TECH

CAS Space Seeks IPO as China’s Reusable Rocket Race Heats Up

Published: Apr. 1, 2026 5:52 p.m. GMT+8

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A CAS Space rocket model. Photo: VCG

The Shanghai Stock Exchange has accepted an IPO application from rocket-maker Technology Co. Ltd., which aims to raise 4.18 billion yuan ($607 million) on the tech-focused STAR Market.

The listing attempt comes as China’s private aerospace sector races to develop reusable launch vehicles to meet surging domestic demand for low-Earth orbit satellite constellations, following a global satellite deployment boom ignited by SpaceX.

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SSE accepted CAS Space IPO to raise 4.18B yuan ($607M) on STAR Market; valued at 15B yuan.
Leads China private launch market (50% 2024, 63% 2025 share); 11 missions; Kinetica-2 liquid-fuel rocket maiden flight.
Proceeds target reusable tech (2.2B large rockets); competes with LandSpace for first listed rocket firm.

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Who’s Who

CAS Space: CAS Space (中科宇航技术有限公司) had its IPO application accepted by Shanghai Stock Exchange to raise 4.18B yuan ($607M) on STAR Market, valued at 15B yuan. Founded 2018, it leads China's private launch market (50% share 2024, 63% 2025). Completed 11 missions; maiden Kinetica-2 reusable rocket flight on Monday.

Guotai Haitong Securities Co. Ltd.: Guotai Haitong Securities Co. Ltd. is sponsoring the IPO application of CAS Space on the Shanghai Stock Exchange's STAR Market, as per a Tuesday update on the SSE website. CAS Space began listing tutoring in August 2025 and completed it in January.

LandSpace Technology Co. Ltd.: LandSpace Technology Co. Ltd. competes with CAS Space to be China's first listed rocket company. It applied under STAR Market's fifth criteria for unprofitable firms with reusable rocket breakthroughs, aiming to raise 7.5 billion yuan.

SpaceX: SpaceX ignited a global satellite deployment boom, spurring China's private aerospace sector to race for reusable launch vehicles to meet demand for low-Earth orbit satellite constellations.

Frost & Sullivan: Frost & Sullivan data cited in the prospectus shows CAS Space leading China's private launch market with 50% share by payload weight in 2024 and 63% in 2025.

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