Global Times | Chinese private space company GalaxySpace files for A-share IPO counseling
China's private space company GALAXYSPACE (Beijing) Technology Group Co has filed for A-share IPO counseling, or pre-listing guidance, with the Beijing Regulatory Bureau of the China Securities Regulatory Commission (CSRC), according to a post on the agency's website.
It represents one of the first substantive steps by a Chinese private space firm to become a public company, industry insiders said, amid the broader trend of the sector moving from technology verification to large-scale industrialization and commercialization.
The company did not respond to questions about the IPO counseling when contacted by the Global Times on Tuesday. It noted that "GALAXYSPACE plans to continue developing and launching more advanced satellites throughout this year."
The Chinese company has launched more than 20 proprietary, technologically advanced satellites since 2025, which is equivalent to the total it launched during the previous six years combined, a spokesperson told the Global Times.
According to a post on the CSRC's website, GALAXYSPACE was founded in 2019, with registered capital of 44.38 million yuan ($6.42 million). The company's founder, chairman and CEO Xu Min serves as the legal representative of the company. Huatai United Securities has been appointed as the IPO counseling institution.
The company is a leading satellite internet solution provider and satellite manufacturer, committed to independent research and development (R&D) of communication payloads, core modules, and satellite platforms, as well as achieving low-cost mass production, according to an introduction on its website. In Nantong, East China's Jiangsu Province, GALAXYSPACE has built a next-generation intelligent satellite manufacturing factory, which has achieved the mass production capacity of hundreds of satellites.
In February, GALAXYSPACE completed the Series C financing round, with the post-funding valuation reaching approximately 32 billion yuan. The company's estimated valuation was 11.5 billion yuan and 11 billion yuan in 2024 and 2023, respectively, according to the Hurun Global Unicorn Index, the Securities Times reported.
Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Tuesday that private commercial space companies have remained in the stage of primary market financing and small-batch launch verification. They generally face significant funding bottlenecks characterized by heavy R&D investment, long development cycles, and high capital requirements, with a relatively unclear path to capitalization.
If GALAXYSPACE and other commercial space companies obtain A-share listings, it is expected to create a replicable pathway for the industry — connecting technology R&D, primary market financing, large-scale mass production, and secondary market capitalization, industry analysts said.
Xu Yin, general manager of public affairs at GALAXYSPACE, told the Global Times on Tuesday that the satellite manufacturing market still holds significant potential, and the application side of the satellite industry is set to unleash greater vitality, with the relaxation of market access and the reduction of manufacturing costs as mass production capabilities expand.
Other Chinese commercial space start-ups such as LandSpace, CAS Space and Space Pioneer, have officially initiated their A-share IPO processes in recent months, according to media reports.
For example, LandSpace's application for listing on the STAR market was accepted by the Shanghai Stock Exchange on December 31, 2025, and in January, its IPO review status in the STAR market was changed to "under inquiry." Also in January, the IPO counseling status of CAS Space was changed to "under acceptance," news portal 21jingji.com reported.
Overseas, SpaceX, founded by Elon Musk, is expected to go public this year with a valuation of about $1.75 trillion, the BBC reported in March.
A manager of a Shenzhen-based venture capital firm surnamed Zhu told the Global Times on Tuesday that it could be a long process for Chinese space start-ups to complete the IPO process, from counseling to filing of an IPO application, passing the listing committee to IPO issuance and listing. She estimated that some companies could go public in 2026 or 2027.
"However, some of the start-ups need to address issues concerning profitability and shareholder compliance," she said, while pointing to other pressing questions such as "how to achieve a reasonable valuation in the capital market, and whether the company can continuously deliver on its commercial promises after IPO issuance."
The Government Work Report released this year identified aviation and aerospace as "emerging pillar industries," among other sectors.
In December, the Shanghai Stock Exchange released guidelines on the application of the fifth set of listing standards on the STAR Market for commercial rocket enterprises. The guidelines provide further details on business scope, technological strength, phased achievements, and industry standing, which analysts said provides private aerospace companies with a clearer and more defined listing pathway on the STAR Market.