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- iSpace China
iSpace China Funding, Investors & Competitors
iSpace China has raised $1.4B across 7 funding rounds, most recently a $148M Series E in August 2026.
Last iSpace China funding round
$148M
Series E · Aug 2026
Cumulative funding iSpace China raised
$1.4B
across 7 funding rounds
Key investors in iSpace China
Matrix Partners China
Xin Ding Capital
Jingming Capital
Shunwei Capital
Baidu
Galaxy Holding Group
CICC Alpha
Beijing Financial Street Capital Operation Center
About iSpace China
iSpace China is a commercial space launch provider developing reusable rockets including the Hyperbola series for satellite deployments. The Beijing-based firm achieved China's first private orbital launch with Hyperbola-1 in 2019 and conducts tests from Jiuquan Satellite Launch Center.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services
iSpace China Funding History
iSpace China has raised a total of $1.4B across 7 funding rounds.
iSpace China's first fundraising round was a $89M Series A in July 2018. The most recent completed round was a $148M Series E in August 2026.
iSpace China funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Aug 2026 | Series E | - | $148M | Chinese commercial rocket company i-Space completed the first tranche of a Series E funding round worth nearly RMB1 billion, with investors mainly bank-affiliated asset-management institutions. The round is intended to support R&D and batch production of the Hyperbola-3 reusable rocket, capacity buildout for the Focus-2 liquid-oxygen methane engine, launch and sea-recovery support, and preliminary work on heavy-lift launch-vehicle technology. Earlier in 2026, the company also completed a RMB5.037 billion Series D++ round, the largest disclosed financing in China’s private aerospace sector at the time, to accelerate reusable methalox launch-vehicle development and expand launch, assembly, and sea-recovery capabilities. i-Space, also known as Beijing Interstellar Glory, is a Beijing-based private commercial launch company focused on reusable rocket systems and related propulsion infrastructure. Its core program centers on the Hyperbola-3 reusable launch vehicle and the Focus series of liquid-oxygen methane engines, with buildout plans that include production and recovery operations and broader heavy-lift technology development. |
| Feb 2026 | Series D | Cowin Capital (lead); Jingming Capital (lead); Xuansu Investment; Spring Partners; Chengdu Airport Science and Technology Innovation Investment Group; Longxin Venture Capital; Loongson Venture Capital; Qianlima Capital; Jinpu Investment; Xin Ding Capital; Guangdong Technology Financial Group; Turing Asset Management | $733M | iSpace (Beijing Interstellar Glory Space Technology Co Ltd) raised approximately 5.037 billion yuan ($729-730 million) in a Series D++ funding round announced around February 12-13, 2026, led by Cowin Capital and Jingming Capital, with participation from investors including Chengdu Airport Science and Technology Innovation Investment Group, Guangdong Technology Financial Group, Jinpu Investment, Longxin Venture Capital, Loongson Venture Capital, Qianlima Capital, Spring Partners, Turing Asset Management, Xin Ding Capital, and Xuansu Investment. This marks the largest single financing for a private aerospace company in China, following a prior Series D+ round of 700 million yuan in September 2025, with total funding exceeding 7.8 billion yuan since 2017. The funds will accelerate development and commercialization of reusable methalox carrier rockets like Hyperbola-3, expand launch, assembly, sea-recovery capabilities, and improve facilities in Beijing, Shaanxi, Hainan, Sichuan, and Guangdong. iSpace, founded in 2016, was the first private Chinese firm to reach orbit in 2019 with Hyperbola-1 and is preparing for an IPO on China's STAR Market, amid a surge in commercial space financing and over 200,000 approved satellites driving launch demand. The round reflects strong investor confidence in China's commercial aerospace sector, positioning iSpace as a SpaceX rival with reusable rocket technology, despite no prior flights of its reusable vehicles. |
