A los 48 años, Xu Ming lidera Galaxy Aerospace en su salida a bolsa: posee más del 22% de las acciones y casi el 73% de los derechos de voto. ¿Qué tan lejos está de SpaceX?

This article is from: Times Weekly Author: Li Jiajun

The lively commercial space race welcomes another unicorn company preparing for an IPO.

On March 30, Galaxy Aerospace (Beijing) Technology Group Co., Ltd. (hereinafter referred to as “Galaxy Aerospace”) completed IPO counseling filing, with Huatai United Securities Co., Ltd. as the counseling institution, Shanghai Jintiancheng Law Firm as the legal counsel, and Lixin Certified Public Accountants as the accounting firm (special general partnership).

Meanwhile, the capital market showed a calm performance. On March 31, the Wind Commercial Aerospace Theme Index (866517) closed at 2717.9 points, a slight decrease of 0.01% from the previous trading day’s 2718.29 points, almost unchanged. In late March, positive industry news such as the successful maiden flight of the domestic Li Jian-2 rocket, the operation of the Huan Tian constellation ground stations, and the successful launch of the Long March 2D rocket were continuously released. The overseas SpaceX IPO process was also progressing, but the overall market response was far less enthusiastic than at the beginning of the year.

The commercial aerospace sector seems to be caught in a situation of “good news all used up, then bad news follows.”

In this regard, Zhu Keli, founder of the National Research Institute of New Economy and chairman of the National Science Space Economy Development Center, analyzed to Times Weekly reporter that due to the previous large increase in the sector, the market’s growth expectations for the industry over the next 3-5 years were overextended, leading to a concentration of profit-taking at high levels; but the long-term fundamentals of commercial space remain unchanged, only the market needs to reassess the “realization pace” of corporate performance. The core logic of policy support, technological breakthroughs, and demand explosion still exists, but market expectations for “when will reusable rockets mature, when will satellite networking become profitable, and when will costs significantly decrease” are becoming more rational.

Regarding the IPO of Galaxy Aerospace, Times Weekly reporter contacted Galaxy Aerospace by phone and letter, but as of press time, no response has been received.

High valuation awaits performance realization

Xu Ming, who created 360 Security Guard and led Cheetah Mobile to list on the New York Stock Exchange, is trying to replicate the “Starlink” model in space.

Galaxy Aerospace was established in 2019 and is one of China’s leading satellite internet solution providers and satellite manufacturers, dedicated to independent research and development and low-cost mass production of communication payloads, core single machines, and satellite platforms. It currently has an annual capacity of hundreds of satellites.

As the founder, chairman, and CEO of Galaxy Aerospace, 48-year-old Xu Ming is a serial entrepreneur. He graduated from Harbin Institute of Technology and previously served as Technical Director of Qihoo 360’s personal software division. Later, as a co-founder, he served as CTO and president of Cheetah Mobile and pushed for its listing on the NYSE. After resigning, he crossed over to establish Galaxy Aerospace. According to the IPO counseling filing report, Xu Ming directly and indirectly holds 22.04% of Galaxy Aerospace’s shares. Considering the special voting rights arrangements, he controls 72.87% of the voting rights, making him the company’s actual controller.

According to statements from Galaxy Aerospace executives at multiple occasions, in terms of core technology, Galaxy Aerospace has built a mobile direct connection technology system comparable to SpaceX’s “Starlink,” achieving自主研发 of core components such as antennas, satellite base stations, and solar wings, and successfully launched satellites with mobile direct connection capabilities for in-orbit testing and verification; Galaxy Aerospace continues to make breakthroughs in core components of communication satellites, with its fourth-generation Q/V antennas having completed in-orbit validation, with weight reduced from over 7 kilograms to 3.2 kilograms, and the profile height significantly lowered. It now has the capacity to produce 300 such antennas annually; additionally, Galaxy Aerospace is developing a new generation phased array antenna for mobile direct satellite communication and the “wing array integration” technology, which integrates large antennas with solar wings, filling the technological gap in related fields in China.

In terms of commercialization, Galaxy Aerospace has cooperated with companies like Xinwei Communications, receiving orders for 12,000 sets of low-orbit satellite phased array antennas, totaling about 1.8 billion yuan. Meanwhile, Galaxy Aerospace has delivered two sets of 8-carrier SAR remote sensing satellites and will undertake the development tasks for the Guodian constellation 07 and 19 satellites in 2025 and 2026, becoming the first domestic private aerospace enterprise to mass-produce such satellites; it has also cooperated with companies like True in Thailand and PCCW Global to promote the R&D of mobile direct satellite technology and supply of core components.

