iSpace

Aerospace · Space Launch · China

Funding

China's iSpace raises $148M Series E for reusable Hyperbola-3 rocket

The investor mix flipped from state grants to bank-linked asset managers, showing Beijing wants this bet to look commercial.

• iSpace closed a Series E round of nearly $148 million, led by asset investment companies affiliated with major Chinese state banks, to fund its reusable Hyperbola-3 rocket program.
• iSpace became the first Chinese private company to reach orbit in 2019 with its solid-fueled Hyperbola-1, and has since pivoted to building liquid-fueled reusable launch vehicles.
• The Hyperbola-3, a two-stage rocket, is designed to carry up to 13,400 kg to low Earth orbit expendably or 8,500 kg in reusable mode, with a debut flight and first-stage recovery attempt targeted before the end of 2026.
• This Series E follows a record $729 million round in February 2026 that was driven mainly by government and state-linked entities, marking a shift toward bank-affiliated private capital.
• iSpace has logged seven successful flights out of ten attempts, and now competes with Landspace, Galactic Energy, CAS Space, Orienspace and Space Pioneer for contracts to launch China's planned satellite megaconstellations.
• iSpace is reportedly targeting an IPO in the second half of 2027, meaning the reliability of Hyperbola-3's reusable debut could shape its public-market pitch.
• The funding underscores how China is trying to graduate its commercial space sector from direct state subsidy to bank-backed private capital, aiming to build a domestic reusable-launch industry that can compete with SpaceX.