36Kr Exclusive | Astronautics company "Time Traveler" completed a new round of financing worth hundreds of millions of yuan, led by a leading Internet strategic investor, with Toread and others participating.
36Kr has learned that Beijing Transcender Manned Space Technology Co., Ltd. (hereinafter referred to as "Transcender") recently completed a Pre-A round of financing worth hundreds of millions of yuan. The financing was led by a leading Internet strategic investor, with follow - on investments from groups such as Toread, and continued investment from old shareholders Zhongtian Huifu and Binfu Capital. Light Source Capital served as the exclusive financial advisor for this round. The funds from this round of financing will be mainly used for the R & D of the core systems of the "Transcender No. 1 (CYZ1)" manned spacecraft, ground test verification, and key technology research.
The company stated that the introduction of industrial capital from fields such as the Internet, artificial intelligence, intelligent manufacturing, outdoor equipment, and cultural and tourism scenarios stems from the multiple needs of commercial manned spaceflight in terms of technology, humanity, consumption, and scenario synergy. This will not only help improve the industrial ecosystem but also promote space tourism to gradually move from a "high - end experience for a few" to a new stage of "popularization and inclusiveness".
"Transcender" is an enterprise that 36Kr has been following for a long time. The company was established in January 2023, focusing on the development of reusable manned spacecraft and the operation of space tourism. It is committed to creating China's "Dragon spacecraft" and achieving the goal of sending people and goods at low cost for the country and commercial purposes.
In the past decade, China's commercial space industry has completed the technical verification from scratch and the construction of infrastructure. Nearly 40 commercial rocket general companies have emerged. China's commercial space industry has entered a critical period of industrialization, with the release of policy dividends, the accelerated maturity of technology, and the continuous influx of capital.
On the demand side, manned spacecraft represent a direct - to - consumer industrial direction in the commercial space sector. The US commercial space industry has verified two high - potential directions: "satellite Internet + space tourism". Enterprises represented by SpaceX, Blue Origin, and Virgin Galactic have all achieved regular commercial flights, and the tickets for space travel have been in short supply for a long time.
Space tourism is also regarded as one of the sub - sectors with long - term growth potential in the commercial space industry. Data from the CCID Research Institute of the Ministry of Industry and Information Technology shows that by 2030, the global space tourism market is expected to reach $300 billion, and the Chinese market is expected to account for more than 30%.
After entering the manned spaceflight sector, Transcender hopes to simultaneously layout spacecraft development, space tourism services, and ground - based ecosystems, and build a complete commercial closed - loop of "manned + cargo + ecosystem".
Among them, the manned spacecraft is the core carrier for Transcender to provide space tourism services. The sources of income include ticket sales and a series of value - added services derived from space travel. At the same time, the manned spacecraft is also one of the spacecraft most closely connected with humans, and the ground - based ecosystem extended from it is also a key layout area for the company.
In addition to the manned environment test base, spacecraft manufacturing factory, and spaceport, Transcender also plans to build a space tourist club, providing services such as commercial astronaut training, space experience, space - related health care, and in - depth conditioning for high - net - worth users. Centering on the core IP of space tourism, the company hopes to create a "Disney" in the aerospace field by combining ground - based experiences, community operations, and aerospace culture.
In 2023, Transcender sold the first space ticket in the history of China's commercial manned spaceflight and continued to receive orders. In January 2026, at the company's global press conference, Transcender announced the list of the first batch of more than 20 paying space tourists, which attracted wide attention, and the cumulative reading volume of related topics reached billions.
Specifically in terms of technology implementation, currently, Transcender has completed the first full - scale landing buffer test of a manned spacecraft test cabin in China. Its independently designed "cloud - feeling landing" system can control the maximum impact overload at the moment of the spacecraft's touchdown within 5g, reaching the international advanced level.
Photo provided by the enterprise
It is understood that 2026 is defined by Transcender as the "year of ground test verification". The company plans to conduct special verification around core subsystems such as separation, recovery, escape, environmental control and life support, and human - factors engineering.
In terms of the technical path, Transcender adopts a progressive approach of "from low - altitude to high - altitude, from unmanned to manned". In the future, after completing key technology research and unmanned flight verification, fully establishing the system's safety guarantee capabilities, and passing the review of the industry's competent authorities, it will prudently promote manned flight missions.
The company stated that Transcender always follows the development process of China's manned space engineering. It has established three major safety technology systems around the entire process of launch, in - orbit operation, and return and landing, and adheres to safety, experience, and economy as the core design principles.