Space Pioneer has successfully secured approximately $350 million in new funding rounds. This investment aims to bolster the development of its Tianlong-3 rocket, along with next-generation launch vehicle and engine initiatives.
The company made the announcement regarding a pre-D and D round funding, amounting to nearly 2.5 billion yuan ($351 million), in a press statement on October 9. This announcement precedes the anticipated first full launch attempt of its Tianlong-3 launch vehicle. The funds are primarily designated for mass production preparation of rockets and engines, as well as for the “development of new-generation engines and launch vehicles,” with the objective of advancing China’s commercial space technology and industrialization, as stated in the announcement.
While Space Pioneer did not provide specific details concerning its plans for new-generation launch vehicles, the company has already developed the Tianlong-2 kerosene-liquid oxygen rocket, which successfully reached orbit during its single flight in April 2023. The company is nearing a test orbital flight of the potentially reusable and significantly larger Tianlong-3 (capable of carrying 17-22,000 kilograms to low Earth orbit). Static fire tests have been conducted and a launch pad was completed for the rocket at Jiuquan spaceport in July.
The mention of new-generation engines and launch vehicles indicates that the company is considering a newer, significantly more capable launcher. Several companies, including Landspace and other emerging Chinese commercial companies, have started planning the development of full-flow staged combustion cycle (FFSC) engines. This broader industry trend is spearheaded by SpaceX, with its Starship system and Raptor engines.
The funding rounds saw joint leadership from Guoyu Gaohua, Jigang Group, Orient Asset Management, Shenwan Investment, Bank of China Asset Management, Guiyang Industrial Development Fund, Beijing United Exchange, Hunan Shengli Investment, Hunan Gaoxin Zongheng, Qingshui Huixing, alongside various other prominent institutions.
This consortium comprises state-backed industrial groups, regional government funds, and private equity, reflecting a trend where government-aligned capital supports key players in China’s developing commercial space ecosystem.
This funding is the most recent in a series of substantial investments in commercial space ventures in China in recent weeks. Space Pioneer’s funding may have exceeded the $336 million secured by competitor Galactic Energy in late September and comes after a $281 million investment in satellite operator Geespace, the space division of automaker Geely, earlier in September. These investments demonstrate provincial and local government support for commercial space ventures in China, following the central government's indication that the sector is a strategic priority. Landspace received $123 million in state-backed funding in December for its own reusable launcher plans. The company’s Zhuque-3 stainless steel rocket is currently being prepared for its initial orbital flight at Jiuquan.
Companies like Space Pioneer, Landspace, Galactic Energy, iSpace, Deep Blue Aerospace, Orienspace, and others are developing medium-lift, reusable rockets. Their goal is to secure contracts for launching China’s state-led Guowang and Shanghai-backed Qianfan (Thousand Sails) megaconstellations, projects that appear to be strategic priorities for Beijing. “Launching constellations of 10,000-plus satellites each requires China to greatly expand its access to space, with serious backing for launch companies and an expansion of the country’s spaceports supporting this drive.”