RMB 5 billion was raised in one month, and six leading companies were valued at over RMB 100 billion. While China’s private rocket companies are achieving new financing speeds, China’s satellite Internet construction is facing the embarrassing situation of “star-level arrows”.<\/p>\n
Today let\u2019s talk about: The six private rocket companies are valued at nearly 100 billion. How did the bubble inflate? <\/p>\n
01<\/p>\n
5 billion “smashed” at private rockets<\/p>\n
Entering the second half of 2025, private rockets frequently received good news. Tianlong-3, Blue Arrow Aerospace and China Aerospace each received news of the successful static ignition of the sub-stage and entered the Yuanxin Satellite Qianfan constellation bidding candidate list. As long as the first flight is completed within the year, a launch contract can be signed. As the first flight dates of many domestic large-scale liquid rockets approach, capital has also accelerated its entry. On September 18, Star Glory officially announced the completion of the D+ round of financing of 700 million yuan. On September 28, Galaxy Power completed 2.4 billion yuan in Series D financing. On October 9, Tianbing Technology raised another 2.5 billion yuan in Series D financing. In just one month, the financing amount of leading private rocket companies exceeded 5 billion, setting the largest single financing amount in the new year. Coupled with the previous listing guidance launched by China Aerospace and Blue Arrow Aerospace, the popularity of commercial aerospace in the financing market will soar in the second half of 2025. <\/p>\n
02<\/p>\n
What is the valuation of China\u2019s private rocket companies?<\/p>\n
So, what is the current valuation of China\u2019s leading companies in the commercial aerospace field? To this end, Nihao Space has compiled statistics on the latest valuations of the six domestic private rocket companies that have entered orbit. The data shows: The current domestic private rocket companies with the highest valuations are Blue Arrow Aerospace and Tianbing Technology. Among them, Blue Arrow Aerospace completed a 900 million yuan E round of financing in December 2024, with a post-investment valuation of approximately 22 billion yuan; Tianbing Technology\u2019s latest valuation is approximately 22.5 billion yuan after completing a 2.5 billion yuan D round of financing in October 2025. The private rocket companies ranking in the second echelon in terms of valuation are Star Glory, Galaxy Power and China Science and Technology Aerospace. Among them, the post-investment valuation of Interstellar Glory’s D round is 15 billion yuan; the post-investment valuation of Galaxy Power’s D round is about 15-15.8 billion yuan; China Science and Technology Aerospace is currently sprinting to go public, and its latest valuation is 15 billion. After successfully launching the “Gravity-1” Yao-2 rocket, Oriental Space is also seeking a new round of financing, with its valuation soaring from 8 billion to 12 billion yuan. The combined valuation of the six leading companies exceeds RMB 100 billion. <\/p>\n
03<\/p>\n
Industry “hidden worries” are emerging<\/p>\n
It seems to be the “golden age” of commercial aerospace, but the shadow of the bubble has already appeared.<\/p>\n
Compared with the rapid development of the financing market, the performance of private rockets at the launch end is not outstanding. There are currently six private rocket companies that have entered orbit, and most of their products that have truly achieved commercial operation are solid rockets. The liquid rocket Tianlong 2 has been silent since its first flight in early 2024. Tianbing Technology stated that the improved version of Tianlong 2 will not make its first flight until 26 years. Blue Arrow’s Suzaku-2 improved Yaosan has just experienced a launch failure, and its reliability needs to be verified. As for larger satellite Internet network launch missions, currently we can only rely on the national team\u2019s Chang Liujia, Chang Ba, Chang Bajia, Chang Twelve and Chang 5B. In other words, the enthusiasm of capital far exceeds the maturity of technology, and valuations are running ahead of capabilities. In addition, according to statistics, a total of 52 financing projects were completed in China’s commercial aerospace field in 2024, with a financing amount exceeding 15 billion, of which the rocket manufacturing industry accounted for 30%. But on the industrial side, the total revenue of the global aerospace industry in 2024 will be US$415 billion, and rocket launch service revenue will be US$9.3 billion, accounting for only 2.2%. This shows that domestic capital\u2019s preference for rocket companies has become \u201cunbalanced.\u201d Some projects have been rated as \u201cquasi-unicorns\u201d before they even take flight. This is not a victory of industrial upgrading, but the result of capital maturation. In this atmosphere, bubbles are quietly forming. <\/p>\n
04<\/p>\n
How does the bubble blow up?<\/p>\n
So how did this wave of bubbles blow up? There are three main forces.<\/p>\n
First of all, the lack of large-capacity and low-cost rockets in the industrial structure has resulted in “rocket fever.” The demand for networking of low-orbit satellite constellations such as Xingwang and Qianfan Constellation is clear. Whoever can take the lead in achieving low-cost and high-frequency launches will get the “ticket” for the future satellite Internet. Capital naturally doesn\u2019t want to miss it.<\/p>\n
Secondly, the demonstration effect of SpaceX has attracted capital. Rocket reuse has become a reality, allowing SpaceX to achieve a valuation miracle of US$400 billion from the brink of bankruptcy. Capital also hopes that they can invest in a “Chinese version of SpaceX.”<\/p>\n
Finally, local governments\u2019 anxiety about industrial upgrading has exacerbated this phenomenon. With Wuxi and Chengdu as representatives, various places are “promoting investment through investment” – providing money, land, and building parks, hoping to use rocket projects to drive industrial clusters. But the final result is that local enthusiasm + capital have added fuel to the flames, making the valuation of rocket companies increasingly “fictitiously” high.<\/p>\n
This is a “space bubble” blown up by the market, capital and local governments.<\/p>\n
Hello Space Observer<\/p>\n
Safety is not only production safety and technical safety, but also the safety of industry ecology and business logic. China’s commercial aerospace industry is no longer a pure market competition. Perhaps, it is time to consider a higher level of top-level design to guide the safe, healthy and orderly development of the industry.<\/p>\n","protected":false},"excerpt":{"rendered":"
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