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CAS Space Funding, Investors & Competitors
CAS Space has raised $127M across 3 funding rounds, most recently a $8M Series A in April 2024.
Last CAS Space funding round
$8M
Series A · Apr 2024
Cumulative funding CAS Space raised
$127M
across 3 funding rounds
Key investors in CAS Space
CAS Star
Guangzhou Yuexiu Industrial Investment Fund
CAS Investment Management
V Fund Management
Guangzhou Industrial Investment Group
China Galaxy Investment Management
Ren Capital
China Chengtong Holding Group
CAS Space Overview
About CAS Space
CAS Space is a Harbin-headquartered Chinese aerospace company offering commercial launch services. As a mixed-ownership entity under the China Aerospace Science and Industry Corporation, it develops the Kinetica series of liquid-fueled rockets for small satellite deployments to low Earth orbit.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services
CAS Space Funding History
CAS Space has raised a total of $127M across 3 funding rounds.
CAS Space's first fundraising round was a $31M Series B in May 2021. The most recent completed round was a $8M Series A in April 2024.
CAS Space funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Apr 2024 | Series A | China Galaxy Investment Management (lead) | $8M | CAS Space completed a Series C-II funding round of $8.29 million on April 12, 2024. China Galaxy Investment Management participated as an investor in this round. The company has raised a total of approximately $126.12 million across six rounds from 16 investors. Prior rounds include a Series C of $86.9 million on April 24, 2023, led by investors such as Capital Operation Holding Group, Guangzhou Industrial Investment, CAS Capital, and CAS Investment Management. |
| Apr 2023 | Series C | China Chengtong Holding Group (lead); Guangzhou Industrial Investment Group (lead); CAS Capital; CAS Investment Management | $87M | CAS Space, also known as Zhongke Yuhang, is a Chinese commercial spaceflight company focused on developing launch vehicles and space services. It secured a Series C funding round of $86.9 million (600 million yuan) on April 24, 2023, led by China Chengtong Holding Group (also referred to as Capital Operation Holding Group) and Guangzhou Industrial Investment Group, with participation from CAS Capital and CAS Investment Management. This matches the specified investors and approximate date of April 23, 2023. The round represents a significant investment in China's growing commercial space sector, where CAS Space aims to advance its reusable rocket technologies and satellite launch capabilities. Prior to this, the company had completed multiple earlier rounds, including Series A and B stages, contributing to a total raised of approximately $117.83M to $126.12M across 5-6 rounds as of the latest updates. No details on use of funds were specified in available reports. No traction metrics such as revenue, ARR, EBITDA, user counts, or launch volumes near the round date appear in the sources. Valuation information is absent; sources note that valuations are typically submitted by companies or derived from filings/news but none provided here. Competitive context in China's space industry involves state-backed entities and private players racing for orbital launch dominance, though specifics for CAS Space are limited. Post-round developments include a follow-on Series C - II round of $8.29M on April 12, 2024, indicating continued investor interest amid sector challenges like valuation declines in private space markets during 2023. |
| May 2021 | Series B | Guangzhou Yuexiu Industrial Investment Fund; Ren Capital; CAS Star; V Fund Management | $31M | - |
Who has invested in CAS Space?
9 investors have backed CAS Space across its funding rounds, including CAS Star, Guangzhou Yuexiu Industrial Investment Fund, CAS Investment Management, V Fund Management, Guangzhou Industrial Investment Group and China Galaxy Investment Management.
Lead investors include China Galaxy Investment Management, China Chengtong Holding Group and Guangzhou Industrial Investment Group.
CAS Space Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Apr 2023 | ||
| 1 | Lead | Apr 2024 | ||
| 1 | Lead | Apr 2023 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | Apr 2023 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | May 2021 | ||
This data is available for Pro users. Sign up to see all 9 CAS Space investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialCAS Space Competitors
CAS Space competitors include listed companies like SpaceX, Lockheed Martin, Northrop Grumman and Rocket Lab, and private ones like Stoke Space and Agile Space Industries.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $19B | $3.9B | $2.0T | - | ||
| Publicly listed | $75B | $8.7B | $124B | 1.8x | ||
| Publicly listed | $42B | $7.2B | $74B | 2.0x | ||
| Publicly listed | $602M | ($181M) | $43B | 48.0x | ||
| Private | - | - | $9B | - | ||
| Private | $28M | - | $8B | 285.7x |
CAS Space Public Comps
CAS Space is still privately-owned, but its public comps include SpaceX, GE Aerospace, RTX, Airbus, Rolls-Royce, Safran, Boeing, Lockheed Martin, Parker Hannifin and General Dynamics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $19B | $3.9B | 106.0x | - | 503.3x | - | |||
| $46B | $11B | 7.3x | 7.0x | 30.2x | 29.1x | |||
| $89B | $15B | 3.3x | 3.1x | 19.7x | 19.4x | |||
| $85B | $11B | 2.1x | 1.9x | 16.0x | 14.3x | |||
| $28B | $11B | 5.5x | 5.2x | 14.8x | 22.4x | |||
| $36B | $13B | 4.3x | 3.8x | 11.5x | 17.6x | |||
| $89B | $7.4B | 2.0x | 1.9x | 24.7x | 37.2x | |||
| $75B | $8.7B | 1.9x | 1.8x | 16.1x | 13.1x | |||
This data is available for Pro users. Sign up to see all CAS Space competitors and their valuation data. Start Free Trial | ||||||||
Common questions about CAS Space
| When was CAS Space founded? | CAS Space was founded in 2018. |
| Where is CAS Space headquartered? | CAS Space is headquartered in Beijing, China. |
| Is CAS Space publicly listed? | No, CAS Space is a private, VC-backed company. |
| How much funding has CAS Space raised? | CAS Space has raised $127M across 3 funding rounds. |
| What was CAS Space's last funding round? | CAS Space's last funding round was a $8M Series A in April 2024, led by China Galaxy Investment Management. |
| Who are CAS Space's investors? | CAS Space's investors include CAS Capital, China Galaxy Investment Management, China Chengtong Holding Group, Guangzhou Yuexiu Industrial Investment Fund, CAS Investment Management, Ren Capital, CAS Star, V Fund Management and Guangzhou Industrial Investment Group. |
| Which companies are comparable to CAS Space? | Companies comparable to CAS Space include SpaceX, Lockheed Martin, Northrop Grumman, Rocket Lab, Stoke Space and Agile Space Industries. |
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