Commercial spaceflight IPO race heats up! CAS Space receives acceptance, the "first stock" awaits its debut

Hard-tech companies such as semiconductor, robotics, and commercial spaceflight are continuing to flood into the capital markets. On the evening of March 31, Aerospace Technology Co., Ltd. of Zhongke (hereinafter referred to as “Zhongke Aerospace”) had its Sci-Tech Innovation Board (STAR Market) IPO application accepted by the Shanghai Stock Exchange. The company also formally began competing with Blue Arrow Aerospace for the title of “the first commercial spaceflight company.” Notably, on the very next day after the IPO acceptance—April 1—the company was selected for an on-site inspection by drawing lots. In this attempt to go public, Zhongke Aerospace’s annual revenue continued to surge significantly; however, as of the first three quarters of 2025, its net profit remained in a loss position. From the perspective of the industry as a whole, besides the two companies mentioned above, many other companies in the commercial spaceflight sector have also launched listing advisory (coaching) processes. Regarding questions related to the company’s push for listing, on April 1, Zhongke Aerospace accepted an interview from Beijing Business Daily’s reporter.

“The First-in-Class” Battle Kicks Off

After the Shanghai Stock Exchange accepted Zhongke Aerospace’s STAR Market IPO application on March 31, on the evening of April 1, the website of the China Securities Industry Association disclosed the list of companies selected by lot for on-site inspections in the second batch of issuers for 2026; the company was selected for an on-site inspection.

据了解，Zhongke Aerospace is mainly engaged in the R&D, production, and launch services for a series of medium and large-scale commercial launch vehicles, while also expanding into new space-economy business formats such as space manufacturing, space science experiments, and space tourism. For this push to go public, the company plans to raise approximately RMB 4.18 billion. After deducting issuance expenses, the net proceeds are planned to be invested in reusable large launch-vehicle R&D projects, reusable launch-vehicle and spacecraft R&D projects, reusable liquid engine industrial bases, repaying bank loans, and replenishing working capital.

值得一提的是，在IPO申报获受理的前一日，即3月30日晚间，中科宇航力箭二号遥一运载火箭· 国际纺都号在东风商业航天创新试验区成功发射，将轻舟初样试飞船（新征程02卫星）、新征程01卫星和天视卫星01星精准送入预定轨道。据了解，力箭二号是我国首款“通用助推器核心”构型的运载火箭，具有运载能力大、固有可靠性高、可制造性强、操作简洁便利、拓展空间强、可重复使用等优势。

背后，Zhongke Aerospace’s report-period net profit is still in a loss position. According to the prospectus documents, in 2022 through 2024 and in the first three quarters of 2025, the company’s operating revenue was approximately RMB 5.9529 million, RMB 77.721 million, RMB 244 million, and RMB 84.2239 million, respectively. Correspondingly, the net profit attributable to the company was approximately RMB -1.761 billion, RMB -512 million, RMB -861 million, and RMB -749 million, respectively.

Zhongke Aerospace told Beijing Business Daily’s reporter that in the future, by listing on the capital market, the company will speed up the R&D of core technologies and the construction of mass-production capabilities, thereby consolidating its core competitiveness with steady operations and delivering long-term value to investors.

The acceptance of Zhongke Aerospace’s IPO will also mean that it will start competing with Blue Arrow Aerospace for the “first commercial spaceflight company.”

Judging by Blue Arrow Aerospace’s process of moving toward listing, information on the Shanghai Stock Exchange website shows that the company’s STAR Market IPO was accepted on December 31, 2025, and entered the inquiry stage on January 22, 2026. On March 31, 2026, Blue Arrow Aerospace’s IPO was suspended because the financial data recorded in the application documents for the issuance and listing had passed their validity period and needed to be submitted again.

Who Are the Contingent Workforce After the Listing Advisory?

Blue Arrow Aerospace and Zhongke Aerospace’s IPO application acceptances came one after another, which is merely a snapshot of the current wave of companies in the commercial spaceflight sector attempting to go public. With the capital market’s policy framework for the commercial spaceflight industry continuing to improve, more commercial spaceflight companies are launching drives toward the capital markets.

