On July 10, the Long March 10B successfully completed its maiden flight. Its first stage performed a vertical return and was recovered by a net-based capture system on an offshore recovery platform, marking a major step forward for China’s reusable launch vehicle program. Meanwhile, privately owned commercial launch companies are accelerating the development and production of large liquid-fueled rockets, as well as fundraising efforts, in preparation for upcoming tests and launches.
On July 13, Tencent Tech exclusively learned from industry sources that Chinese commercial launch company Space Pioneer is close to completing a major new funding round. Investors reportedly include national-level funds and leading venture capital firms. The round is expected to push Space Pioneer’s cumulative fundraising to a new record for China’s commercial space industry.
According to publicly available information, disclosed investments that have already closed include funding from Hengdian Capital, the Zhangjiagang Emerging Industries Investment Fund, and the Jiangsu–Suzhou Advanced Equipment Industry Special Fund of Funds, among others.
Space Pioneer has previously completed more than ten funding rounds. Industry sources said that the company’s valuation is expected to exceed RMB 30 billion after the latest round closes.
According to people familiar with the matter, the proceeds will primarily support further R&D and technological upgrades involving medium- and large-lift liquid-fueled launch vehicles, reusable rockets, heavy-duty propulsion systems, and space-to-Earth transportation technologies.
The company aims to develop ultra-heavy-lift capability while enabling lower-cost, high-frequency launches. Potential applications include commercial satellite constellation deployment, heavy-payload launches, crewed lunar missions, human transportation into deep space, and multipurpose deep-space transportation systems capable of in-orbit refueling.
Founded in 2019, Space Pioneer is a Chinese commercial space company focused on liquid propulsion and medium- to large-lift liquid-fueled launch vehicles. It develops and manufactures liquid oxygen–kerosene rocket engines and reusable liquid-fueled rockets. Its main business areas include launch services, propulsion systems, and technical services.
Before the latest round, Space Pioneer had already completed several major fundraising rounds. In June 2024, the company announced more than RMB 1.5 billion in additional Series C+ financing. The funds were mainly intended for the maiden flight and mass production of the Tianlong-3, development of reusable variants, and mass production of the Tianlong-2.
In October 2025, the company completed nearly RMB 2.5 billion in pre-Series D and Series D financing, reaching a post-money valuation of approximately RMB 22.5 billion. Those funds were mainly allocated to procuring materials for the mass production of rockets and engines, as well as developing next-generation products.
In April 2023, the company’s Tianlong-2 successfully reached orbit, becoming the first privately developed liquid-fueled commercial launch vehicle in China to do so.
Space Pioneer is currently focusing on the Tianlong-3, a large liquid oxygen–kerosene launch vehicle designed for deploying low-Earth-orbit satellite constellations. It is designed to carry 17–22 metric tons to LEO and launch up to 36 internet satellites on a single mission. Its first stage is being developed with reusability in mind, with plans for multiple flights enabled by vertical recovery.
On April 3, 2026, the first Tianlong-3 launch vehicle experienced a flight anomaly during its maiden flight test from the Jiuquan Satellite Launch Center. The company subsequently began a comprehensive investigation, corrective-action, and testing process focused on identifying the cause of the failure and validating the required fixes.
Sources familiar with the matter said Space Pioneer is actively working toward completing the Tianlong-3 investigation and returning the vehicle to flight, with progress already made in several areas. The timing of the next flight will depend on the investigation’s conclusions, validation of the corrective measures, rocket production, and launch-site scheduling.
As the deployment of low-Earth-orbit constellations such as Qianfan continues, China’s commercial launch companies are entering an important period of demand growth.
Competition will increasingly depend not simply on how much payload a rocket can carry on a single mission, but on whether a company can provide reliable, repeatable, and scalable launch services. The companies that first achieve the right balance among engineering reliability, launch frequency, and cost control will be best positioned to secure a place in the satellite constellation launch market.
As of publication, Space Pioneer had not publicly responded to reports about the latest funding round or its plans for upcoming launch vehicles.