Previously, in our series of articles on China’s top ten commercial aerospace companies, we have successively introduced core links such as commercial rocket companies, satellite manufacturing companies, and industrial parks.
And behind this trillion-level track, there is an equally key force – capital.
Commercial aerospace is essentially a capital-intensive industry with long R&D cycles and long return cycles. To move from technical verification to large-scale implementation, companies often need to cross the long “valley of death”, and this is inseparable from the continued support of long-term capital.
Against this background, Nihao Space launched the “Top 10 Most Trustworthy Investment Institutions in China’s Commercial Aerospace in 2026”, hoping to use this list to observe changes in China’s commercial aerospace capital landscape and to find institutions that are truly optimistic about the long term and continue to invest in this track.
01
Commercial aerospace capital is entering a “heavy position period”
Driven by the dual promotion of policy strengthening and rapid expansion of industrial scale, China’s commercial aerospace is entering a new stage of development. The capital market has gradually shifted from early tentative deployment to more large-scale and systematic long-term investment. 1. Improved policy positioning: from “new growth engine” to “emerging pillar industries”
In the past three years, commercial aerospace has continued to rise in national strategy.
In 2024, commercial aerospace was included in the government work report for the first time and was positioned as a “new growth engine”; in 2025, it was again proposed to promote the safe and healthy development of commercial aerospace; in 2026, aerospace was positioned as an “emerging pillar industry” for the first time. This shows that commercial aerospace is no longer just a frontier exploration, but is becoming an important starting point for local industrial competition and new productivity layout. At the local level, Beijing, Shanghai, Sichuan and other places have accelerated the implementation of industrial policies, established industrial funds and state-owned assets platforms, and promoted the clustered development of the entire industry chain. At the same time, new signals are also released at the capital market level. In 2025, the Shanghai Stock Exchange issued the “Fifth Set of Listing Standards Guidelines for Commercial Rocket Enterprises on the Science and Technology Innovation Board”, clarifying that unprofitable commercial rocket companies can apply for listing on the Science and Technology Innovation Board, providing a clear path to listing for companies with high R&D investment and long commercialization cycles. 2. The market size is growing rapidly. According to statistics from many institutions, the scale of China’s commercial aerospace industry will be approximately 2.5 trillion to 2.8 trillion yuan in 2025, with an average annual compound growth rate of more than 20%. Compared with 376.42 billion yuan in 2015, the industry scale has increased more than 7 times in ten years. It is predicted that by 2030, the scale of China’s commercial aerospace industry will reach 7 trillion to 10 trillion yuan, and its global market share will increase to about 15%. 3. Capital investment has increased significantly. According to Nihao Space, a total of 140 financing events occurred in China’s commercial aerospace field in 2025, with a disclosed financing amount of approximately 16.342 billion yuan. Among them, there were 10 projects with a single financing amount exceeding 100 million yuan, and the highest financing scale reached 2.5 billion yuan. Entering 2026, capital enthusiasm continues to rise. In February, Interstellar Glory raised a D++ round of financing of 5.037 billion yuan, breaking the single financing record for Chinese private commercial aerospace enterprises. In addition, more than 10 commercial aerospace companies, including Blue Arrow Aerospace, Tianbing Technology, and China Aerospace, have launched the IPO process, and the path to industrialization and listing is gradually becoming clearer. Under the combined effect of the continued intensification of policies, the expansion of industrial scale and the improvement of capital mechanisms, China’s commercial aerospace capital is accelerating its concentration in core tracks, forming continuous investment in a larger volume and longer period. The industry has substantially entered a “heavy position” of capital.
02
How to judge whether an investment institution is worth paying attention to?
In a technology-intensive, capital-intensive, long-cycle industry like commercial aerospace, capital is not only a provider of funds, but also affects the pace and direction of industry development to a certain extent. This list is not simply ranked based on fund size, single investment amount or popularity, but focuses more on their long-term value in the commercial aerospace track. Taken together, we mainly evaluate from the following four aspects: 1. Long-term investment ability: Whether it will continue to pay attention to the commercial aerospace track for many years and have long-term investment patience, rather than chasing short-term hot spots. 2. Depth of industry understanding: Whether you have a systematic understanding of industry chain links such as rockets, satellite manufacturing, satellite applications, and constellation construction, and form a stable investment logic. 3. Representative investment cases: Have you invested in commercial aerospace companies with industry influence and provided actual assistance to the growth of the company? 4. Capital ecological influence: Whether it plays an active role in promoting the integration of industrial resources, improving corporate financing capabilities, and industrial collaboration.