| Sep 2025 | Series D | Chengdu Major Industrialization Project Phase I Equity Investment Fund (lead) | $98M | iSpace is a Chinese commercial space company developing the Hyperbola-3 reusable launch vehicle. The company announced completion of its D+ series funding round on September 19, 2025, raising 700 million Yuan (approximately $98.37 million USD). The round was led by Chengdu Major Industrialization Project Phase II Equity Investment Fund Co Ltd, with participation from Chengdu Airport Innovation and Entrepreneurship Investment Co Ltd and Chengdu Yingyuan Private Fund Management Co Ltd. The company planned to use the funding to advance efforts toward launching its first Hyperbola-3 vehicle by year-end 2025 and to complete a production facility capable of manufacturing twenty Hyperbola-3 rockets annually. The Hyperbola-3 is a partially reusable two-stage launch vehicle designed to carry 8,600 kilograms to low Earth orbit with first-stage reuse. Prior to the funding announcement, the company had successfully completed cryogenic and vibration testing of the Hyperbola-3's liquid methane propulsion system. iSpace also announced plans for a reusable rocket manufacturing base in Chengdu set for completion by the end of 2026. The company's later D++ funding round in February 2026 raised 5.037 billion Yuan ($729.6 million USD), indicating continued investor confidence in its reusable launch vehicle program. |
| Sep 2024 | Series C | Jingming Capital (lead); Sichuan Industrial Revitalization & Development Investment Fund (lead); Huizhu Capital; Anji Pinbolo; QIANLIMA; Xin Ding Capital; Shifang Hengxin Construction | $99M | iSpace China, officially Beijing Interstellar Glory Space Technology Co Ltd, is a leading private Chinese commercial aerospace company developing reusable liquid oxygen and methane rockets, including the Hyperbola-3, with capabilities for sea recovery and a reusable assembly plant. It positions itself as a Falcon 9 challenger amid surging demand for constellation launches in China, which has approved over 200,000 satellites. The company is advancing toward an IPO on China's STAR Market, with sponsors Tianfeng Securities and CITIC Securities, and is in pre-IPO advisory as of early 2025. In February 2025, iSpace completed a record Series D++ funding round raising approximately 5.037 billion yuan ($729.1-730 million), the largest single financing for a private aerospace firm in China, co-led by Cowin Capital (Tongchuang Weiye) and Jingming Capital, with participation from existing investors like Spring Partners, CDH Baifu Asset Management, Chengdu Industry Group, and new ones including TuringPE, CapitalNuts, Guozhong Capital, JIC Investment, and Qianlima Capital. Proceeds will accelerate commercialization of reusable rockets, expand production and testing in Beijing, Shaanxi, Hainan, Sichuan, and Guangdong, enhance sea-recovery infrastructure, and address launch capacity gaps. A prior Series D+ round of 700 million yuan ($101.3 million) closed in September 2025. Since its 2017 angel round, iSpace has raised over 7.8 billion yuan ($1.1 billion) from backers like iMPC, Shunwei Capital, CDH Investments, and HSG. The 2025 raises reflect heating financing in China's commercial space sector, with peers like Galactic Energy (CNY2.4B Series D in Sep 2024) and Space Pioneer (CNY2.5B) also securing large rounds. iSpace is among unicorns like Micro and Nano Star receiving over 1 billion yuan in 2025, amid 67 private rocket financings that year, concentrated in Beijing. |
| Aug 2020 | Series B | Beijing Financial Street Capital Operation Center (lead); CICC Alpha (lead); Taizhonghe Capital (lead) | $172M | iSpace China, also known as Beijing Interstellar Glory Space Technology, is a private commercial space company founded in 2016, focused on developing reusable launch vehicles and rocket engines to compete in China's burgeoning space sector. The company achieved a milestone as the first private Chinese firm to successfully launch satellites into orbit with its Hyperbola-1 (Y1) rocket on July 25, 2019, from Jiuquan launch center. It was developing the larger Hyperbola-2 rocket, a 28-meter tall, 3.35-meter diameter vehicle designed for reusability with vertical landing capabilities similar to SpaceX's Falcon 9, aiming for a first test flight to the Kármán line in early 2021 and a full orbital mission by the end of 2021. Additionally, iSpace was advancing its JD series reusable liquid oxygen-methane rocket engines, with recent tests like the JD-1 passing a 200-second continuous variable thrust run. On August 25, 2020, iSpace completed a Series B funding round raising nearly 1.2 billion yuan ($172 million), led by Beijing Financial Street Capital Operation Center, CICC Alpha, and Taizhonghe Capital, with participation from existing shareholders including Matrix Partners China, CDH Investments, and Baidu from its prior $104.5 million Series A. This round set a record for the largest single-round financing in China's commercial