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- Tianbing Technology
Tianbing Technology Valuation, Funding & Investors
Tianbing Technology is valued at $2B as of February 2022.
Last Tianbing Technology valuation
$2B
Series B · Feb 2022
Last Tianbing Technology funding round
$351M
Series D · Oct 2025
Cumulative funding Tianbing Technology raised
$588M
across 4 funding rounds
Key investors in Tianbing Technology
China Capital Management
Guoyu Capital Management
CICC
Boyu Capital
CCB International
Broad Vision Funds
Tianbing Technology Overview
About Tianbing Technology
Tianbing Technology is a Chinese aerospace company supplying advanced propulsion systems and launch vehicles. It develops next-generation green HCP liquid propellants operable at ambient temperatures alongside minimalist engines that outperform traditional chemical systems for small satellite main engines and upper-stage kick motors. Operating under Space Pioneer, the firm tested its HCP system first and pursues reusable rocket technologies including the TQ-11A engine and PALLAS-1 carrier rocket aiming for orbital launches.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$2B (Feb 2022)
Tianbing Technology Valuation
Tianbing Technology is currently valued at $2B, based on its Series B in February 2022.
The $16M round was led by CICC Healthcare Investment Fund, with participation from Soochow Securities, Hongfu Capital, Tongtai Shengyuan, China Capital Management, CCB International and 1 other investor.
Tianbing Technology valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Feb 2022 | Series B | $2B |
Tianbing Technology Funding History
Tianbing Technology has raised a total of $588M across 4 funding rounds.
Tianbing Technology's first fundraising round was a $16M Series B in February 2022. The most recent completed round was a $351M Series D in October 2025.
Tianbing Technology funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2025 | Series D | Guoyu Capital Management; Hunan Shengli Investment; Bank of China Financial Assets Investment; Beijing Jiaotong United; Guiyang Industrial Development Fund; Qingshui Huixing; Jigang Group; Hunan Gaoxin Zongheng; China Orient Asset Management (International) Holding; Shenwan Investment Fund | $351M | - | Tianbing Technology, established in 2015 and based in Beijing, develops next-generation room-temperature green liquid propellants like HCP (a nitrous oxide-based premixed fuel) and minimalist aerospace propulsion systems, including liquid oxygen kerosene rocket engines. The company focuses on rocket fuels and engines for launch vehicles. In February 2022, it completed a strategic Series B round led by CICC Capital with participation from China Development Bank International, CITIC Securities Investment, and others, funding maiden flights and production of liquid oxygen kerosene launch vehicles. In October 2025, Tianbing Technology raised nearly 2.5 billion CNY (about $350-351 million USD) in a Series D round, matching the listed investors including Bank of China Financial Assets Investment, China Orient Asset Management, and others. The financing reflects growing capital interest in China's private aerospace sector, where Tianbing competes with firms like Galaxy Space, which raised 2.4 billion yuan in Series D in September 2025, and others pursuing IPOs. Tianbing has also completed IPO guidance filings since mid-2025 alongside CAS Space and Galaxy Dynamics, signaling maturation toward public markets. |
| Jun 2024 | Series C | Guoyu Capital Management; China Capital Management; Hefei Ruicheng Venture Capital; Binghong Capital; Broad Vision Funds; Innolink Fund; Hongfu Assets; SDIC Taikang Trust; Qianzhan Investment Management; Capital Development Venture Capital; Jundu Investment; CCTV Fund | $207M | - | Beijing Tianbing Technology Co., Ltd., also known as Space Pioneer, is a Chinese launch services startup founded in 2019, specializing in developing reusable liquid-propellant rockets. The company successfully launched its Tianlong-2 (Sky Dragon) rocket in April 2023, marking the first private Chinese firm to orbit with a liquid-fueled rocket. It is positioning itself to compete in the commercial space sector by building medium- to heavy-lift capabilities akin to SpaceX's Falcon 9. On June 6, 2024, Tianbing Technology raised approximately $207 million (over 1.5 billion yuan) in a Series C+ funding round from investors including Binghong Capital, Broad Vision Funds, and others matching the query. This brings the company's total funding across 15 rounds since inception to more than 4 billion yuan. The funds are earmarked for the first flight, mass production, and large-scale engine manufacturing of the Tianlong-3, a two-stage reusable rocket targeting ~17 tons to low Earth orbit (LEO), with a maiden launch planned as early as May 2024. Tianbing operates amid China's push to become a space superpower, addressing the gap in LEO satellite constellations against competitors like SpaceX's Starlink. The Tianlong-3 aims to deploy up to 30 satellites per launch at reduced costs, supporting national efforts to launch thousands of LEO satellites over the next decade via private and state-backed developers. The company has facilities in Beijing, Tianjin, and Suzhou, leveraging China's space industrial base, including engines like the YF-102. |
| Jul 2023 | Series C | Boyu Capital (lead); Youshan Capital; CICC | $14M | - | Tianbing Technology raised $13.8 million in a Series C round in 2023 from Boyu Capital. Tianbing Technology develops next-generation ambient temperature green HCP liquid propellant and minimalist aerospace propulsion systems as an upgrade to traditional chemical propulsion, supporting cost-effective needs for small-vehicle main power and launch vehicle upper-level propulsion. |
| Feb 2022 | Series B | CICC Healthcare Investment Fund (lead); Soochow Securities; Hongfu Capital; Tongtai Shengyuan; China Capital Management; CCB International; Cointreau Capital | $16M | $2B | - |
Who has invested in Tianbing Technology?
