Another commercial space company is rushing towards an IPO.
Under the leadership of aerospace veteran Gao Enyu, China’s private commercial satellite company, Weina Xingkong, set off from Beijing and recently applied for listing on the Science and Technology Innovation Board. It is expected to become the “first stock in the commercial satellite industry.”
After achieving the launch of five satellites in one rocket twice, Weina Xingkong has launched a total of 32 satellites to date. Meanwhile, the company’s satellites not only cover a weight range from 10 kg to 500 kg but can also be used in scenarios such as communication, navigation, and remote sensing.
Along the way, with the support of Zhongke Chuangxing, Yuanhang Capital, Chuangxiang Angel, Shenzhen Capital Group, Yonghua Investment, CDH Baifu, Plum Ventures, Gopher Asset, Lightspeed China Partners, Anfulan Capital, Ceyuan Ventures, IDG Capital, Wuxi Venture Capital, Yuanhe Zhongyuan, China Development Manufacturing Transformation and Upgrading Fund, Yuexiu Industrial Fund, Yangtze River Aerospace Industry Fund, etc., Weina Xingkong has become a star unicorn.
Aerospace Veteran Builds a Satellite Unicorn
Amid the upsurge of commercial space startups, Weina Xingkong came into being.
Back in 2015, with the introduction and implementation of relevant policies, China’s commercial space industry entered its development era. Sensing the market’s enthusiasm, Gao Enyu, Kong Lingbo, Huan Yiheng and others quickly realized that the commercial space industry had huge development opportunities, and eventually came up with the idea of starting a business.
Behind their accurate judgment of the industry trend is their long – term in – depth involvement in the aerospace field. Jointly trained by Beijing Institute of Technology and Pennsylvania State University in the United States, Gao Enyu, who holds a doctorate, has worked at the China Academy of Launch Vehicle Technology and the China Academy of Space Technology.
As co – founders of Weina Xingkong, Kong Lingbo and Huan Yiheng are both deputy general managers of the company. After graduating with a master’s degree from Beihang University, Kong Lingbo has worked at companies such as Aerospace Dongfanghong. As for Huan Yiheng, he is a master’s graduate from Beijing Institute of Technology and has worked at companies such as Aerospace Stars and AVIC Avionics Co., Ltd.
Previous experience in satellite work told them that building large – scale low – orbit constellation networks is an inevitable trend. Seeing the huge market for mass – production of satellites in the domestic relevant field, they founded Weina Xingkong in Beijing in August 2017, focusing on the commercial satellite field.
In the early days of its establishment, Weina Xingkong focused on the technical verification of microsatellites. The revenue from ground equipment reached several million yuan within three months. After achieving a closed – loop technology for satellite overall design, system integration, and in – orbit verification, the company gradually gained the ability to develop satellites of different magnitudes.
With the iterative upgrade of technology, their product system has also been continuously improved. After achieving the launch of five satellites in one rocket twice, Weina Xingkong has launched a total of 32 satellites to date. Meanwhile, the company’s satellites not only cover a weight range from 10 kg to 500 kg but can also be used in scenarios such as communication, navigation, and remote sensing.
Years of precipitation have enabled Weina Xingkong to gain wide recognition in the market. After the satellite manufacturing industry became a key area in China’s new infrastructure construction, in 2025, they successfully delivered large – scale commercial satellite and component orders by participating in the national satellite Internet project and major national defense projects, and their revenue soared.
Looking at the prospectus, the combined revenue of the company in 2023 and 2024 was less than 100 million yuan. However, in 2025, their revenue exceeded 384 million yuan. However, affected by factors such as R & D, Weina Xingkong is still in a loss state, with a cumulative net loss of more than 1 billion yuan from 2023 to 2025.
It is worth noting that they have over 1 billion yuan in outstanding orders being fulfilled, with the largest single – item order exceeding 800 million yuan, and the contract subject is a complete satellite. Playing an important role in this is the satellite intelligent manufacturing production line in Wuxi that the company is building, which has the capacity to produce 150 satellites per year.
After nearly a decade of development, Weina Xingkong has not only grown into a star unicorn in Beijing but is also finally heading towards the A – share market, expected to become the “first stock in the commercial satellite industry.”
Supported by Many Investors, Expected Market Value to Exceed 10 Billion
As a capital – intensive and long – cycle industry, satellite manufacturing requires a large amount of capital support.
Along the way, Weina Xingkong has received support from many investors. As early as its establishment, the company completed a tens – of – millions – level angel round of financing from Chuangxiang Angel, Yuanhang Capital, and Zhongke Chuangxing.
In 2018, they completed two rounds of financing, raising hundreds of millions of yuan from Yonghua Investment, Anfulan Capital, Fengyang Capital, Century Capital, Chuangxiang Angel, Yangtze River Aerospace Industry Fund under China Aerospace Science and Industry Corporation, etc.
In the view of Yonghua Investment, Weina Xingkong completed the design and iteration of its core products in a short time, relying on the accumulation of China’s aerospace industry. As for the Yangtze River Aerospace Industry Fund, in addition to recognizing the company’s technical strength and development potential, they also wanted to improve the fund’s layout in the commercial space industry through this investment.
