinese NewSpace peers?⌄
Peers
Sources & References
Press Release
- LandSpace — Zhuque-2 first methane orbital flight · 2023-07-12
Trade Press
- SpaceNews — LandSpace state-backed funding · 2024-12-19(archived)
- SpaceNews — Zhuque-3 maiden launch · 2025-12-03(archived)
- SpaceNews — 10-km VTVL test · 2024-09-12(archived)
- China in Space — STAR Market IPO filing · 2025-07-15(archived)
- Global Times — Zhuque-3 Q2 2026 recovery test · 2026-02-25(archived)
- CGTN — Q2 2026 Zhuque-3 recovery test · 2026-02-25(archived)