Galactic Energy
Liu Baiqi
Overview
Galactic Energy (Beijing Xinghe Power) is one of China's leading commercial launch companies and the most prolific private launch provider in the country. Its small solid-fuel Ceres-1 — flying from both land and a sea platform (Ceres-1S) — has reached orbit 23 times with 21 successes, deploying around 89 satellites since 2020. The company is now developing the larger solid Ceres-2 and, most importantly, the partially reusable kerosene-liquid oxygen Pallas-1, a Falcon 9-class rocket whose first stage completed a seven-engine static fire in November 2025 ahead of its maiden flight. Galactic Energy closed a 2.4 billion yuan (~$336M) Series D in September 2025, bringing total funding to roughly $410M.
Main Products
Four-stage small-lift launch vehicle with three solid-propellant stages and a hydrazine upper stage. The sea-launched Ceres-1S variant flies from a platform in the Yellow Sea.
Operational since 2020 and China's most-flown private rocket, with 23 launches and 21 successes from land and sea. It suffered its second failure (Y19) in November 2025.
Larger four-stage solid-fuel rocket with a 3.35-meter diameter, designed to carry roughly four times the payload of Ceres-1 for constellation deployment.
Maiden flight from Jiuquan on January 17, 2026 failed after an early-flight anomaly, losing about six satellites. Galactic Energy is investigating before a return to flight.
Two-stage, partially reusable kerosene-liquid oxygen medium-lift rocket — Galactic Energy's Falcon 9-class vehicle with a vertically landing first stage powered by seven CQ-50 engines.
Completed a successful seven-engine first-stage static fire in November 2025, finishing its major ground tests. A debut flight is targeted from the company's own pad at Jiuquan, with first-stage recovery to follow.
What's Next
Operations & Revenue
China's most-flown private launch provider. The solid Ceres-1/1S has reached orbit 23 times with 21 successes from both land and sea, though the rocket suffered its second failure in November 2025 and the larger Ceres-2 failed its January 2026 maiden flight. The reusable kerolox Pallas-1 completed its seven-engine first-stage static fire in November 2025 and is nearing a debut launch from Jiuquan.
Revenue Streams
Ceres-1 / Ceres-1S Launch Services
Dedicated and rideshare small-satellite launches on the solid-fuel Ceres-1 from Jiuquan and the sea-launched Ceres-1S from a Yellow Sea platform, primarily for Chinese commercial Earth-observation and constellation customers.
Planned medium-class solid launches with roughly four times the payload of Ceres-1, pending return to flight after the January 2026 maiden failure.