space industry at the time, bringing total funding to $276.5 million. The proceeds were earmarked primarily for accelerating development of the Hyperbola series launch vehicles, JD series engines, technical talent hiring, and upcoming launches like Hyperbola-1 (Y2) in fall 2020. iSpace operated in a heating commercial launch market in China, racing against global players like SpaceX, with plans for Hyperbola-2 to enable more frequent and cost-effective orbital missions. Later developments included a much larger CNY5 billion ($730 million) Series D++ round in February 2026 led by Cowin Capital and Jingming Capital, reflecting surging demand for constellation launches amid over 200,000 approved satellites, and preparations for an IPO with pre-IPO advisory underway. |
| Jan 2019 | Series A | CDH Investments (lead); Matrix Partners China; Galaxy Holding Group | $15M | - |
| Jul 2018 | Series A | Matrix Partners China (lead); Shuairan Investment Management; Venture Capital Fund of New England; Shunwei Capital; Citic Juxin; Baidu; Fosun International; DiDi | $89M | iSpace China, also known as Beijing Star Glory Space Technology Co., Ltd., is a commercial space company founded in 2016, focused on developing cost-effective small launch vehicles and integrated launch services for small satellites and constellation customers. The firm operates research centers in Beijing and Xi’an, aiming to compete in China's emerging private space sector against U.S. players like SpaceX. The total funding raised to date reached 600 million yuan (approximately $90 million), primarily to support R&D on launchers and liquid oxygen-methane engines, construction of assembly bases, and talent training. This round aligned with China's policy shift since 2014 allowing private firms to enter the space industry, previously dominated by state-owned entities. Investors like Matrix Partners China, affiliated with the U.S. VC firm that backed Baidu and Didi, highlighted growing VC interest in newspace technologies. Shunwei Capital, linked to Xiaomi co-founder Lei Jun, also participated. The sector faced competition from peers like OneSpace and LandSpace, with ongoing funding rounds amid industry consolidation. |
Who has invested in iSpace China?
31 investors have backed iSpace China across its funding rounds, including Matrix Partners China, Xin Ding Capital, Jingming Capital, Shunwei Capital, Baidu and Galaxy Holding Group.
Lead investors include Cowin Capital, Jingming Capital, Chengdu Major Industrialization Project Phase I Equity Investment Fund, Sichuan Industrial Revitalization & Development Investment Fund, Beijing Financial Street Capital Operation Center and 4 other investors.
iSpace China Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jul 2018 | ||
| 2 | Participant | Sep 2024 | ||
| 2 | Lead | Sep 2024 | ||
| 1 | Participant | Jul 2018 | ||
| 1 | Lead | Aug 2020 | ||
| 1 | Participant | Feb 2026 | ||
| -- | 1 | Participant | Feb 2026 | |
| 1 | Participant | Feb 2026 | ||
| 1 | Participant | Feb 2026 | ||
| 1 | Participant | Jan 2019 | ||
| 1 | Participant | Jul 2018 | ||
| 1 | Participant | Feb 2026 | ||
| 1 | Participant | Sep 2024 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialiSpace China Competitors
iSpace China 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 |
iSpace China Public Comps
iSpace China 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 | |||
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Common questions about iSpace China
| When was iSpace China founded? | iSpace China was founded in 2016. |
| Where is iSpace China headquartered? | iSpace China is headquartered in Beijing, China. |
| Is iSpace China publicly listed? | No, iSpace China is a private, VC-backed company. |
| How much funding has iSpace China raised? | iSpace China has raised $1.4B across 7 funding rounds. |
| What was iSpace China's last funding round? | iSpace China's last funding round was a $148M Series E in August 2026. |
| Who are iSpace China's investors? | iSpace China's investors include Matrix Partners China, Xin Ding Capital, Jingming Capital, Shuairan Investment Management, Beijing Financial Street Capital Operation Center, Xuansu Investment, Spring Partners, Chengdu Airport Science and Technology Innovation Investment Group, Longxin Venture Capital, Galaxy Holding Group and 21 others. |
| Which companies are comparable to iSpace China? | Companies comparable to iSpace China include SpaceX, Lockheed Martin, Northrop Grumman, Rocket Lab, Stoke Space and Agile Space Industries. |
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