On December 3, LandSpace's independently developed Zhuque-3 carrier rocket successfully delivered its second stage into the target orbit, marking a significant advancement in China's commercial space sector for large liquid oxygen-methane rockets. Although the first-stage recovery test failed due to abnormal combustion, the development team obtained crucial flight data and is investigating the cause.
The Zhuque-3 Y1 carrier rocket lifted off from the Dongfeng Commercial Space Innovation Test Zone, completing its mission as planned with the second stage entering the intended orbit. This launch represents a critical validation of Chinese commercial space companies' capabilities in developing and launching large liquid oxygen-methane rockets. However, the first stage experienced abnormal combustion during recovery and failed to achieve a soft landing at the designated site, with the specific cause under analysis.
Despite the recovery failure, capital markets remain enthusiastic about the commercial space sector. Around the time of the launch, A-share commercial space concept stocks surged against the broader market trend, with Shanghai Hanxun and China Tender both hitting the daily limit up, Zhonghuan Hailu rising over 10%, and other related stocks following suit.
The market's optimism stems from policy, technological, and industrial catalysts. The China National Space Administration recently established a Commercial Space Department and released the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)," proposing to integrate commercial space into the national space development strategy to accelerate the formation of new space productivity and enhance overall space development efficiency.
**Recovery Test Falters but Technical Value Remains Significant** The Zhuque-3 is LandSpace's next-generation, low-cost, high-capacity, reusable liquid oxygen-methane rocket. Standing 66.1 meters tall with a diameter of 4.5 meters and a fairing diameter of 5.2 meters, it has a takeoff mass of about 570 tons and thrust exceeding 750 tons. The first stage is equipped with a reaction control system, grid fins, and landing legs for vertical return and reuse after orbital launch.
The rocket uses stainless steel as its primary structural material and is powered by the Tianque series of liquid oxygen-methane engines, with nine TQ-12B engines on the first stage and one TQ-15B vacuum engine on the second stage. Its payload capacity to low Earth orbit is 21.3 tons for expendable missions, 18.3 tons for downrange recovery, and 12.5 tons for return-to-launch-site recovery, with potential first-stage reuse up to 20 times.
Although the first-stage recovery target was not achieved, the mission validated the overall design and system compatibility of the Zhuque-3, providing critical engineering data. The development team will conduct a thorough review to identify the cause and continue reusable technology verification in future missions.
The Zhuque-3 has drawn attention from Elon Musk, who commented in October that Chinese reusable rockets, including the Zhuque-3, could surpass the Falcon 9 by incorporating Starship-like features such as stainless steel construction and methane oxidizer. Musk suggested that the Zhuque-3 might outperform the Falcon 9 within five years if development proceeds smoothly.
The successful launch of the Zhuque-3 has garnered significant market attention. If future missions achieve successful recovery, China would become the second country after the U.S. to master reusable rocket technology, with LandSpace joining SpaceX and Blue Origin as the third company capable of first-stage recovery.
Founded in 2015, LandSpace is among China's earliest commercial space enterprises. The Zhuque-3 project was officially launched in August 2023, completing a 100-meter vertical takeoff and landing test five months later and a 10-kilometer flight test in September last year. In July, LandSpace began IPO preparations, with its valuation exceeding 20 billion yuan.
**Domestic Reusable Rocket Race Heats Up** Besides the Zhuque-3, other reusable rockets under development in China include the Long March 12A and Hyperbola-3. The Long March 12A, developed by the Shanghai Academy of Spaceflight Technology, completed a 10-kilometer vertical takeoff and landing test in June 2024 and plans its maiden flight in 2025. Hyperbola-3, developed by iSpace, is scheduled for its first flight and sea recovery around late 2025, with reuse flights expected in 2026.
Analysts note that the establishment of the Commercial Space Department signals strong policy support, with China Satcom's intensive satellite launches this year expected to drive upstream manufacturing performance. Companies like Shanghai Hugong and Shanghai Gangwan are actively involved in satellite assembly and component manufacturing, supporting over 16 successful satellite launches and 40+ operational satellite power systems.
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