MinoSpace
Overview
Merchant satellite manufacturer transitioning to owner-operator — historically built satellites to order for research institutes and other operators; now vertically integrating via its own Taijing constellation (112 satellites NDRC-approved, Phase 1 = 30), produced on a Wuxi line rated at 150 satellites/year.
Moat: One of very few Chinese private firms able to build low-orbit remote-sensing, communications, and navigation-augmentation satellites in one house, holding first-in-China claims on sub-metre X/Ku-band commercial SAR and a 0.5m-class optical satellite.
Business
Primary customers
- Government: Research institutes and universities
- Government: Provincial governments and other constellation operators
Sectors
Satellite Manufacturing · Commercial SAR · Earth Observation · Communications & Navigation-Augmentation
Key Products
- MN series platformsoperational
Seven bus models spanning ~10-1000kg, sold to external customers.
First flight: 2018-10-27
- Taijing constellationdevelopment
112 satellites NDRC-approved; Phase 1 (30 satellites: 11 optical + 19 SAR) funded directly by IPO proceeds.
Near-term Catalysts
- 2026-2027
STAR Market IPO progression from acceptance to pricing
Would be the largest event in company history and a bellwether for the Chinese commercial-space IPO wave.
- 2026-2027
Taijing Phase 1 (30 satellites) entering build
First tranche funded directly by IPO proceeds.
Top Risks
- Three consecutive years of net losses (-RMB 257M 2023, -RMB 314M 2024, -RMB 200M 2025); the IPO is being attempted under relaxed rules for unprofitable aerospace issuers specifically because profitability is not near.
- Export-control exposure via its commercial SAR line — the exact capability that got peer firm Spacety sanctioned by the US Treasury in 2023.
- State competition: Taijing competes with CASC's China Siwei and Chang Guang's Jilin-1 for the same institutional customers.
Recent Milestones
- 2024-06-24
RMB 1.0B round closes; unicorn status declared
- 2025-09-01
IPO-guidance filing completed
- 2026-05-11
STAR Market prospectus accepted; RMB 5.0B sought; 32 satellites launched disclosed in the filing
What investors should know
Q1What does MinoSpace build?⌄
Q2Is MinoSpace profitable?⌄
Q3How many satellites has it launched?⌄
Q4What is the Taijing constellation?⌄
Q5What's the biggest risk to the IPO thesis?⌄
Peers
Compare side-by-side →Sources & References
Trade Press
- SpaceNews — Chinese satellite maker MinoSpace seeks $736 million in IPO · 2026-05-23
- IAF member page — Beijing MinoSpace Technologies · 2026-07-26(archived)