Space Epoch, a Chinese startup specializing in reusable rockets, has successfully completed a new round of financing, securing over CNY2.3 billion (USD342.8 million). The Series B+ funding was led by IDG Capital, Chaos Investment, Hangzhou Capital, and Songyuan Capital, with participation from several other investors and existing shareholders.
The fresh capital injection is aimed at supporting the maiden flight of Space Epoch’s Yuanxingzhe-1 rocket, a reusable liquid-propellant carrier. According to Yan Jia, the company's vice president and board secretary, the funds will also be used for recovery and reuse demonstrations and to enhance commercial delivery capabilities. The company plans to continue its research and engineering verification of its unique ‘chopstick-style’ recovery technology.
Yuanxingzhe-1 is expected to be ready for its first orbital launch by the end of this year. Space Epoch intends to apply for a launch permit and conduct the launch when conditions are favorable. The maiden flight will feature a sea splashdown recovery to test the rocket's core capabilities, such as precision guidance, deceleration, and hovering. Yan highlighted that sea recovery allows for flexible drop zone selection and reduces payload capacity losses.
Over the past four years, Space Epoch has concentrated on manufacturing industrial rockets and developing reusable technologies. The company's founder and Chairman, Wei Yi, emphasized that the next goal is to achieve rocket reuse and consistent commercial launch delivery. He noted that the competitive edge in the sector depends on the ability to deliver payloads to orbit reliably and affordably.
A Yuanxingzhe-1 demonstrator rocket successfully completed a suborbital sea flight and recovery test, validating several key technologies, including engine cut-off and re-ignition at high altitude, as well as full-vehicle hovering above the sea surface.
China's rocket industry has seen significant advancements this year, with two successful orbital launches and first-stage recoveries of reusable rockets. On July 10, the reusable Long March 10B rocket, developed by the China Academy of Launch Vehicle Technology, achieved the world's first sea net-capture recovery. A month later, LandSpace's Zhuque-3 Y2 rocket completed China's first land vertical recovery using landing legs.
The burgeoning plans to build satellite communication networks and space computing networks are driving substantial business growth potential for launch services. This has attracted numerous private rocket startups to enter the competitive arena.
