SpaceX's record $75 billion IPO is fueling Chinese space startups racing to develop reusable rockets and satellite constellations before going public. Chinese firms, including LandSpace and CAS Space, have limited revenue—LandSpace earned 36.4 million yuan in H1 2025—and lack proven reusable rocket technology, capping their valuations.
The $75 billion IPO from SpaceX establishes a valuation benchmark for global space ventures, highlighting the investor appetite for reusable rockets and large-scale satellite constellations.
At least seven Chinese companies, including LandSpace and CAS Space, are pursuing IPO or pre-IPO plans as private backers anticipate high returns; Lantern Capital's decade-old bet on LandSpace has already returned roughly 100 times.
Chinese firms have yet to achieve a controlled booster landing; LandSpace’s Zhuque-3 test in December failed to recover the first stage, underscoring the technological moat SpaceX maintains.
LandSpace reported 36.4 million yuan in H1 2025 revenue, while SpaceX generated nearly $19 billion in 2025; forecasts project China’s commercial space market could exceed $1 trillion by 2030.
