LandSpace Seeks IPO in Shanghai Amid Advances in Reusable Rocket Technology

Beijing-based LandSpace Technology Corporation has filed for an initial public offering (IPO) on the Shanghai Stock Exchange's STAR Market, according to a document released by the securities regulator on July 30, 2025. The filing did not disclose the company's fundraising target.

Founded in 2015, LandSpace has emerged as a significant player in China's commercial aerospace sector, focusing on the development of methane-liquid oxygen (methalox) rockets. In July 2023, the company achieved a global milestone by successfully launching the world's first methalox rocket, the Zhuque-2, into orbit, surpassing U.S. competitors such as SpaceX and Blue Origin.

Building on this success, LandSpace is developing the Zhuque-3, a reusable stainless steel rocket designed to enhance cost efficiency and launch frequency. The Zhuque-3 is a two-stage, medium-to-heavy launch vehicle measuring 76.6 meters in length and 4.5 meters in diameter, with a liftoff weight of approximately 660 tonnes. Its reusable first stage, equipped with nine Tianque-12B engines, is designed for up to 20 launches. The rocket's payload capacity to low Earth orbit (LEO) is about 21 tonnes in expendable mode, 18.3 tonnes when the first stage is recovered downrange, and 12.5 tonnes when the first stage returns to the launch site.

In January 2024, LandSpace conducted a successful vertical takeoff and landing (VTVL) test using the Zhuque-3 VTVL-1 test vehicle at the Jiuquan Satellite Launch Center. The test stage, powered by a single Tianque-12 engine, flew for approximately 60 seconds, reaching a height of about 350 meters, and achieved a landing accuracy of about 2.4 meters.

Further advancing its reusable rocket technology, LandSpace completed a nine-engine static fire test for the Zhuque-3's first stage in June 2025 at the Dongfeng commercial launch site near the Jiuquan Satellite Launch Center. The test produced 7,542 kN of thrust and marked a significant step toward the rocket's maiden flight, anticipated in the latter half of 2025.

To support its technological advancements, LandSpace has secured substantial funding. In December 2024, the company raised 900 million yuan ($125 million) from China's National Manufacturing Transformation and Upgrading Fund, a state-backed investment initiative. In 2020, LandSpace raised 1.2 billion yuan ($170 million) to support its development of advanced manufacturing technologies.

LandSpace's progress in reusable rocket technology positions it as a formidable competitor in the global aerospace industry, particularly in the reusable rocket market. The company's advancements contribute to China's goal of becoming a leader in space technology, challenging established players like SpaceX.

The IPO filing and technological developments are likely to attract further investment into China's burgeoning commercial space sector, fostering innovation and economic growth. By achieving milestones such as the first methalox rocket launch and developing reusable rockets, LandSpace is contributing to China's ambition to lead in space technology.

As LandSpace prepares for the maiden flight of the Zhuque-3 and its IPO, the company's trajectory reflects the rapid evolution and competitiveness of China's private aerospace sector. The success of these initiatives will be closely watched by industry observers and investors alike.