2026 Zhongguancun Forum Annual Meeting | Exclusive Interview with Xinghe Power Chairman Liu Baiqi: Private Aerospace Succeeds Through Engineering and Commercialization

(Source: Beijing Business Daily)

On January 16 this year at 04:10, under the organization and command of the ocean-launch team at the Taiyuan Satellite Launch Center, Galaxy Energy successfully completed its launch mission for the Nebula-1 one ocean-launch type (Yu-7) ・ Hope Project (mission name: Wanghaichao) in offshore waters near Shandong. It smoothly placed the “Tianqi Constellation” Group 06 satellites (Satellites 37 to 40)—a total of 4 satellites—into a near-Earth orbit at an altitude of 850 km with an inclination of 45°, achieving a “great start” for private-sector space launch. This mission is the 21st successful launch by Galaxy Energy, and also the seventh time the Nebula-1 series rockets have launched networking constellation satellites for the “Tianqi Constellation.”

During the 2026 Zhongguancun Forum annual conference, when asked about the company’s “secrets to winning” in the industry, Galaxy Energy’s Chairman Liu Baqi, in an interview with a reporter from Beijing Business Daily, said that engineering-driven and commercialized综合优势 has enabled us to become a true top-tier leading enterprise in private-sector space.

Galaxy Energy is the first private rocket company in China to achieve continuous, stable, successful launches. It is a national-level high-tech enterprise, a national-level specialized and innovative “little giant” enterprise, and a company on the Hurun Global Unicorn List. The company mainly provides efficient and reliable space launch services to customers in the domestic and overseas space sectors. Its core products include the “Zhishenxing” series of large-scale reusable liquid launch vehicles, the “Nebula-1” series of small-to-medium solid launch vehicles, and others.

In terms of space launch business, Galaxy Energy has set multiple industry milestones: the first private rocket company to enter the 500 km sun-synchronous orbit, the 800 km inclined orbit, and the dawn-dusk orbit; the first to successfully carry out ocean launches; the first to achieve rocket mass production and high-density launches; the first to achieve in-orbit services based on the rocket’s final stage; and more. With the most launch attempts, the most customers served, and the highest success rate, Galaxy Energy is currently the private rocket company with the strongest overall performance. It has also taken the lead in forming scaled revenue, accelerating the industrialization process of China’s private commercial launch vehicles.

In September 2025, Galaxy Energy successfully completed a Series D financing round with a total financing amount of 2.4 billion yuan. Investors in this round include the Beijing Commercial Space and Low-Altitude Economy Industry Investment Fund, the Nanjing Innovation Investment Group and various investment platforms at all levels in Nanjing’s Luhe District, the Sichuan Manufacturing Industry Coordination Fund and the Sichuan Regional Coordination Fund under the Sichuan Industrial Revitalization Fund Investment Group, the Sichuan Achievements Transformation Fund, the Jinan Zhongtai Industrial Assets Fund, the Jiaorong Junhong Phase V Nanjing Fund, the Yizhuang Zhongying Fuyao Fund, the Chizhou Meiling Chixiang Fund, the Hainan Hancheng Space Fund, and others.

According to Galaxy Energy, the Series D financing funds will be mainly used to accelerate the development and related production, testing, and launch capability building of its “Zhishenxing” series of reusable liquid launch vehicles and the “Nebula-1 Two” medium-sized solid launch vehicle.

Q: Galaxy Energy has already achieved 21 successful launches and 89 satellites delivered to orbit, securing the No. 1 position in domestic private-sector rocket launch volume. How do you define the company’s current positioning and core barriers in domestic commercial space?

A: Galaxy Energy’s current positioning in domestic commercial space is that of a top-tier core force with the capability to deliver持续、稳定、scale-based outputs. Our core barriers lie in building a “high-reliability, low-cost, fast-response” systematic engineering closed loop through hands-on accumulation from high-frequency launch operations: we were the first to achieve full-chain batch delivery capability from development to launch. With a pragmatic path of “solid and liquid side by side”—the Nebula-1 solid rocket series to support today’s high-density launch demand, and the Zhishenxing liquid reusable launch vehicles to target the future low-cost, large-scale constellation networking market—we convert continuously successful fulfillment into a high level of trust from customers and the market. This comprehensive engineering-driven and commercialization advantage allows us to become a true top-tier leading enterprise in private-sector space.

Q: Since the Nebula-1 one ocean-launch type first flew on September 5, 2023, it has completed six ocean-launch missions and achieved 100% success. Ocean launches have become an important advantage for the company. Going forward, how will you plan the deployment between ocean launches and land launches? What are your plans for overseas launch and international commercial launch services?

A: Galaxy Energy has formed a dual-track coordination pattern of “land launches as the foundation, ocean launches as the wing.” Land launches rely on mature launch sites to ensure routine, high-density constellation networking and to solidify the basic platform for transportation capacity delivery; ocean launches, based on the real-world track record of six-for-six success with the Nebula-1 one ocean-launch type, with its unique advantages of flexible maneuvering, safety and efficiency, and service across multiple inclination angles, has become a key strategic incremental differentiator for the company. In terms of international deployment, we actively connect with satellite customers worldwide. Leveraging our launch service capability with flexible customization, we accelerate the formation of a commercial launch services system with international competitiveness, and continuously tighten the “sea-and-land coordinated, globally accessible” launch service network.

Q: What scale are the company’s launch plans and order backlog roughly this year?

A: Galaxy Energy’s launch orders are booked through 2028, and the mission backlog is full. This year’s launch plan shows a pattern of “solid and liquid side by side, first flights of multiple types”: at the beginning of the year, the Nebula-1 one ocean-launch type (Yu-7) has been successfully launched, achieving a “great start” for private-sector space; the liquid reusable rocket Zhishenxing one is also expected to achieve its first flight soon. Meanwhile, the company is simultaneously advancing the development of the higher-capacity Zhishenxing Two rocket, which is expected to achieve its first flight by the end of the year, and the Nebula-1 Two medium-sized solid launch vehicle will also be able to complete a reflight.

Q: Looking at the 2026 milestone, what are your target plans for Galaxy Energy over the next 3–5 years? And how would you like the outside world to view this company?

A: Galaxy Energy’s core goals for the next 3–5 years can be summarized as “balancing solid and liquid, a leap in launch capacity, and global services.” The Nebula-1 solid rocket series will maintain 10+ high-density deliveries per year, consolidating its leading position in the micro-satellite constellation networking market. The Zhishenxing One liquid rocket will achieve fully closed-loop operation of reusable technology, and, in coordination with the higher-capacity Zhishenxing Two, complete the generational leap in launch capacity. At the same time, leveraging ocean launches as the strategic cornerstone, we will build an internationalized launch services network characterized by “globally accessible and sea-and-land coordinated.” What we most want the outside world to recognize is Galaxy Energy as a “reliable, pragmatic, and sustainable” company—an execution-oriented team that is rooted in balancing solid and liquid and is committed to providing full-dimensional launch capacity assurance.

Beijing Business Daily reporter Ma Huanhuan Li Jiaxue