LandSpace Files for IPO on Shanghai's STAR Market, Signifying a Leap in China's Aerospace Ambitions

On July 30, 2025, Beijing-based LandSpace Technology Corporation filed for an initial public offering (IPO) on the Shanghai Stock Exchange's STAR Market, according to a document released by the China Securities Regulatory Commission. The filing did not specify the amount the company aims to raise.

Founded in 2015, LandSpace has rapidly emerged as a significant player in China's commercial aerospace sector. The company focuses on developing cost-effective and reusable rocket technologies, positioning itself as a competitor to established firms like SpaceX and Blue Origin.

In July 2023, LandSpace achieved a global first by successfully launching a methane-liquid oxygen rocket, surpassing U.S. competitors in this technological feat. This type of fuel is considered less polluting, safer, and more cost-effective than traditional hydrocarbon fuels, making it suitable for reusable rockets.

In June 2025, the company completed a test of the first-stage propulsion system of its Zhuque-3 launch vehicle, a reusable rocket with its inaugural launch scheduled for the latter half of 2025. A successful Zhuque-3 launch would position LandSpace as the second company, after SpaceX, to deploy a reusable rocket, potentially reducing launch costs and turnaround times.

LandSpace has secured funding from prominent investors, including venture capital firm HongShan (formerly Sequoia Capital China), the investment arm of property developer Country Garden, and the state-backed China SME Development Fund. The company raised 900 million yuan (approximately $125 million) in December 2024 and 1.2 billion yuan in 2020 to support its development of advanced manufacturing technologies.

The STAR Market, launched six years ago, has become a significant platform for science and technology firms, with nearly 590 companies listed and a combined market capitalization exceeding 7 trillion yuan (approximately $976 billion).

LandSpace's IPO and technological advancements signify China's growing capabilities and ambitions in the commercial space sector. The development of reusable rocket technology could lead to more cost-effective and frequent launches, benefiting various industries reliant on satellite deployment and space-based technologies.

As LandSpace prepares for its IPO and the upcoming launch of Zhuque-3, the global aerospace industry will be closely watching China's progress in reusable rocket technology and its potential impact on the market.