03
Who is betting on China’s commercial aerospace industry?
China’s commercial aerospace capital landscape is composed of three types of core forces: local state-owned assets that shoulder the mission of guiding regional industries, industrial capital that seeks industry chain synergy, and market-oriented VC that pursues financial returns and innovative discoveries. They have different focuses on risk preferences, investment cycles and industry goals, and together they shape the current capital landscape. 1. Local state-owned assets and industrial guidance funds
This type of capital determines “where” the industry will be located, and pays more attention to the implementation of regional industries. It not only invests in enterprises, but also invests in industrial clusters.
①Chengdu Science and Technology Venture Capital: Founded in 2021, it is a state-owned science and technology investment group in Chengdu. It has built a science and technology investment fund system covering the entire life cycle of enterprises. As of now, the total fund size has reached 125.414 billion yuan, and the management fund size has reached 80.649 billion yuan. Representative projects: Blue Arrow Aerospace, National Star Aerospace, Aurora Starcom, Micro-Nano Starry Sky, Zhongke Xiguang, Aotian Technology, Xunlian Technology, Lanyue Mechanical and Electrical, Fuchang Space, Starlink Xentong, Xingsi Semiconductor, Exar, and Longjia Sky.
Reasons for being shortlisted: As a representative of local state-owned assets, Chengdu Science and Technology Venture Capital is not only active in investment, but also has a significant influence in regional industry agglomeration, fund synergy and aerospace ecological construction.
② Shenzhen Venture Capital: Established in 1999 by the Shenzhen Municipal Government and guided by social capital, it is a state-owned comprehensive investment group with venture capital as its core. As of the beginning of 2026, the total scale of various types of funds under management has exceeded 500 billion yuan, with long-term layout in the hard technology field. Representative projects: Aerospace Science and Industry Rocket, National Star Aerospace, Changguang Satellite, Micro-Nano Star Sky, Xinglian Xintong, Navistar Transmission, Blue Star Optical Domain, Qingyan Intelligent Beam, Yidong Aerospace, Fusion Technology, Xunlian Technology, Xingyi Space, Jingji Communications. Reasons for being shortlisted: As one of the most representative state-owned venture capital institutions in China, Shenzhen Venture Capital continues to deploy in multiple core aspects of commercial aerospace, with financial strength, project coverage and industry influence. ③Xin Venture Capital: Founded in 2013, it is a state-owned venture capital institution integrating seeds, angels, entrepreneurship, equity, mergers and acquisitions, and S funds. As of now, the total scale of managed funds exceeds 290 billion yuan. Representative projects: Juntian Aerospace, Diantui Aerospace, Star Testing for the Future, Zhihang Space and Space, Yixin Aerospace, Micro-Nano Starry Sky, and Sibeitu. Reasons for being shortlisted: As an important platform for local state-owned assets in Wuxi, Wuxi Venture Capital continues to deploy in satellite, propulsion and key subdivisions, reflecting strong industrial sensitivity and regional synergy capabilities. ④Yida Capital: Established in 2014 by the internal mixed ownership reform of Jiangsu High-tech Investment, it is a comprehensive investment institution with venture capital as its main business. So far, the cumulative fund management scale has exceeded 120 billion yuan. Representative projects: Jianyuan Technology, Xingchen Optoelectronics, Interstellar Guangyao, Huanxin Yilian, China Science and Technology Union, Tianji Yida, Xingjian Technology, Jiutianxingge, Yixin Aerospace, and Fuchang Space. Reason for being shortlisted: As an investment institution with both state-owned assets background and market-oriented mechanism, Yida Capital has a steady layout in multiple subdivisions of commercial aerospace and has demonstrated strong long-term companionship capabilities. ⑤China Business Fund: Founded in 2022, it is a state-controlled private equity fund management company affiliated with the China Electronics Chamber of Commerce. It has been deeply involved in the aerospace industry for a long time. In 2025, it will complete an investment of more than 500 million yuan in the commercial aerospace direction. Representative projects: Rubik’s Cube Satellite, Kaiyun United, China Science and Technology Xiguang. Reasons for being shortlisted: As a state-owned platform that has recently deployed in the aerospace direction, China Business Fund has a high focus on the commercial aerospace field and has certain potential for industrial resource synergy and continuous investment. 2. Industrial capital and chain-owner investment institutions
This type of capital determines “how to connect” resources, and pays more attention to coordination and supply chain position. Investment often brings orders, customers, and scenarios.
