Chinese commercial launch company Orienspace, officially known as Orienspace (Shandong) Technology Co., Ltd., has begun preparations for guidance preceding an initial public offering, while also closing a pre-Series C funding round worth several hundred million yuan. The company announced the round on August 5, with participation from investors including Vertex Capital, Shanghai STVC, AVIC Honghua, and Yuanyou Ruize.
Orienspace will direct the funding toward research and development and production of the Gravity-2 rocket, a large liquid-fueled reusable rocket. The company presents the rocket as part of the capabilities needed to support the deployment of massive constellation projects in orbit, which require high lifting capacity and increased launch frequency.
Targeted Gravity-2 Capabilities
Gravity-2 consists of two stages and is 70 meters long and 4.2 meters in diameter. Its payload capacity to low Earth orbit reaches 21,500 kilograms when the first stage is expended, falling to 17,000 kilograms when it is recovered. For a 500-kilometer sun-synchronous orbit, the capacity is 15,000 kilograms when the first stage is expended and 11,900 kilograms when it is recovered.
The first stage relies on nine Force-110 engines powered by kerosene and liquid oxygen. These specifications indicate that the project targets the heavy-lift rocket class, while attempting to balance increased payload capacity with first-stage reuse, a trade-off that directly affects mission design and recovery operations.
Repeated Funding and a Step Toward the Financial Market
The announced investor composition showed institutional participation and capital linked to government entities, rather than the round being limited to early-stage venture capital funding. The article stated that Shanghai STVC’s participation may be connected to the city’s broader industrial strategy, but the company did not disclose additional details about the round’s terms or valuation.
Orienspace raised funding twice during 2026 and is reportedly nearing completion of its Series C round. It also plans to complete a shareholder restructuring before the end of the year, a step that usually precedes a transition to a structure more suitable for preparing for a listing, but it does not mean that the public offering has taken place or that its final timing has been set.
What Is Changing in Practice?
This move places Orienspace among a growing group of Chinese commercial rocket companies, such as LandSpace, CAS Space, Space Pioneer, and Galactic Energy, that are seeking listings on Shanghai’s STAR Market. This trend is linked to a change in rules targeting capital-intensive, high-tech companies, along with strong signals from central government policy supporting the commercial space sector.
The company aims for Gravity-2 to be ready for launch in the fourth quarter of 2026, according to recent reports, after its initial launch target had been set for late 2025. In late July, Orienspace conducted the third launch of its solid-fueled Gravity-1 rocket. This was its first launch from the East China Sea instead of its usual site off Yantai in Shandong, and it also marked its first mission on the open sea far offshore.
Orienspace was one of four commercial companies selected on a shortlist earlier in the year to conduct future launches for a new cargo transportation system to a space station. Founded in 2020, the company has research and development centers, rocket assembly and integration testing facilities, and launch bases in Haiyang, Beijing, Xi’an, Wuxi, and Wenchang. It has raised more than 1.7 billion yuan through five funding rounds, while its products include the Gravity rocket family, Force engines, and Hongli space information equipment within an ecosystem spanning research and testing through manufacturing and launch.