From the policy perspective, in June 2025, the STAR Market rolled out a “1+6” reform package, clarifying support for more companies in frontier technology fields such as commercial spaceflight to apply the STAR Market’s fifth listing standards. That same month (December 2025), the Shanghai Stock Exchange further issued major positive developments by releasing “Guiding Rules No. 9 on the Application of the Rules for Review of Issuance and Listing on the Shanghai Stock Exchange—The Fifth Set of STAR Market Listing Standards for Commercial Rocket Enterprises,” which made detailed provisions regarding the application of the STAR Market’s fifth listing standards for commercial rocket enterprises across seven areas, including business scope and “hard-tech” attribute requirements, qualification criteria, industry position, and phased achievements.

With the policy tailwinds, the lineup of “reserve forces” in China’s A-share commercial spaceflight sector is continuing to expand.

Up to now, commercial rocket companies such as Galaxy Power and Star Glory have all been in the listing advisory stage. Among them, Star Glory had already started listing advisory as early as 2020. This year, in January, it disclosed its report on progress regarding the 22nd period of advisory work.

In the commercial satellite sector, the listing-IPO boom is warming up in parallel. On the evening of March 30, the China Securities Regulatory Commission website showed that Galaxy Aerospace started listing advisory. It is understood that the company is a provider of satellite internet solutions and also a satellite manufacturer, committed to the independent R&D and low-cost mass production of communication payloads, key single machines, and satellite platforms.

Before that, companies such as Micro & Nano Starry Sky and Yixin Aerospace had already initiated listing advisory processes.

Commercialization of the Spaceflight Industry Accelerates

“ This round of commercial spaceflight IPO boom is the result of both the industry’s increasing maturity and the joint push of reform in the capital markets.” Looking ahead, Zhou Di, an entrepreneurship mentor with the China Association of Science and Technology Consulting, told Beijing Business Daily’s reporter that the pace of corporate listings will steadily speed up; however, companies may face bottlenecks such as risks of technological iteration, long profitability cycles, whether valuations are reasonable, and insufficient commercialization verification of launch and network build-out.

During an interview with Beijing Business Daily’s reporter, Zhongke Aerospace stated that as a national strategic high-tech industry, commercial spaceflight has become an important benchmark for measuring a country’s comprehensive national strength, and also a new high ground for competition among major powers. Major powers generally regard commercial spaceflight as an important component of a country’s overall strength, and the strategic role of commercial spaceflight is becoming increasingly prominent.

In recent years, China’s layout for commercial spaceflight has also been continuing to expand. In 2025, the National Space Administration released, one after another, the “Notice on Strengthening Quality Supervision and Management of Commercial Spaceflight Projects” and the “Action Plan for Promoting High-Quality and Safe Development of Commercial Spaceflight (2025–2027),” and at the end of the year established a Commercial Spaceflight Bureau, continuing to promote high-quality development of commercial spaceflight.

“ In recent years, the laws and regulations and industry policies related to commercial spaceflight that China has newly formulated or revised are aimed at clarifying the strategic position of the commercial spaceflight industry and providing support across multiple areas such as finance, taxation, technology, and talent. The establishment and improvement of industry policy regulations provide key safeguards and strong impetus for the business development of commercial spaceflight companies.” Zhongke Aerospace said.

Riding on a series of policy tailwinds, the pace of industrialization in the commercial spaceflight sector is accelerating in sync.

“China’s commercial spaceflight has entered a stage of large-scale development. The industrial chain has been gradually improving. Policy has shifted from encouraging development to regulating for better quality. Specialized bureaus have been established to strengthen supervision and services, drawing a safety bottom line for the industry and clarifying development pathways. In the long run, it will promote orderly, high-quality growth and expansion, with broad prospects.” Zhou Di said.

“Over the next three years, deployment of satellite internet constellations will reach a peak.” Angel investor and senior artificial intelligence expert Guo Tao told Beijing Business Daily’s reporter that however, to achieve large-scale commercialization, the industry still needs to overcome key bottlenecks such as reducing the cost per single satellite to the ten-thousand-yuan level, and increasing launch frequency to about once per week.

Zhongke Aerospace also told Beijing Business Daily’s reporter that various regulations and policies provide the company with a favorable policy environment for business development. With the gradual advancement over the next 5–10 years of China’s plans for giant low-Earth-orbit satellite constellations, as well as the continued development of China’s private commercial launch vehicle companies, China’s market for commercial launch vehicles will enter a period of rapid development. The company is expected to benefit from relevant policy encouragement and support, and in the future will achieve continuous and rapid business growth.

（Source: Beijing Business Daily）