Landspace

Founded in 2015 and headquartered in Beijing, LandSpace is a private Chinese aerospace company focused on commercial launch services and space transportation systems. The company develops liquid oxygen and methane launch vehicles and related propulsion, with in-house work spanning R&D, manufacturing, testing, and launch operations.
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LandSpace gained global attention in July 2023 when its Zhuque-2 became the first methane-fueled rocket to reach orbit. It has since continued flying upgraded variants such as Zhuque-2E, including a May 2025 mission that deployed multiple satellites from Jiuquan. LandSpace is also advancing reusability through its Zhuque-3 program, aiming to recover and reuse boosters as it scales launch cadence inside China’s fast-growing commercial space sector.

LandSpace operates as a vertically integrated commercial launch provider, with in-house capabilities across rocket design, engine development, manufacturing, testing, and launch operations.  Its revenue base is centered on launch contracts for satellites, supported by proprietary propulsion and vehicle development that lowers reliance on external suppliers.
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1. Launch services
   The core product line is the Zhuque series. Zhuque-2 and Zhuque-2E target small and medium satellite missions using liquid oxygen and methane.
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2. Propulsion and iteration speed
   LandSpace develops LOX methane engines and uses flight data to iterate vehicle upgrades, a key lever for cost control and reliability as cadence rises.
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3. Reusability roadmap
   Zhuque-3 is the next step, built around booster recovery. LandSpace has stated a goal of achieving successful booster recovery by mid-2026 after its initial Zhuque-3 flight in December 2025.
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Market position
LandSpace gained global visibility in July 2023 when Zhuque-2 became the first methane-fueled rocket to reach orbit.  In China, it sits among the leading private launch firms alongside Galactic Energy, iSpace, Orienspace, and Space Pioneer, while competing in a market where state-backed Long March launchers remain central.
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Relative to Rocket Lab, LandSpace looks like China’s closest private-sector counterpart in strategy, with proprietary engines, a focused launch product line, and a push toward reusable operations.

China is LandSpace’s core market and operational base. Headquartered in Beijing, the company serves domestic satellite customers and launches from the Jiuquan Satellite Launch Center.  A key proof point was the May 17, 2025 Zhuque-2E mission, which deployed six satellites into orbit, with payloads mainly developed by Spacety and focused on Earth observation and research use cases.
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Demand is supported by national policy backing for commercial space. In November 2025, China’s space agency outlined an action plan that includes establishing a national commercial space development fund and expanding government procurement to integrate commercial capabilities such as launch vehicles and launch sites into national missions.  This policy environment, paired with China’s push toward large satellite constellations, underpins LandSpace’s contract momentum inside the domestic market.

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LandSpace’s growth path is tied to two forces in China’s space economy: rising demand for frequent, lower-cost launches to support large satellite constellations and government efforts to pull commercial suppliers into national missions.  The company is moving from Zhuque-2E into a larger, reusable-class vehicle to raise payload capacity, lower unit costs, and win higher-value contracts.
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Key growth drivers include:
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1. Zhuque-3 and reusable operations
   Zhuque-3 is designed as LandSpace’s step into Falcon 9 class economics, with a larger rocket aimed at roughly 20 to 25 tonnes to low Earth orbit.  After its first full reusable rocket test in December 2025 failed to recover the booster, the company set a mid-2026 target for a successful recovery and outlined a plan to fly a reused booster by the fourth Zhuque-3 launch.
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2. Cadence and the cost curve
   Higher launch cadence supports learning cycles in manufacturing and flight operations. LandSpace stated a plan for 10 launches across its rocket lineup in 2026, which signals an emphasis on scaling beyond occasional demonstration flights.
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3. Domestic constellation demand and procurement tailwinds
   China’s policy direction supports private launch providers through funding initiatives and broader government procurement of commercial capabilities, including launch vehicles and launch sites.  This aligns with LandSpace’s role as a domestic supplier as China expands satellite internet and Earth observation infrastructure.
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4. Funding access through a STAR Market IPO
   LandSpace is moving toward a Shanghai STAR Market listing, with Reuters reporting its IPO application acceptance and a targeted raise around 7.5 billion yuan, plus a 2026 listing track after completing required pre-IPO preparation steps. The capital raise is positioned as fuel for reusability R&D, test cadence, and production scale.
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Challenges ahead
Reusable booster recovery remains the central execution risk after the December 2025 landing failure.  Competition inside China is intensifying among private launch firms, while state-backed providers still anchor much of the national launch manifest. International expansion is constrained by geopolitics and export controls that shape market access for Chinese launch services.