LandSpace

APrivate (Shanghai STAR Market IPO filed)Founded 2015🇨🇳Beijing, China

CEO

Zhang Changwu

Data verified as of Jul 5, 2026

Summary

LandSpace (Beijing LandSpace Technology) is China's leading commercial rocket company. In July 2023 its methane-liquid oxygen Zhuque-2 became the first methalox rocket in the world to reach orbit, and the company now flies the upgraded Zhuque-2E for commercial constellation missions. Its flagship is the reusable, stainless-steel Zhuque-3, a Falcon 9-class vehicle whose December 2025 maiden flight reached orbit but failed to recover its booster. LandSpace's STAR Market IPO filing was accepted in December 2025 at a reported valuation near $2.7B.

Main Products

Zhuque-2 / Zhuque-2E

Active

Two-stage methane-liquid oxygen medium-lift rocket; the first methalox launch vehicle in the world to reach orbit. The stretched Zhuque-2E variant adds payload performance for commercial missions.

Operational from the Dongfeng Commercial Space Innovation Pilot Zone. The upgraded Zhuque-2E (Y5) flew successfully on May 14, 2026 with lengthened tanks, subcooled propellant loading and a three-ignition second stage; the Zhuque-2E Y6 followed just 27 days later on June 9, 2026 — the eighth successful Zhuque-2-family mission — lofting the SpaceSail/Qianfan DTC01 and China Mobile 02 satellites and debuting a pneumatic push-rod stage-separation system derived from Zhuque-3 plus a 3D-printed integrated second-stage engine frame.

Payload to LEO6,000 kg (200 km)

Payload to SSO4,000 kg (500 km)

PropellantLiquid methane / LOX

First Stage Engines4 x TQ-12 (methalox)

MilestoneFirst methalox rocket to orbit (Jul 12, 2023)

Latest FlightZhuque-2E Y6 success (Jun 9, 2026; 8th Zhuque-2-family mission)

Zhuque-3

In Development

Two-stage, stainless-steel, methane-liquid oxygen rocket with a reusable first stage; LandSpace's Falcon 9-class vehicle aimed at low-cost, high-cadence launch. An enhanced Zhuque-3E variant is in development.

Maiden flight on December 3, 2025 placed its payload in orbit, but abnormal combustion during descent prevented booster recovery. After a nine-engine first-stage static fire on June 29, 2026, LandSpace slipped the second flight and first booster-recovery attempt from Q2 to a window opening after mid-July 2026 (landing targeted at the Minqin County pad ~390 km downrange), with a first reuse flight still aimed for later in 2026.

Payload to LEO (expended)11,800 kg

Payload to LEO (recovered)8,000 kg

Height66 m (216 ft)

Diameter4.5 m (15 ft)

Engines9 x TQ-12A (stage 1), 1 x TQ-15A (stage 2)

ReusabilityFirst stage designed for up to 20 reuses

First FlightDec 3, 2025 (orbit reached; recovery failed)

What's Next

Zhuque-3 second flight and booster recovery

Fly Zhuque-3's second orbital mission and attempt the first Zhuque-3 first-stage recovery — a soft touchdown at the Minqin County pad in Gansu ~390 km downrange, using grid fins and a landing burn. Following a nine-engine static fire on June 29, 2026, the launch slipped from the earlier Q2 target to a window opening after mid-July 2026; a first recovery-and-reflight mission remains targeted for later in 2026. The team is optimizing landing procedures after the December 2025 maiden flight lost its booster to abnormal combustion during descent.

After mid-July 2026

Complete STAR Market IPO

Convert the December 2025 accepted Shanghai STAR Market filing into a completed public listing, raising roughly 7.5 billion yuan; LandSpace is expected to list under the STAR Market's new segment for not-yet-profitable frontier-technology firms, with proceeds funding Zhuque-3 production and reusability work.

2026

Scale Zhuque-2E commercial cadence

Sustain the accelerating Zhuque-2E launch tempo — Y5 (May 14) and Y6 (June 9) flew just 27 days apart — to serve Chinese satellite-internet constellation deployment while bringing down per-kilogram launch cost.

2026-2027

Recent News

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Jun 30

LandSpace fires nine-engine Zhuque-3 stage ahead of debut

LandSpace completed a full-duration static fire of its reusable Zhuque-3 Y2 first stage on June 29 at the Dongfeng commercial pad at Jiuquan. The stage's nine Tianque-12A methalox engines ignited in sequence and fired for about 45 seconds with gimbal-control testing, producing roughly 7,542 kN of thrust. The company said both rocket and launch-site systems performed normally and that it will now proceed toward the maiden orbital flight of the Falcon 9-class vehicle.

Jun 10

LandSpace Zhuque-2E completes 8th mission with SpaceSail payload

LandSpace's Zhuque-2E Y6 rocket lifted off from the Dongfeng Aerospace Innovation Pilot Zone on June 9, successfully delivering the SpaceSail DTC 01 and China Mobile 02 satellites to their designated orbits — the eighth successful mission for the Zhuque-2 methane rocket family. The flight extends LandSpace's commercial launch cadence as China's leading private methalox operator while the company pursues its STAR Market IPO and works toward full first-stage recovery on the larger Zhuque-3.

