CAS Space
Yang Yiqiang
Overview
CAS Space (Zhongke Aerospace) is a 2018 commercial spinoff majority-owned by the Chinese Academy of Sciences, led by founder and chairman Yang Yiqiang — former chief commander of the state Long March 11 solid rocket. Headquartered in Guangzhou, it operates the solid-fuel Kinetica-1 (Lijian-1), one of China's most-flown commercial rockets with 13 launches and 12 successes since 2022. In March 2026 it successfully debuted the medium-lift kerolox Kinetica-2 (Lijian-2), a three-core, nine-engine rocket carrying a prototype of the Qingzhou cargo spacecraft. Kinetica-2's expendable launch cost already rivals a reused Falcon 9, and the company is developing first-stage reusability while scaling output at a new Zhejiang 'super factory' (up to 12-20 vehicles/year). Valued at over $1.4B, CAS Space completed IPO tutoring in January 2026 ahead of a planned Shanghai STAR Market listing.
Main Products
Four-stage solid-propellant small/medium-lift launch vehicle developed by a team with Long March 11 heritage — one of China's most-flown commercial rockets.
Operational from Jiuquan since 2022 with 13 launches and 12 successes (one December 2024 failure). CAS Space plans up to six to eight flights in 2026, including sea launches from the Eastern Maritime Spaceport.
Medium-lift kerosene-liquid oxygen rocket with a three-core (tri-body) first stage powered by nine YF-102 engines — CAS Space's first liquid launch vehicle, designed for future first-stage reusability.
Reached orbit on its successful March 30, 2026 maiden flight from Jiuquan, deploying a prototype of the Qingzhou cargo spacecraft. Reusability is in development, with around ten demonstration flights planned through 2028 (aerodynamic control, in-flight reignition, then landing).
What's Next
Operations & Revenue
Kinetica-1 has flown 13 times with 12 successes since 2022 and is one of China's most-flown commercial rockets, with up to six to eight flights — including sea launches — planned for 2026. The medium-lift kerolox Kinetica-2 debuted successfully in March 2026, and CAS Space is now scaling production at its new Zhejiang super factory while developing first-stage reusability.
Revenue Streams
Dedicated and rideshare small/medium-lift launches on the solid-fuel Kinetica-1 from Jiuquan for Chinese and international commercial payloads, with sea launches from the Eastern Maritime Spaceport planned for 2026.
Medium-lift kerolox launches for satellite-internet mega-constellation deployment (including Qianfan batches) and cargo missions such as the Qingzhou spacecraft to China's space station.
Key Metrics
Timeline
On March 30, 2026, the medium-lift kerolox Kinetica-2 (Lijian-2) reaches orbit on its debut from the Dongfeng commercial site at Jiuquan, deploying its payloads including a prototype of the Qingzhou low-cost cargo spacecraft — CAS Space's first liquid-propellant rocket.
CAS Space opens a 2 billion yuan Kinetica-2 'super factory' in Keqiao, Zhejiang on April 28, 2026, targeting up to 12 vehicles per year (up to 20 combined with Guangzhou), and completes IPO tutoring with Guotai Haitong Securities in January ahead of a planned STAR Market listing at a valuation above $1.4B.