⑥Jigang Group: In 2017, it transformed from a traditional steel company into a “chain master” company in the aerospace information field. In terms of fund layout, a multi-level cluster of “fund of funds + special funds + central and local cooperation funds” has been established. Representative projects: Deep Blue Aerospace, Jianyuan Technology, Tianbing Technology, Galaxy Power, Ascension Satellite, and Space Navigation Star. Reasons for being shortlisted: As a representative of industrial capital, Jinan Iron and Steel Group has been deeply involved in the layout of the regional aerospace industry chain through multi-level capital instruments such as “fund of funds + special funds + central and local cooperation funds”. 3. Market-oriented VC and early-stage investment institutions
This type of capital determines who can be discovered earlier. More daring to invest in early stage and cutting-edge investments, and better at discovering new directions and new teams.
⑦ Yuanhang Capital: Founded in 2015, adhering to the investment strategy of “technology-driven + industrial chain investment + investment ecological layout”, it has invested in leading companies in multiple subdivisions in the commercial aerospace field. Representative projects: Galaxy Power, Micro-Nano Starry Sky, Space Navigation Star, Yunyao Aerospace, Light Year Exploration, Xingchen Optoelectronics, Star Shift Lianxin, Jiutianxingge, Sanyuan Aerospace, Star Space, Giant Technology, and Zhihang Technology. Reasons for being shortlisted: As a market-oriented professional institution with high recognition in the commercial aerospace field, Yuanhang Capital has long been deeply involved in multiple core links such as rockets, satellites, measurement, operation control and applications, and has strong professionalism and sustainability. ⑧Hongfu Assets: Officially operational in 2020, the current management scale exceeds RMB 5 billion, focusing on cutting-edge technology, medical health, advanced manufacturing and new materials, focusing on companies in the growth and maturity stages. Representative projects: Lanling Xingtong, Reshu Technology, Lanyue Electromechanical, Tianbing Technology, and Aerospace Yuxing. Reason for being shortlisted: As a market-oriented institution in the growth stage, Hongfu Asset focuses on commercial aerospace projects with industrialization potential and project realization capabilities, and its value node layout in the mid-to-late period is relatively representative. ⑨ Imperial Capital: Founded in 2017, it is a market-oriented private equity investment institution that focuses on investment in growth-stage enterprises. The current fund size under management is approximately 30 billion yuan, including 20 billion yuan Liangxi Science and Technology Innovation Industry Fund of Funds and Bohua Capital-Boshang S Fund. Representative projects: Galaxy Aerospace, Tianbing Technology, Oriental Space, Micro-Nano Starry Sky, Tianyi Space, National Star Aerospace, Universal Space, Eastern Far, Kairui Starcom, Star Shift Lianxin, Helium Star Light Alliance, Xinghui Aerospace, Taihu Nebula, Final Frontier, Penghu Wuyu, and Ziwei Technology. Reasons for being shortlisted: As a market-oriented institution that has been highly active in the commercial aerospace industry in recent years, Imperial Capital has outstanding performance in terms of project coverage breadth, investment density and industry presence. ⑩Binfu Capital: Founded in 2015, it focuses on the fields of digital economy, new energy and new consumption, with a management scale of over 6 billion yuan. In 2025, it will focus on artificial intelligence and aerospace, investing in more than 20 projects with an amount of more than 1 billion yuan during the year. Representative projects: Blue Arrow Aerospace, Aurora Starcom, Jiuzhou Cloud Arrow, Zhongke Star, Light Future, Xiangyu Star, Dayou Semiconductor, Traveler, Juntian Aerospace. Reason for being shortlisted: As a market-oriented institution that has rapidly increased its presence in recent years, Binfu Capital has continued to invest in rockets, satellite Internet, laser communications and other directions, showing strong track focus. ⑪Changjiang Capital: Founded in 2009, it is a wholly-owned subsidiary of Changjiang Securities engaged in private equity investment fund business. It manages a parent-child fund of over 60 billion yuan, focusing on carbon neutrality, new materials, digital intelligence, military equipment, life and health and other fields. Representative projects: Space Navigation Star, Aurora Star Communication. Reasons for being shortlisted: As a capital platform with a securities firm background, Yangtze Capital has a relatively cautious layout in the commercial aerospace industry, but it has unique advantages in capital market collaboration and mid- and late-stage support. ⑫ Cornerstone Capital: Founded in 2008, it has focused on hard