Methalox launch vehicles (Zhuque-2, Zhuque-3); Tianque-series methalox engines
LandSpace (Beijing LandSpace Technology Co., Ltd.) was founded in 2015 and is headquartered in Yizhuang, Beijing. It develops and manufactures liquid oxygen/methane engines and launch vehicles and sells commercial launch services. Its operational vehicle is the Zhuque-2E, a medium-lift methalox rocket that completed its eighth flight in June 2026. Its next vehicle, Zhuque-3, is a 4.5-metre-diameter stainless-steel reusable rocket with nine Tianque-12A engines on the first stage; its maiden flight on 3 December 2025 reached orbit but the booster recovery failed, and on 19 August 2026 its second flight delivered the Honghu-03 satellite to orbit and, for the first time, landed the first stage on a land-based recovery pad (residual propellant ignited after touchdown and the stage toppled). On the capital side, the Shanghai Stock Exchange accepted LandSpace's STAR Market IPO application on 31 December 2025 under the STAR Market's fifth listing standard, seeking RMB 7.5 billion with CICC as sponsor; the review was suspended in March 2026 because financial statements had expired and resumed on 29 June 2026, moving into the inquiry stage. 2025 revenue was RMB 52.10 million with a net loss attributable to shareholders of RMB 1.711 billion. Customers include Shanghai Spacecom Satellite Technology (Qianfan constellation) and China Mobile.
At 07:35 Beijing time on 19 August, Zhuque-3 Y2 lifted off from the Dongfeng commercial space innovation test zone, placing Hongqing Technology's Honghu-03 satellite into low Earth orbit. The first stage touched down on a recovery pad in Minqin, Gansu, about 390 km from the launch site; according to NASASpaceflight, residual propellant ignited after landing, damaging a landing leg and toppling the stage. (Publish time taken from date.)
The Shanghai Stock Exchange website shows the review resumed after LandSpace updated its financial statements. At the RMB 7.5 billion target, the implied offering valuation is roughly RMB 75 billion; the company has raised nearly RMB 7 billion to date.
Launched at 16:23 Beijing time on 9 June from the Dongfeng commercial space innovation test zone, carrying Shanghai Spacecom's Qianfan DTC-01 and China Mobile-02 to their target orbits; eighth flight of the Zhuque-2 series. China Mobile-02 will test direct-to-handset satellite links.
The company said the financial statements cited in its filing had passed their validity period and needed updating, describing it as a procedural status change. It had received its first round of inquiry letters on 22 January 2026.
The Securities Association of China published its first 2026 random-inspection list of 11 IPO applicants; LandSpace had the largest fundraising target among them (RMB 7.5 billion). (Publish time taken from date.)
The exchange's status changed to 'accepted' with CICC as sponsor; proceeds are earmarked for reusable-rocket technology and capacity expansion. Revenue for 2022, 2023, 2024 and H1 2025 was RMB 0.78 million, 3.95 million, 4.27 million and 36.43 million respectively.
Zhuque-3 Y1 launched from the Dongfeng commercial space innovation test zone and reached its target orbit. The first stage experienced an anomaly after its landing burn ignited, failed to soft-land on the recovery pad and came down at the pad's edge. (Publish time taken from date.)
LandSpace recovered the Zhuque-3 first stage on 19 August; NASASpaceflight says it toppled about 48 seconds after touchdown when residual propellant ignited.