Since its establishment, Galaxy Aerospace has received investments from well-known institutions such as Shunwei Capital, IDG Capital, Hillhouse Capital, Matrix Partners, and Junlian Capital, as well as local state-owned capital platforms. Tianyancha shows that Galaxy Aerospace completed Series C financing in February 2026, with funds from the National Social Security Fund Council, China Investment Corporation, and other “national team” funds participating indirectly through market-oriented funds.

In terms of valuation, after completing Series B++ financing in 2022, Galaxy Aerospace was valued at 11 billion yuan; in 2024, it was valued at 11.5 billion yuan according to the Hurun Global Unicorn List.

Zhu Keli stated: “The profit cycle of the satellite internet industry is long, and corporate cash flow is tight. Currently, the market still mainly relies on government and industry orders, and the civilian consumer market has not yet opened. Therefore, Galaxy Aerospace’s revenue scale has not yet caught up with its current valuation. But looking at deployment pace, since 2025 alone, Galaxy Aerospace has successfully launched more than 20 satellites自主研发, which is equivalent to the total of the past six years, with network deployment significantly accelerating, and the window for performance realization gradually opening.”

He believes that the valuation support for Galaxy Aerospace comes from three certainties: first, backing from national team funds, with social security and CIC indirectly holding shares, recognizing its technological strength and strategic value; second, the rigid demand for satellite internet, with the country listing it as a new pillar industry, and the contest for orbital resources entering a critical period, with strong order certainty; third, the full industry chain layout, from satellite development to operational services, laying a solid foundation for future profitability.

Commercial space may be at a turning point

Xu Ming once publicly stated in January 2026: “Aerospace technology is leading a new wave of technological revolution, and the era of space innovation has arrived.”

The World Economic Forum predicts that the size of the space economy will grow from 630 billion USD in 2023 to 1.8 trillion USD in 2035, with an average annual growth rate of 9%, significantly higher than the global GDP growth rate. Space technologies such as communication, positioning, navigation and timing, and Earth observation (EO) will become the main drivers of space economy growth.

However, as an important part of the space economy, the commercial aerospace sector has experienced a rollercoaster in the past five months. Benefiting from policy catalysis, breakthroughs in reusable rocket technology expectations, and the valuation demonstration effect of overseas SpaceX, from late November 2025, the Wind Commercial Aerospace Theme Index entered a main upward wave, with a cumulative increase of over 60% by January 7, 2026, reaching a peak of 3983.45 points.

After the surge, the sector quickly experienced sharp differentiation and deep correction. January 12, 2026, after-hours trading became a key turning point. According to incomplete statistics by Times Weekly, more than 20 listed companies associated with the commercial aerospace concept issued risk warning announcements, intensively “disassociating” from the concept. Regulators quickly took action to rectify “hotspot riding” behaviors. This “de-faking” storm directly burst the previously accumulated market bubble, and the sector entered a continuous correction phase.

Although Galaxy Aerospace is not a “concept hype” target, launching an IPO at this time did not help boost market confidence.

Zhu Keli predicts that China’s commercial aerospace industry will likely reach a critical turning point from “burning money” to “self-sustaining” around 2027-2028, which requires simultaneously meeting four conditions: first, stable reuse of reusable rockets with a reduction of launch costs by over 70%, solving the core pain points of “many stars, few rockets, and high costs”; second, continuous improvement in satellite mass production capacity and accelerated network deployment, with low-orbit constellations gradually achieving global coverage and continuous service, driving the landing of commercial scenarios such as communication and remote sensing; third, explosive demand for downstream applications, with scenarios like mobile direct satellite communication, space computing power, and low-altitude economy landing and forming stable cash flow; fourth, the profitability model is running smoothly, with enterprises upgrading from “manufacturing + launch” to “operation + service,” and gross profit margins rising to healthy levels.

“Currently, the industry is on the eve of a turning point. 2026 is a critical year for validating reusable rocket technology, with many companies striving for single-stage recovery technology, and satellite mass production capacity rapidly increasing. Once all these conditions are met, the industry will shift from capital-driven to market-driven, truly achieving self-‘blood-making’.” Zhu Keli said.