Qianfan (Spacesail)

Operations & Revenue

StatusOperational

Operational commercial launch provider with an accelerating cadence — the methalox Zhuque-2E flew Y5 (May 14) and Y6 (June 9, 2026) just 27 days apart, an eighth straight Zhuque-2-family success. The reusable Zhuque-3 completed its orbital maiden flight in December 2025 (payload to orbit, booster recovery unsuccessful); after a nine-engine first-stage static fire on June 29, 2026, LandSpace slipped its second orbital launch and first booster-recovery attempt from the earlier Q2 target to a window opening after the middle of July 2026, again aiming to land the first stage at the Minqin County pad in Gansu roughly 390 km downrange, with a first recovery-and-reflight mission still targeted for later in 2026. Its STAR Market IPO filing (accepted December 2025) is advancing toward a ~7.5B-yuan listing.

Revenue Streams

Zhuque-2E Launch Services

Commercial methalox launches for Chinese satellite operators and mega-constellation deployment from Jiuquan Satellite Launch Center.

Zhuque-3 Reusable Launch Services

Planned medium-to-heavy reusable launch services targeting low-cost, high-cadence deployment for China's satellite-internet constellations once recovery and reuse are proven.

Key Metrics

Est. Annual Revenue

Not publicly disclosed (commercial launch services; STAR Market IPO prospectus pending)

Valuation

~$2.7B (20B yuan private, mid-2025); STAR Market IPO seeks ~7.5B yuan (~$1.07B)

World First

First methalox rocket to reach orbit (Zhuque-2, 2023)

Zhuque-3 Payload to LEO

11,800 kg expendable / 8,000 kg reusable

Reusability Target

Up to 20 first-stage reuses

IPO Status

STAR Market filing accepted (Dec 2025); seeking ~7.5B yuan (~$1.07B)

Timeline

2026Zhuque-2E proves stretched configuration

On May 14, 2026, an upgraded Zhuque-2E (Y5) with lengthened tanks, subcooled propellant loading and a three-ignition second stage places a 2,800 kg constellation-deployment test payload into a 900 km polar orbit.

2026Zhuque-2E Y6 completes eighth Zhuque-2 mission

On June 9, 2026, the Zhuque-2E Y6 lifts off from the Dongfeng Aerospace Innovation Pilot Zone and successfully delivers the SpaceSail DTC 01 and China Mobile 02 satellites to their designated orbits — the eighth successful mission for the Zhuque-2 rocket family and further evidence of commercial launch cadence as LandSpace advances its STAR Market IPO and develops the reusable Zhuque-3.

2026Nine-engine Zhuque-3 static fire ahead of second flight

On June 29, 2026, LandSpace completed a full-duration static fire of a reusable Zhuque-3 (Y2) first stage at the Dongfeng commercial pad at Jiuquan. The stage's nine Tianque-12A methalox engines ignited in sequence and burned for about 45 seconds with gimbal-control testing, producing roughly 7,542 kN of thrust; the company said rocket and launch-site systems performed normally and that it would proceed toward the next Zhuque-3 flight — the follow-up to the December 2025 debut that reached orbit but did not recover its booster.

2025Zhuque-3 reusable maiden flight

On December 3, 2025, the reusable stainless-steel Zhuque-3 reaches orbit on its debut, but an abnormal combustion event during descent prevents the first-stage booster from landing.

2025STAR Market IPO filing accepted

The Shanghai Stock Exchange accepts LandSpace's STAR Market IPO application, which seeks to raise about 7.5 billion yuan (~$1.07B); the company was valued near 20 billion yuan (~$2.7B) in mid-2025.

2024Upgraded Zhuque-2E enters service

The stretched, higher-performance Zhuque-2E variant flies successfully for the first time in November 2024, beginning routine commercial missions.

2023World's first methalox rocket to orbit

Zhuque-2 reaches orbit on July 12, 2023, becoming the first methane-liquid oxygen launch vehicle in the world to do so. A December 2023 flight deploys its first satellites.

2018China's first private orbital attempt

Zhuque-1, a three-stage solid rocket, becomes the first orbital launch attempt by a Chinese private company but fails at third-stage separation.

2015Founded

Zhang Changwu founds LandSpace in Beijing, one of the first private launch firms licensed in China.

Funding

Round	Date	Amount	Investors
Venture funding	2015-2024	Multiple rounds	HongShan (Sequoia China), China SME Development Fund, Country Garden, and others
Pre-IPO valuation	2025	~20B yuan (~$2.7B)	Per Hurun Global Unicorn Index 2025
STAR Market IPO (filed)	2025-2026	Seeking ~7.5B yuan (~$1.07B)	Shanghai Stock Exchange (STAR Market)