technology, semiconductors, artificial intelligence and commercial aerospace tracks in recent years. Its cumulative asset management scale is approximately 85 billion yuan, and it has formed an investment system covering the entire life cycle of enterprises. Representative projects: Blue Arrow Aerospace and Yushi Space. Reasons for being shortlisted: As a well-known domestic market-oriented equity investment institution, Cornerstone Capital has included commercial aerospace as a key focus and has strong capabilities in mid- and late-stage capital operations and resource integration. ⑬ Huacang Capital: Founded in 2019, it is a private equity venture capital institution focusing on hard technology investment. The focus is on commercial aerospace, advanced manufacturing, green energy, artificial intelligence, etc. The current investment stage is mainly in the early to mid-term. Representative projects: Yushi Space, NationStar Aerospace, Zhongke Hangxin, Jianmu Xinchuang, Star Space, Helium Star Photolink, and Lightyear Exploration. Reasons for being shortlisted: As an early- to mid-stage hard technology investment institution, Huacang Capital continues to make plans in the directions of satellite manufacturing, laser communications, and space infrastructure, and remains highly sensitive to new technology opportunities. ⑭Linge Venture Capital: Founded in 2021, it focuses on early-stage investment, focuses on the dual main lines of technology and consumption, and focuses on new energy, new materials and advanced manufacturing in the field of technology. The current management scale exceeds 1 billion yuan. Representative projects: Lanlingxingtong, Yushi Space, Yiwei Aerospace, and Dongsheng Aerospace. Reason for being shortlisted: As a cutting-edge early-stage investment institution, Linge Venture Capital maintains continuous focus on new commercial aerospace teams and new technology directions, and is representative in the discovery of early-stage innovative projects. ⑮Meihua Venture Capital: Founded in 2014, it focuses on the fields of new energy, semiconductors, military industry, digitalization, intelligent manufacturing and commercial aerospace, with a management scale of approximately 12 billion yuan and 100 million US dollars. Representative projects: Galaxy Power, Micro-Nano Starry Sky, Star Shift Lianxin, and Zhongke Tiansuan. Reasons for being shortlisted: As a well-known early-stage investment institution in China, Meihua Venture Capital continues to deploy in multiple subdivisions of commercial aerospace, and is highly representative in terms of cutting-edge technology entrepreneurial team support and project discovery.
04
future trends
As China’s commercial aerospace gradually enters the industrialization stage, the capital structure is also changing. 1. Industrial capital continues to increase investment. As the construction of rockets, satellites and constellations enters the stage of large-scale development, industrial capital is deepening its participation in enterprise development. Local industrial funds and market-oriented VCs not only continue to provide financial support, but also play a key role in resource integration, industrial collaboration and strategic layout, promoting the overall growth of the industry. 2. IPOs are accelerating, and capital is concentrated in leading companies. Capital market paths such as the Science and Technology Innovation Board are gradually clarified, and leading companies are the first to obtain listing and financing opportunities. As funds are concentrated in a few leading companies, industry differentiation has further intensified, and the advantages of leading companies in technology research and development, market share and ecological layout have become increasingly prominent. 3. M&A and integration will become an important theme in the next stage. At this stage, the industry structure is becoming increasingly clear, with resources concentrated on leading companies. Long-tail companies are facing pressure from business restructuring or transformation and may become targets of acquisitions or mergers. As a result, the pace of industry integration is accelerating. It is foreseeable that in the next ten years, China’s commercial aerospace will not only be a technological competition, but also a long-term game between capital, industry and market.
Conclusion
From a capital perspective, China’s commercial aerospace has gone through the exploration period of “from 0 to 1” and is entering the acceleration stage of “from 1 to 10”.
In the future, the industry structure will be determined not only by whose technology is more advanced, but also by who can obtain more stable, longer-term, and better-informed industry capital support.
What really deserves attention is not necessarily the most aggressive institutions, but those long-termists who are willing to go through cycles and accompany companies across the “Valley of Death.”
