China's commercial space sector is entering a rapid growth phase: over 600
commercial space companies existed by end‑2025 and industry financing totaled
about 18.6 bln yuan in 2025, up 32% YoY. Brokerage research estimates the
industry's valuation has exceeded 1 trillion yuan. Policy support has
strengthened—commercial space has been included in the government work report
for two consecutive years and the 15th Five‑Year Plan calls for accelerating
development of a space power—and the Sci‑Tech Innovation Board (STAR Market) has
designated commercial space as a priority support area. More than ten
supply‑chain firms are targeting IPOs in 2026. Market attention is shifting from
concept‑driven interest to order capture, scale production and commercial
deployment capabilities.
