Interstellar Glory completed a 5.037 billion yuan fundraising in its Series D++ round, with Cailian Capital supporting the large-scale breakthrough of commercial spaceflight.
On February 9, 2026, Interstellar Glory Space Technology Group Co., Ltd. completed its D++ round of financing, raising a total of 5.037 billion yuan. As an existing shareholder, Kailian Capital continued to increase its investment in this round, joining hands with multiple institutions to form a solid capital backing, demonstrating its long - term and firm confidence in the commercial space industry and the company's technological approach.
Financing Success: A Crucial Opportunity for the Scaled - up Development of Commercial Space
This round of financing was completed at a critical juncture when China's commercial space industry is transitioning from "technology verification" to "scaled - up commercialization". The relevant national space plans have listed commercial space as a strategic emerging industry, and continuous support measures for the high - quality development of commercial space have been introduced. The optimization of the listing standards on the Science and Technology Innovation Board has further opened up the financing channels for space enterprises, and the industry is continuously benefiting from policy dividends.
China's first carrier rocket sea recovery ship, "Interstellar Homecoming"
The capital market has high expectations for the technological breakthroughs of leading commercial space enterprises. Reusable rockets have become one of the core competitiveness in the commercial space industry. Overseas leading enterprises have significantly optimized their launch costs through this technology, and Chinese private space enterprises are accelerating their pursuit. Interstellar Glory's large - scale financing in this round has provided important funds for the development of the commercial space industry.
SQX - 3 conducts a ground system joint commissioning test at the Hainan Wenchang Commercial Space Launch Site
Fund Utilization: Tackling Core Technologies and Building an Industrial Ecosystem
The investment direction of this fundraising is highly in line with the industry's development trend, focusing on two core directions to promote technological breakthroughs and industrial implementation. On the one hand, it focuses on the development of reusable liquid oxygen methane rockets. Liquid oxygen methane, as the core choice for the next - generation rocket propellant, has multiple core advantages. The technical indicators of Interstellar Glory's self - developed liquid oxygen methane engine are gradually approaching the international advanced level. The injection of funds will further accelerate the development process of its medium - and large - scale reusable rockets.
Rendering of the production and testing headquarters base of Interstellar Glory's reusable liquid carrier rocket in Shuangliu District, Chengdu
The test stand for Interstellar Glory's hundred - ton liquid rocket engine in Fucheng District, Mianyang
The final assembly and testing base of Interstellar Glory's solid carrier rocket in Shifang City, Deyang
The space intelligent equipment industrial base of Interstellar Glory in Bao'an District, Shenzhen
On the other hand, the funds will mainly support the implementation of the "land - based launch, sea - based recovery" technical path. This path is an important support for the commercialization of reusable rockets. It can not only avoid densely populated areas but also improve the flexibility of launch orbits. The relevant funds will be used to strengthen the sea - based recovery capabilities, improve the testing capabilities of various systems, and deepen the industrial layout in multiple locations to build a full - chain industrial ecosystem of "R & D - production - launch - recovery".
Capital Empowerment: Long - term Layout for the New Future of the Commercial Space Industry
As an investment institution with long - term experience in the hard - tech field, Kailian Capital continues to increase its investment in Interstellar Glory. The core logic lies in its dual judgment on the "technological certainty" and "market growth potential" of the commercial space industry.
In terms of the technological approach, liquid oxygen methane has become the mainstream propellant direction for global reusable rockets. In China, a complete system for design, production, and testing has also been gradually established. Interstellar Glory's choice of the "land - based launch, sea - based recovery" path not only effectively avoids some technological risks but also conforms to China's resource advantages, and is expected to achieve technological catch - up and differentiated breakthroughs.
In terms of commercial scenarios, various downstream demands in the commercial space industry are continuously emerging, generating a huge demand for launches and opening up broad space for the industry's development. In terms of the industrial ecosystem, the company's multi - location layout is coordinated with local industrial funds, which is not only beneficial for enjoying policy dividends but also helps to better integrate regional supply - chain resources and improve the efficiency of technology transformation.
Interstellar Glory's financing and technological progress in this round mark that China's commercial space industry is evolving from "single - point breakthrough" to the stage of "system - capacity building". With the triple resonance of policy support, capital investment, and technological maturity, Chinese private space enterprises are expected to occupy an important position in the global competition of reusable rockets. The long - term investment from institutions such as Kailian Capital will continuously provide capital impetus and ecological support for the development of the commercial space industry.
This article is from the WeChat public account "Kailian Capital". Author: Kailian Zhiduoxing. Republished by 36Kr with permission.