Chinese Commercial Rocket Firm CAS Space Files for Star Market IPO to Raise $600 Million

CAS Space, a Chinese commercial rocket manufacturer established in 2018 and developed with support from the Chinese Academy of Sciences' Institute of Mechanics, has submitted an application to list on Shanghai's technology-oriented Star Market. The company aims to secure approximately 4.18 billion yuan (equivalent to $600 million) through this public offering. Proceeds are intended to finance advanced projects including reusable heavy-lift rockets, spacecraft development, and liquid-propellant engine research. This move occurs amid increasing governmental backing for China's private space industry. Recently, the firm successfully conducted the inaugural launch of its Lijian-2 Y1 rocket. According to its operational records, CAS Space has executed 11 missions, placing 86 satellites and one spacecraft into orbit with a cumulative payload nearing 16 metric tons. Market research indicates the company held around half of China's private commercial launch market by payload in 2024 and approximately 63% in 2025. Financially, while revenues have grown significantly from 5.95 million yuan in 2022 to 244 million yuan in 2024, the company continues to report net losses, which totaled 1.76 billion yuan in 2022 and decreased to 749 million yuan for the first three quarters of 2025. Accumulated deficits reached 2.5 billion yuan by late 2025.