30 investors have backed Tianbing Technology across its funding rounds, including China Capital Management, Guoyu Capital Management, CICC, Boyu Capital, CCB International and Broad Vision Funds.
Lead investors include Boyu Capital and CICC Healthcare Investment Fund.
Tianbing Technology Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Jun 2024 | ||
| 2 | Participant | Feb 2022 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Lead | Jul 2023 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Participant | Jun 2024 | ||
| 1 | Participant | Jul 2023 | ||
| 1 | Participant | Jun 2024 | ||
| 1 | Participant | Oct 2025 | ||
| 1 | Participant | Oct 2025 | ||
| 1 | Participant | Oct 2025 | ||
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Start Free TrialTianbing Technology Competitors
Tianbing Technology competitors include listed companies like Intuitive Machines and Hunan Aerospace Huanyu, and private ones like SpinLaunch, The Exploration Company, Vast and True Anomaly.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $2B | - | ||
| Private | - | - | $2B | - | ||
| Private | - | - | $1.9B | - | ||
| Private | - | - | $2.2B | - | ||
| Publicly listed | $207M | ($111M) | $2.4B | 5.0x | ||
| Publicly listed | $68M | $14M | $2.4B | - |
Tianbing Technology Public Comps
Tianbing Technology is still privately-owned, but its public comps include CIMC Enric, Cirrus Aircraft, AECC Aero Science, Innovex International, Sunrun, Aerospace Industrial Development, Shenzhen Hymson Laser, GoodWe Technologies, Gaona Aero Material and Dongfang Electronics Co.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.9B | $271M | 0.4x | 0.4x | 5.9x | 5.3x | |||
| $1.4B | $233M | 1.1x | 1.0x | 6.6x | 5.8x | |||
| $645M | $88M | 3.8x | 3.9x | 27.6x | - | |||
| $978M | $204M | 1.9x | 1.9x | 9.3x | 9.4x | |||
| $3B | $546M | 6.2x | 6.0x | 33.6x | 25.4x | |||
| $1.1B | $95M | 2.1x | 2.0x | 24.7x | 20.1x | |||
| $629M | ($100M) | 3.5x | - | (22.1x) | - | |||
| $1.3B | $47M | 1.6x | 1.2x | 44.7x | 13.2x | |||
This data is available for Pro users. Sign up to see all Tianbing Technology competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Tianbing Technology
| When was Tianbing Technology founded? | Tianbing Technology was founded in 2015. |
| Where is Tianbing Technology headquartered? | Tianbing Technology is headquartered in Beijing, China. |
| Is Tianbing Technology publicly listed? | No, Tianbing Technology is a private, VC-backed company. |
| What is Tianbing Technology's valuation? | Tianbing Technology was last valued at $2B in its Series B in February 2022. |
| How much funding has Tianbing Technology raised? | Tianbing Technology has raised $588M across 4 funding rounds. |
| What was Tianbing Technology's last funding round? | Tianbing Technology's last funding round was a $351M Series D in October 2025. |
| Who are Tianbing Technology's investors? | Tianbing Technology's investors include Guoyu Capital Management, China Capital Management, Soochow Securities, Boyu Capital, Hongfu Capital, Tongtai Shengyuan, CCB International, Hefei Ruicheng Venture Capital, Youshan Capital, Binghong Capital and 20 others. |
| Which companies are comparable to Tianbing Technology? | Companies comparable to Tianbing Technology include SpinLaunch, The Exploration Company, Vast, True Anomaly, Intuitive Machines and Hunan Aerospace Huanyu. |
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