The commercial space sector, both domestically and internationally, has seen a continuous stream of positive developments in recent months, driving increasing activity in both primary and secondary markets. On February 12, another company in the commercial space field announced the completion of a multi-billion yuan financing round.
On February 12, Star Glory announced via its official WeChat account the completion of its D++ round of financing, raising a total of 5.037 billion yuan. This financing amount sets a new record for a single funding round by a domestic private enterprise.
According to Star Glory, this round was jointly led by Tongchuang Weiye and existing shareholder Jingming Capital. Several existing shareholders also participated in the follow-on investment, including Ganquan Capital, the Chengdu Major Industrialization Project Phase II Equity Investment Fund Co., Ltd. (under the Chengdu Industrial Investment Group), Qianlima Capital, CDH Baffin,凯联资本,盈远投资,新鼎资本, Chengdu Airport Innovation and Entrepreneurship Investment Co., Ltd., and ShuaiRan Investment.
Furthermore, numerous new institutions also joined the investment, including典实资本,图灵资管,坚果资本,领阳投资,钰湖资本,玄素投资,龙芯创投, Chengdu Jiaozi Gongrong Fund, China Science & Merchants Capital, JIC Investment,金浦投资,粤科金融, and卓源亚洲.
Star Glory stated that the funds raised will be primarily used to further accelerate the development and commercialization of its reusable liquid oxygen methane launch vehicle models. Concurrently, the company will focus on its "land launch, sea recovery" technical pathway, increasing investment in production capacity for final assembly and testing around core processes such as testing, assembly, launch, and recovery. This includes enhancing testing capabilities for core systems like structures, electrical systems, and propulsion, and boosting investment in maritime recovery capabilities.
Star Glory's record-breaking financing is just one example of the recent fervor in the commercial space sector. Since the second half of 2025, companies in this field have frequently announced large-scale financings. Previously, Star Glory's D+ round raised 700 million yuan, while Galactic Energy completed a 2.4 billion yuan D-round, and Space Tianbing secured nearly 2.5 billion yuan in its D-round financing.
Notably, the path to capital markets for commercial space-related companies has also accelerated significantly.
In December 2025, the Shanghai Stock Exchange released the "Guidelines for the Application of the Shanghai Stock Exchange Listing Review Rules No. 9 – Application of the Fifth Set of Sci-Tech Innovation Board Listing Standards for Commercial Rocket Enterprises." This marked the first time a clear path was outlined for commercial rocket companies aiming for the STAR Market, specifying requirements for technical milestones, R&D capabilities, and commercial prospects.
Against this backdrop, several companies have initiated IPO processes, with Star Glory being one of them. The company updated its IPO tutoring progress at the end of January. Additionally, as of now, commercial rocket company Landspace has received inquiries for its STAR Market IPO application, while Zhongke Aerospace, Space Tianbing, and Galactic Energy have also entered the listing tutoring phase.
In the secondary market, the commercial space concept has been particularly hot, even leading to regulatory penalties for a listed company due to information disclosure issues.
On the afternoon of February 12, Shuangliang Eco-Energy Systems Co.,Ltd. published information on its official WeChat account stating that it had recently secured three overseas orders totaling 12 high-efficiency heat exchanger units. These units are intended for the fuel production system supporting the expansion of the SpaceX Starship launch base. Following prior collaborations, this marks another application of the product at the SpaceX Starship launch site, reportedly demonstrating the high trust of overseas clients in the reliability of Shuangliang's products.
Following the release of this news, Shuangliang's stock price surged rapidly, reversing from a decline of approximately 3% to hit the 10% daily limit-up.
However, after the market closed the following day, Shuangliang issued an announcement clarifying that the total value of the related orders was approximately 1.7 million euros. This amount represents about 0.11% of the company's audited operating revenue for 2024 and does not have a significant impact on its operating performance. The company emphasized that it is indirectly involved in the related commercial space project, has no direct cooperation with SpaceX, and is a non-exclusive indirect supplier for the project.
Subsequently, the Shanghai Stock Exchange issued a regulatory warning to Shuangliang Eco-Energy Systems Co.,Ltd. and the relevant responsible persons.
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