The problem
China’s planned low-orbit satellite constellations need vastly more launches than state rockets can supply — and the kerosene workhorses of today can’t be cheaply reused, keeping per-kilo prices high.
How it works
Founded in 2015 by Zhang Changwu, Beijing-based LandSpace was among the first private firms into the launch sector after China opened it to private capital in 2014. It bet on methane-liquid-oxygen propulsion — less polluting, safer, cheaper, and suited to reuse — and in July 2023 its Zhuque-2 Y-2 became the world’s first methalox rocket to reach orbit, ahead of SpaceX and Blue Origin. The enhanced Zhuque-2 now flies commercial satellite missions while the stainless-steel Zhuque-3, already tested in a 10 km vertical-landing hop, targets orbital launch and first-stage recovery.
Pain points
Launch queues for constellation operators, expendable rockets discarded after one flight, and strategic dependence on state launchers for commercially urgent payloads.
Business model
Paid commercial launches — satellite payloads and constellation missions on Zhuque-2 today — with reusability on Zhuque-3 as the lever to undercut expendable pricing tomorrow.
Challenges
The booster still has to come back: Zhuque-3’s orbital debut and first-stage recovery are make-or-break tests where failure costs vehicles and months. Meanwhile Space Pioneer, Orienspace, state giants, and the US leaders are all chasing the same reusable prize.
Funding
- Raised: $175M Series C+ (2020, led by Sequoia Capital China with Country Garden VC, Matrix Partners China, SME Development Fund); 900M yuan (~$123M) from the National Manufacturing Transformation and Upgrading Fund (Dec 2024).
- Valuation: undisclosed (MISSING).
Latest — December 2024
LandSpace secured 900M yuan ($123M) in state-backed funding for Zhuque reusable-vehicle development, weeks after its first enhanced Zhuque-2 orbited satellites — with Zhuque-3’s first orbital launch targeted for 2025 and stage recovery to follow in 2026.