COMAC Acquisition, Valuation, Funding & Investors

COMAC was acquired by SASAC for $6.2B in November 2025.

See full COMAC profile

COMAC acquisition price

$6.2B

Acquired by SASAC · Nov 2025

Key investors in COMAC

  • Guosheng Group
  • China Reform Holdings Corporation
  • China National Building Material
  • Aviation Industry Corporation of China
  • China Baowu Steel Group
  • China Electronics Technology Group Corporation (CETC)

COMAC Overview

About COMAC

COMAC is a Shanghai-headquartered state-owned aerospace manufacturer developing large passenger aircraft like the C919 narrow-body jet and ARJ21 regional jet for the Chinese and global markets.


Founded

2008

HQ

ChinaChina

Status

Acquired

Customer focus

B2B & B2G

Revenue model

Product sales

Valuation

$6.2B (acquired Nov 2025)

COMAC Acquisition

COMAC was acquired by SASAC for $6.2B on 27 November 2025.

COMAC (Commercial Aircraft Corporation of China), China's state-owned manufacturer of the C919 single-aisle jet and C909 regional jet, received a major capital injection led by SASAC (State-owned Assets Supervision and Administration Commission of the State Council), its primary shareholder. SASAC contributed nearly €3.03 billion, increasing its stake to 53.08% for absolute control, while eight other state-owned enterprises including CHINALCO (€340.2 million, stake to 5.17%), CNBM (€322.6 million, to 4.40%), CETC (€210.3 million, to 2.90%), AVIC (€182.6 million, to 6.90%), China Baowu Steel (€190.5 million, to 3.85%), and SASAC additionally €92.1 million (to 1.86%) participated; Sinochem Group's stake diluted to 2.2% without contribution. This bolsters upstream integration in aluminum, composites, avionics, and steel for C919 production expansion to 150 aircraft yearly by 2027 and 200 by 2029, amid over 1,000 orders from Chinese airlines like Air China, China Eastern, and China Southern. The investment supports COMAC's strategic push to challenge Airbus and Boeing dominance with domestically developed jets meeting international standards, seating 158-192 passengers with 4,075-5,555 km range for C919. However, 2025 saw production challenges: initial targets of 50-75 C919 units slashed to 25 due to supply chain bottlenecks and temporary US export halts on CFM LEAP-1C engines amid trade tensions, resulting in only 32 deliveries by year-end, primarily to big three carriers expecting 10-12 each. C909 progressed with 182 deliveries, entering Southeast Asia markets like Laos, Vietnam, Indonesia. State backing via SASAC underscores national priority for aviation self-reliance amid geopolitical constraints, with COMAC consolidating domestic leadership while targeting global expansion, including firefighting variants and Southeast Asian routes carrying over 700,000 passengers on nine C909s.

COMAC acquisition details
AcquirerDateTypePrice
  • SASAC
27 Nov 2025Strategic M&A$6.2B

COMAC Funding History

COMAC has raised 1 funding round.

COMAC funding rounds
DateStageInvestors
Nov 2025Undisclosed stageChina Baowu Steel Group; China Reform Holdings Corporation; Aluminum Corporation of China; Aviation Industry Corporation of China; Guosheng Group; China Electronics Technology Group Corporation (CETC); China National Building Material

Who has invested in COMAC?

7 investors have backed COMAC across its funding rounds, including Guosheng Group, China Reform Holdings Corporation, China National Building Material, Aviation Industry Corporation of China, China Baowu Steel Group and China Electronics Technology Group Corporation (CETC).


COMAC Investors

Investors in COMAC by funding rounds participated
InvestorHQRoundsRoleFirst check
China Baowu Steel GroupChinaShanghai1ParticipantNov 2025
China Reform Holdings CorporationChinaBeijing1ParticipantNov 2025
Aluminum Corporation of ChinaChinaBeijing1ParticipantNov 2025
Aviation Industry Corporation of ChinaChinaBeijing1ParticipantNov 2025
Guosheng GroupChinaShanghai1ParticipantNov 2025

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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COMAC Competitors

COMAC competitors include listed companies like Loar Group, Nanchang Sanrui, China Aerospace Times and Shimadzu, and private ones like Impulse Space and Agile Space Industries.

Public and private companies comparable to COMAC
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Loar GroupUnited StatesUnited StatesPublicly listed$496M$157M$6B11.0x
Impulse SpaceUnited StatesLos Angeles, CAPrivate--$5.6B-
Nanchang SanruiChinaChinaPublicly listed$160M$76M$5.5B-
China Aerospace TimesChinaChinaPublicly listed$2.1B$166M$7B3.5x
ShimadzuJapanJapanPublicly listed$3.6B$646M$7.2B1.7x
Agile Space IndustriesUnited StatesDurango, COPrivate$28M-$8B285.7x

COMAC Public Comps

COMAC is no longer listed, but its public comps include Loar Group, Nanchang Sanrui, China Aerospace Times, Shimadzu, BETA Technologies, StandardAero, MDA Space, Exchange Income, Karman Space & Defense and CAE.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Loar Group$496M$157M13.8x11.0x43.7x27.8x
Nanchang Sanrui$160M$76M32.7x-69.2x-
China Aerospace Times$2.1B$166M3.9x3.5x48.1x-
Shimadzu$3.6B$646M1.7x1.7x9.7x9.9x
BETA Technologies$36M($730M)106.8x87.1x(5.2x)(9.7x)
StandardAero$6.1B$745M1.6x1.6x13.2x11.2x
MDA Space$1.2B$217M4.2x3.8x22.7x19.5x
Exchange Income$2.3B$534M2.8x2.4x12.2x10.5x

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Common questions about COMAC

When was COMAC founded?COMAC was founded in 2008.
Where is COMAC headquartered?COMAC is headquartered in China.
Is COMAC publicly listed?No, COMAC was acquired by SASAC in November 2025.
Who acquired COMAC?COMAC was acquired by SASAC in November 2025.
How much was COMAC acquired for?COMAC was acquired for $6.2B in November 2025.
What was COMAC's last funding round?COMAC's last funding round was a undisclosed-stage round in November 2025.
Who are COMAC's investors?COMAC's investors include China Baowu Steel Group, China Reform Holdings Corporation, Aluminum Corporation of China, Aviation Industry Corporation of China, Guosheng Group, China Electronics Technology Group Corporation (CETC) and China National Building Material.
Which companies are comparable to COMAC?Companies comparable to COMAC include Loar Group, Impulse Space, Nanchang Sanrui, China Aerospace Times, Shimadzu and Agile Space Industries.

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