iSpace (Interstellar Glory)

BPrivateFounded 2016🇨🇳Beijing, China

CEO

Peng Xiaobo

Overview

iSpace (Beijing Interstellar Glory Space Technology), founded in 2016 by former state rocket designer Peng Xiaobo, made history in July 2019 when its solid-fuel Hyperbola-1 became the first Chinese privately developed rocket to reach orbit. Hyperbola-1's track record has been uneven (four successes in eight flights), and the company's future now rests on Hyperbola-3, a partially reusable methane-liquid oxygen rocket sized between 8.5 and 13.4 tonnes to LEO. By April 2026, Hyperbola-3's JD-2 engines and both stages had been qualified for flight, a pathfinder was at Wenchang, and the Qinglan recovery drone ship was ready, with a first orbital flight and sea-recovery attempt targeted for 2026. iSpace is one of China's best-funded launch startups.

Main Products

Hyperbola-1

Active

Four-stage solid-fuel small-lift orbital rocket with liquid attitude-control thrusters; the first privately developed Chinese rocket to reach orbit.

Operational from Jiuquan but with an uneven record of four successes in eight flights. It returned to flight on July 29, 2025, delivering the HS-9 satellite to sun-synchronous orbit.

Payload to LEO300 kg

Height20.8 m (68 ft)

Diameter1.4 m

PropellantSolid (4 stages) + liquid attitude control

Launch Record8 launches, 4 successes

First FlightJul 25, 2019 (success)

Hyperbola-3

In Development

Two-stage, partially reusable methane-liquid oxygen rocket with a sea-recoverable first stage — iSpace's Falcon 9-class vehicle aimed at low-cost, high-cadence launch for satellite constellations.

JD-2 engines and both stages were qualified for flight by April 2026, with a pathfinder delivered to Wenchang and the Qinglan recovery drone ship ready. A first orbital flight with a sea-recovery attempt is targeted for 2026.

Payload to LEO (reusable)8,500 kg

Payload to LEO (expended)13,400 kg

Height~69 m

Diameter4.2 m

Engines9 x JD-2 (stage 1), 1 x JD-2 vacuum (stage 2)

ReusableYes (first stage, sea recovery)

What's Next

Hyperbola-3 first orbital flight

Fly the reusable Hyperbola-3 for the first time from Wenchang after qualifying its engines and stages, attempting a sea-based first-stage recovery on the Qinglan drone ship on the debut.

2026

Demonstrate first-stage recovery and reuse

Move beyond reaching orbit to recovering and reflying the Hyperbola-3 first stage at sea — the core of iSpace's low-cost launch strategy.

2026-2027

Improve reliability and close pre-IPO funding

Raise Hyperbola-1's success rate and scale launch cadence while closing the reported ~7 billion yuan pre-IPO round to fund Hyperbola-3 production and reusability work.

2026

Operations & Revenue

StatusDevelopment Stage

Hyperbola-1 is an operational but inconsistent solid rocket (four successes in eight flights, most recently in July 2025). The company's focus is the reusable methalox Hyperbola-3, whose JD-2 engines and both stages were qualified for flight by April 2026, with a pathfinder at Wenchang and the Qinglan recovery ship ready. A first orbital flight with a sea-recovery attempt is targeted for 2026.

Revenue Streams

Hyperbola-1 Launch Services

Small-satellite launches on the solid-fuel Hyperbola-1 from Jiuquan for Chinese commercial and research customers.

Hyperbola-3 Reusable Launch Services

Planned high-cadence, low-cost reusable methalox launches sized for China's satellite-internet mega-constellations, pending the rocket's first orbital flight and recovery.

Key Metrics

Est. Annual Revenue

Not publicly disclosed (development-stage commercial launch provider)

World First

First Chinese private rocket to orbit (Hyperbola-1, 2019)

Hyperbola-1 Record

8 launches, 4 successes (4 failures)

Hyperbola-3 Payload to LEO

8,500 kg (reusable) / 13,400 kg (expendable)

Hyperbola-3 Engines

9 x JD-2 methalox (stage 1)

Latest Funding

$99M Series C (2024); ~7B yuan round reported (2026)

Timeline

2026Hyperbola-3 hardware qualified and new funding

By April 2026, Hyperbola-3's JD-2 engines and both stages are qualified for flight, with a pathfinder delivered to Wenchang, while iSpace pursues a large pre-IPO round reported around 7 billion yuan (~$1B).

2025Return to flight and recovery ship unveiled

Hyperbola-1 returns to flight with a successful July 29, 2025 launch of the HS-9 remote-sensing satellite, and iSpace unveils the Qinglan sea-recovery drone ship in August and opens its reusable-rocket factory at Wenchang in October.

2024$99M Series C funding

iSpace raises $99M in Series C and C+ funding led by Xinding Capital and the Sichuan Industrial Fund to advance the reusable Hyperbola-3.

2023Vertical takeoff and landing tests

Under its reusable-rocket program, iSpace conducts vertical takeoff/vertical landing hop tests in November and December 2023, demonstrating the propulsive landing technology needed for a recoverable first stage.

2021Three consecutive Hyperbola-1 failures

Hyperbola-1 suffers three straight failures between 2021 and 2022, dealing a major setback to iSpace's early lead in China's commercial launch race.

2019First Chinese private company to reach orbit

On July 25, 2019, the four-stage solid Hyperbola-1 reaches orbit on its maiden flight, making iSpace the first privately developed Chinese rocket to successfully reach orbit.

2016Founded

Peng Xiaobo, a former rocket designer and research director at the state-owned China Academy of Launch Vehicle Technology (CALT), founds iSpace (Interstellar Glory) in Beijing.

Funding

Round	Date	Amount	Investors
Series A-B	2017-2020	~$173M (Series B, 2020)	CICC, Matrix Partners China, and other Chinese venture investors
Series C / C+	2024-09	$99M	Xinding Capital, Sichuan Industrial Fund
Pre-IPO round (reported)	2026	~7B yuan (~$1B) reported	Undisclosed (for Hyperbola-3 and reusability scale-up)