China Private Satellite Company GalaxySpace (Beijing) Technology Group Plans China IPO, Previous Valuation at $1.7 Billion in 2024, Founded in 2018 by Xu Ming
4th April 2026 | Hong Kong
China private satellite company GalaxySpace (Beijing) Technology Group is planning for China IPO, with previous valuation at $1.7 billion in 2024. GalaxySpace (Beijing) Technology Group was founded in 2018 by Xu Ming. GalaxySpace – GALAXYSPACE is a leading provider of satellite Internet solutions and satellite manufacturer in China, as well as the first unicorn company in China’s commercial space sector. Founded in April 2018, GALAXYSPACE has grown to over 800 employees. GALAXYSPACE focuses on independent R&D and mass production of communication satellites, remote sensing satellites, subsystems, solar arrays, etc. And it has built world-class development capabilities in Xi’an, Chengdu, and Beijing, respectively, and also established a next-generation intelligent satellite manufacturing factory in Nantong, with a capacity to mass-produce more than one hundred satellites per year. On January 16, 2020, GALAXYSPACE successfully launched its first satellite. As China’s most powerful LEO broadband communication satellite then, it has completed verification of numerous key technologies, including the establishment of Q/V frequency band feeder links, and conducted a series of satellite-terrestrial integrated 5G experiments, including testing the communication capabilities of LEO broadband communication satellites using high-frequency millimeter waves in high-humidity environments and trials integrating LEO broadband satellites with 5G private networks. On March 5, 2022, GALAXYSPACE successfully launched six independently developed LEO broadband communication satellites — GS-2P satellites. These satellites are China’s first mass-produced LEO broadband communication satellites. In 2022, GALAXYSPACE independently developed a stackable flat-panel satellite featuring integrated multi-functional frameworks that support multi-satellite stacked launches. This type of satellite is equipped with a flexible solar array with a high storage ratio, active thermal control fluid loops, and flexible digital payloads. Its overall performance is among the best in China, enabling rapid constellation deployment while supporting low-cost, mass manufacturing. Based on its comprehensive satellite development capabilities and strong commercial reputation, GALAXYSPACE has secured remote sensing satellite orders from multiple commercial partners. Currently, GALAXYSPACE has gradually established a comprehensive satellite platform portfolio, including stackable flat-panel satellite platforms, 200-700 kg communication satellite platforms, 100-500 kg remote sensing satellite platforms, and agile satellite platforms, fully meeting the application requirements across different fields such as satellite broadband communication, optical remote sensing, SAR, navigation enhancement, and spectrum sensing. Meanwhile, GALAXYSPACE possesses low-cost, mass production capabilities for advanced payload products including microwave communication payloads, phased array antennas, and digital processing payloads, as well as core platform products such as integrated electronics, power systems, and tracking, telemetry, and command systems. On July 23, 2023, GALAXYSPACE’s Lingxi-03 satellite was launched by a Long March-2D carrier rocket from the Taiyuan Satellite Launch Center and entered its planned orbit successfully. Lingxi-03 satellite, independently developed by GALAXYSPACE, is the first stackable flat-panel satellite in the country equipped with a flexible solar array. This is also the first time that China verified stackable multi-satellite launch technology in orbit and it will provide technical support for the rapid deployment of China’s large-scale LEO communication satellite constellation. GALAXYSPACE has a first-class R&D team that deeply integrates space and Internet industry expertise, committed to developing and manufacturing low-cost, high-performance satellites through agile development and fast iteration. In the future, GALAXYSPACE will contribute to satellite Internet construction, 5G industry development, and bridging the digital divide, fulfilling the great mission of advancing space technology to serve human society.
“ China Private Satellite Company GalaxySpace (Beijing) Technology Group Plans China IPO, Previous Valuation at $1.7 Billion in 2024, Founded in 2018 by Xu Ming “
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China Private Satellite Company GalaxySpace (Beijing) Technology Group Plans China IPO, Previous Valuation at $1.7 Billion in 2024, Founded in 2018 by Xu Ming
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