LandSpace

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

CEO

Zhang Changwu

Overview

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 Jiuquan. The upgraded Zhuque-2E (Y5) flew successfully on May 14, 2026 with lengthened tanks, subcooled propellant loading and a three-ignition second stage for orbital disposal.

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 Y5 success (May 14, 2026)

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. LandSpace plans a recovery test in Q2 2026 and a first reuse flight in Q4 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 booster recovery and reuse

Attempt the first Zhuque-3 first-stage recovery on a Q2 2026 test flight, then fly a recovered booster on a first reuse mission targeted for Q4 2026 to validate the reusable architecture.

2026

Complete STAR Market IPO

Convert the accepted Shanghai STAR Market filing into a completed public listing, raising roughly 7.5 billion yuan to fund Zhuque-3 production and reusability work.

2026

Scale Zhuque-2E commercial cadence

Increase Zhuque-2E launch tempo to serve Chinese satellite-internet constellation deployment while bringing down per-kilogram launch cost.

2026-2027

Operations & Revenue

StatusOperational

Operational commercial launch provider. The methalox Zhuque-2/2E flies regularly from Jiuquan, and the reusable Zhuque-3 completed its orbital maiden flight in December 2025 (payload to orbit, booster recovery unsuccessful), with a recovery test targeted for Q2 2026 and a first reuse flight aimed at Q4 2026. LandSpace's STAR Market IPO filing was accepted in December 2025.

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, mid-2025)

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)

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.

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)