Galaxy Aerospace, a commercial satellite unicorn, has started IPO advisory, with founder and chairman Xu Ming controlling nearly 73% of the voting rights in total.

Reporter | Cai Ding Editor | Huang Sheng

With the disclosure of the China Securities Regulatory Commission’s official guidance and filing report, progress has been made in the capitalization process of the commercial aerospace sector. On March 30, Galaxy Aerospace (Beijing) Technology Group Co., Ltd. (hereinafter referred to as “Galaxy Aerospace”) completed the registration for the initial public offering (IPO) stock issuance and listing guidance filing with the Beijing Securities Regulatory Bureau. Under the guidance of Huatai United Securities, Shanghai Jintiancheng Law Firm, and Lixin Certified Public Accountants, this company, mainly providing satellite internet solutions, has taken a substantial step toward issuing and listing on the A-share market.

Since the second half of 2025, commercial aerospace has been one of the most closely watched main lines in the A-share secondary market. Market funds’ attention to this sector has continued to increase with the catalysis of macro policies. Galaxy Aerospace entering the IPO guidance period at this time indicates that China’s commercial aerospace industry is gradually entering a stage focused on large-scale production and supply chain performance realization.

The filing report shows that Galaxy Aerospace was established on June 27, 2019, with a registered capital of 44.381908 million yuan. Its registered address is in Beijing Economic-Technological Development Zone. Founder, Chairman, and CEO Xu Ming directly and indirectly holds 22.04% of the company’s shares. Considering the company’s special voting rights arrangements and Xu Ming’s direct and indirect shareholding, he controls a total of 72.87% of the voting rights, making him the actual controller of the company.

Image source: China Securities Regulatory Commission

Galaxy Aerospace told the “Daily Economic News” reporter (hereinafter “Daily Economic News reporter”) that the company is a provider of satellite internet solutions and satellite manufacturer in China, and is the country’s first unicorn company in the commercial aerospace field. It officially began operations in April 2018.

As of January 19, 2026, Galaxy Aerospace has successfully launched more than 40 technologically advanced satellites developed independently, including the world’s first high-frequency low-orbit millimeter-wave satellite, China’s first batch-produced low-orbit broadband communication satellites, China’s first flat-panel stackable satellite using flexible solar wings, batch-produced SAR (Synthetic Aperture Radar) satellites, and near-space atmospheric detection remote sensing satellites.

Tianyancha shows that since 2017, Galaxy Aerospace has completed multiple rounds of financing. Its latest round, B++ financing, was completed on September 7, 2022, with a post-investment valuation of 11 billion yuan. Additionally, Galaxy Aerospace completed a round of equity transfer earlier this month, though the specific amount was not disclosed. Past investors include IDG Capital, Shunwei Capital, Junlian Capital, and other institutions. The involvement of long-term funds reflects the increasing industry status of low-orbit satellite internet as critical information infrastructure.

Image source: Tianyancha

On the manufacturing side, Galaxy Aerospace is breaking the traditional long-cycle, single-piece development model of aerospace industry and shifting toward low-cost mass production. Taking its independently developed Lingxi-03 satellite as an example, this satellite uses flexible solar wings only about 1 millimeter thick, with a body thickness of less than 5 centimeters when folded, and an on-orbit deployed length of about 9 meters. This design meets the needs for large-scale stacking launches of flat satellites, helping to improve the utilization of space in rocket fairings and reduce the cost of launching individual satellites.

In addition, Galaxy Aerospace has established an intelligent satellite manufacturing factory in Nantong, Jiangsu, introducing intelligent assembly robots and digital control systems to improve production efficiency. Currently, the production line has the capacity to produce hundreds of medium-sized satellites annually. The company plans to achieve a monthly delivery of 20 low-orbit satellites by 2026. As its supply chain partners expand to over 1,300 companies, with more than half being private enterprises, industry synergy is gradually emerging.

Looking at the broader market, the recent wave of IPO guidance for leading companies in commercial aerospace is quite intense. The Daily Economic News noted that from the second half of 2025 onward, several satellite development companies such as Galaxy Aerospace and Weina Starry, as well as rocket launch companies like LandSpace, CAS Space, Tianbing Technology, and Xinghe Power, have completed new rounds of large-scale financing and launched IPO guidance, with some companies’ valuations surpassing 20 billion yuan.

The direct driver of this IPO surge is the broadening of capital market systems. At the end of 2025, the Shanghai Stock Exchange issued the “Guideline for the Application of the Shanghai Stock Exchange’s Listing Review Rules No. 9—Applicable to Commercial Rocket Companies under the STAR Market,” which clearly states that for commercial rocket companies, as long as they have achieved “the first successful orbital launch of a medium or large reusable launch vehicle carrying payloads” at the time of application, and there are no major adverse technical issues affecting launch responsibilities, they can apply for listing. This detailed regulation alleviates the difficulties faced by commercial aerospace companies with long R&D cycles and short-term unprofitability in going public, and broadens exit channels for primary market funds. From an industry logic perspective, the driving force behind the commercial aerospace sector is also undergoing a substantive change.

Furthermore, under the International Telecommunication Union (ITU) rules, low-orbit satellite frequency and orbital resources operate on a “first come, first served” basis. Multiple satellite constellations declared by China face clear launch commitment timelines, requiring the completion of designated satellite deployments within specified periods. Therefore, 2026 is regarded as a critical network-building window, with the industry’s core focus shifting from mere technical validation to the actual implementation of high-frequency launches and low-cost network deployment. This provides clearer order expectations for the upstream and midstream of the industry chain.

In terms of secondary market investment logic, capital market allocation is becoming more pragmatic. Attention to the commercial aerospace sector is gradually shifting from early concept-driven enthusiasm to tracking companies’ order acquisition capabilities and sales multiples. Currently, institutional investors show some differentiation: some focus on state-owned background and core resource positioning system integrators for assured returns; others focus on private supporting enterprises specializing in core components of commercial rockets and satellites, such as phased array components, high-frequency chips, testing, and manufacturing processes.

Looking ahead, with the evolution of communication technology, direct satellite communication via mobile phones is becoming an important supplement to communication architecture, and satellite internet is gradually becoming infrastructure for emerging fields like low-altitude economy. The IPO guidance of companies like Galaxy Aerospace marks an acceleration in China’s commercial aerospace industry connecting with capital markets. As more companies undergo public market testing, the ability of the A-share commercial aerospace sector to realize performance and its fundamental support will become the core focus of future market attention.