Chinese private rocket company iSpace has raised RMB5.04 billion in a series D++ financing round, marking the largest single fundraising in China’s commercial launch vehicle sector.
Jingtian & Gongcheng counselled one of the joint lead investors, Cowin Capital, as well as several participating investors, including Jiaozi Industrial Finance Fund, Guozhong Fund Phase III and China Jianyin Investment. Partner Jiang Shen led the legal team.
The latest financing round was completed in about a month and was jointly led by Cowin Capital and existing shareholder Jingming Innovation Capital. Other investors included existing shareholders Spring Partners, funds affiliated with Chengdu Industrial Investment Group, Qianlima Capital and CDH Baifu, as well as new investors such as Dianshi Capital, Turing Asset Management and CapitalNuts.
The proceeds will be primarily used to accelerate the development and commercialisation of reusable liquid oxygen‑methane launch vehicles, increase investment across key stages including rocket testing, launch and recovery, and further strengthen the company’s industrial presence in Beijing, Shaanxi, Hainan, Sichuan and Guangdong.
In late December 2025, the SSE issued, for the first time, the fifth set of listing standards under the Star Market framework applicable to commercial rocket companies, providing clearer guidance for companies in the sector seeking public listings.
Amid market speculation over a potential listing of Elon Musk‑founded SpaceX in the US, several Chinese private launch vehicle companies have accelerated their capital market plans in a bid to become the first “Chinese version of SpaceX”.
Among them, LandSpace’s IPO application was formally accepted on 31 December 2025, while CAS Space completed its pre-IPO vetting process on 24 January 2026. iSpace, Space Pioneer and Galactic Energy are currently undergoing the IPO vetting.
