The Long March-12 carrier rocket takes off from the Hainan commercial spacecraft launch site in South China's Hainan Province at 18:21 on August 4, 2025. It successfully placed the payloads, the seventh group of low-orbit internet satellites independently developed by GalaxySpace, into preset orbit. Photo: Courtesy of GalaxySpace

China's privately-run space company GalaxySpace (Beijing) Technology Group Co has filed for A-share IPO counseling, or pre-listing guidance, with the Beijing Regulatory Bureau of the China Securities Regulatory Commission (CSRC), according to a post on the securities regulator's website. 

It marks one of the first substantive steps by a Chinese private space firm to become a public company, industry insiders said, amid a broader trend under which the sector is moving from technology verification to the stage of large-scale industrialization and commercialization.

The company did not respond to the IPO counseling when contacted by the Global Times on Tuesday. It noted that "GalaxySpace plans to continue developing and launching more advanced satellites throughout this year." 

The Chinese company has launched more than 20 self-developed, technologically advanced satellites since 2025, and the number is equivalent to the total it launched during the previous six years combined, a spokesperson told the Global Times.

If GalaxySpace is successfully listed on the A-share market, it is expected to create a replicable pathway for the industry — connecting technology R&D, primary market financing, large-scale mass production, and secondary market capitalization, industry analysts said.

According to the post seen on CSRC's website, GalaxySpace was founded in 2019, with a registered capital of 44.38 million yuan ($6.42 million). The company's founder, chairman and CEO Xu Min, serves as the legal representative of the company. Huatai United Securities has been appointed as the company's IPO counseling institution.

The company is a leading satellite internet solution provider and satellite manufacturer, committed to independent research and development of communication payloads, core modules, and satellite platforms.

In February, GalaxySpace completed the Series C financing round, with the post-money valuation reaching approximately 32 billion yuan. The company is estimated to value at 11.5 billion yuan and 11 billion yuan in 2024 and 2023, respectively, according to the Hurun Global Unicorn Index, the Securities Times reported. 

In December, the Shanghai Stock Exchange released guidelines on the application of the fifth set of listing standards on the STAR Market for commercial rocket enterprises. The guidelines provide further details on business scope, technological strength, phased achievements, and industry standing, providing private aerospace companies with a clearer and more defined listing pathway on the STAR Market.

Global Times