In 2019, the company completed two launch missions, one of which launched three satellites, achieving the “multiple satellites in one rocket” launch for the first time. In September of the same year, Weina Xingkong completed a financing of tens of millions of yuan, with investors including Shenzhen Capital Group, Kexin Capital, Yonghua Investment, Zhongke Chuangxing, Chuangxiang Future, etc.
Not long after, in February 2020, the company completed a nearly 100 – million – yuan Series A2 financing, with investors including Bilin Capital, Chuangxiang Future, etc. Bilin Capital once said bluntly that Weina Xingkong’s R & D technology and team strength met its expectations. Two months later, they completed a tens – of – millions – yuan Series A3 financing, with the investor being CITIC Construction Investment.
With new progress in business, after receiving nearly 300 million yuan in investment from Gaoneng Capital, Gopher Asset, Lightspeed China Partners, CDH Baifu, Plum Ventures, etc. in 2021, Weina Xingkong completed a nearly 400 – million – yuan Series B and B+ financing in 2022, with investors including China Development Manufacturing Transformation and Upgrading Fund, Yuexiu Industrial Fund, Dongrui Investment, Haitong Innovation Investment, etc.
At that time, in the view of the China Development Manufacturing Transformation and Upgrading Fund, Weina Xingkong achieved a technological breakthrough in the field of high – end satellite development with its excellent talent team, solid technical capabilities, and rich delivery experience, and has the ability to serve the construction of new space – based infrastructure.
In June 2024, Weina Xingkong successfully completed a 1 – billion – yuan Series C1 financing. After receiving investment from Yuanhe Zhongyuan, Liangxi Science and Technology Innovation Industry Mother Fund managed by Bohua Capital, Anfulan Capital, etc., the company officially became a commercial space unicorn. Half a year later, they received investment from Shunxi Fund.
Starting from November 2025, the company completed two rounds of financing in about a month, with investors including Shunxi Fund, Ceyuan Ventures, IDG Capital, Heletech, Zhongcai Rongshang, Xiaochi Capital, Chengdu Science and Technology Innovation Investment Group, Wuxi Venture Capital, Tiande Investment, etc.
It is worth noting that through direct investment or equity transfer, investors such as Shanghe Capital, Future Astronautics Asset, Yingfang Capital, Turing Asset Management, Panyi Investment, Shengbang Security, Jinding Investment, Tianyou Software, etc. have also become shareholders of Weina Xingkong.
According to Weina Xingkong’s plan, they are preparing to raise 5 billion yuan through an IPO. “Based on the characteristics of the industry and the company’s operating status, combined with the recent valuation of comparable companies in the domestic market and the valuation corresponding to the company’s latest capital increase, it is expected that the company’s market value will be no less than 10 billion yuan when listed on the Science and Technology Innovation Board.”
Commercial Space: Batch IPOs
Looking around, a group of commercial space companies are accelerating towards IPOs.
After launching the roadshow on June 4th, SpaceX will go public on June 12th. In their plan, they are going to issue approximately 556 million shares at a price of $135 per share, raising $75 billion, and the corresponding market value will reach approximately $1.77 trillion.
This also means that SpaceX will become the largest – scale IPO in history. Subsequently, a grand wealth feast is unfolding.
Looking at the prospectus, the total capital received by SpaceX is about $10 billion. If the stock price stabilizes after the IPO, in addition to bringing an average return of more than a hundred times to all shareholders, the company will also make Elon Musk the first super – rich person in history with a net worth of up to $1 trillion.
While SpaceX is attracting a lot of attention, the so – called “Five Little Dragons” in the commercial space industry, namely Zhongke Astronautics, Interstellar Glory, LandSpace, Tianbing Technology, and Galaxy Power, are collectively embarking on the IPO path.
As a member of the “Chinese – style SpaceX” camp and backed by the Institute of Mechanics of the Chinese Academy of Sciences, Zhongke Astronautics is China’s first mixed – ownership rocket company. As the only private commercial launch vehicle company in China that has undertaken multiple national major launch missions and overseas satellite launch missions, they have successfully launched rockets 11 times and sent 86 satellites into space.
To date, Zhongke Astronautics has products such as the Lijian series of launch vehicles, the Lihong series of reusable launch vehicles and spacecraft, and the Liqing series of reusable liquid engines. According to them, currently, the single – launch cost of the Lijian 2 in the non – recovery state is basically the same as that of SpaceX’s Falcon 9 in the recovery state. If recovery is achieved in the future, the cost is expected to be reduced to half of the latter.
With the support of Yunhui Capital, Hongma Capital, Zhongke Chuangxing, Yuexiu Industrial Fund, Guoke Investment, Sichuan Industrial Fund, Yuekai Capital, Guangzhou Industrial Investment, Industrial Control Capital, Guangzhou Light Industry Group, etc., Zhongke Astronautics has not only become the first commercial space unicorn enterprise in Guangzhou but also currently has a valuation of about 15 billion yuan and recently applied for listing on the Science and Technology Innovation Board.
Since 2026, boosted by policies, the market, and capital, concepts such as rocket launches, satellite Internet, and space computing power have attracted much attention. Behind the acceleration of many players towards IPOs, one can also deeply feel people’s obsession and longing for the “vast universe.” This journey of chasing dreams in space is being presented to the public in an amazing way.
This article is from the WeChat official account “Dongsi Shitiao Capital” (ID: DsstCapital), author: Lu Zhigao, published by 36Kr with authorization.