iSpace (Beijing Interstellar Glory)星际荣耀

Hyperbola-series launch vehicles (Hyperbola-1 solid rocket, Hyperbola-3 reusable methalox rocket); Focus-series engines; sea-based recovery

Beijing Interstellar Glory Space Technology Group Co., Ltd. (iSpace) was founded in October 2016 and is headquartered in Beijing. It develops the Hyperbola series of launch vehicles and the Focus series of engines. Its Hyperbola-1 solid rocket became the first Chinese privately developed rocket to reach orbit in July 2019 and completed its tenth flight in July 2025. The company's current focus is Hyperbola-3, a reusable methalox rocket 4.2 metres in diameter with 14 tonnes to LEO expendable and 8.5 tonnes with booster recovery, launching from Wenchang, Hainan, with vertical sea landing in the South China Sea; the maiden flight has moved from the first half of 2026 to the end of 2026, with the goal of reaching orbit and recovering the booster at sea on the same flight. The company is building rocket assembly, engine production and launch-and-recovery facilities in Chengdu, Mianyang and Wenchang. On the capital side, it closed the first RMB 700 million tranche of a D+ round in September 2025, a RMB 5.037 billion D++ round in February 2026 (co-led by Cowin Capital and Jingming Capital), and the first tranche of nearly RMB 1 billion of an E round in August 2026 (mostly from bank-affiliated AICs). According to Sina Finance, the E round targets RMB 7 billion at a pre-money valuation of RMB 23.5 billion, and the company plans a STAR Market listing in the second half of 2027. CITIC Securities has been tutoring the company for listing since December 2020 and disclosed its 23rd tutoring progress report in April 2026.