48-year-old Xu Ming leads Galaxy Aerospace to go public: owns over 22% of shares, with nearly 73% of voting rights! How far is it from SpaceX?

This article source: Times Weekly Author: Li Jiajun

The lively commercial space race has welcomed 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 guidance filing, with Huatai United Securities Co., Ltd. as the guidance 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 Space 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 continued to be released, such as the successful maiden flight of the domestic LiJian-2 rocket, the operation of the HuanTianStar constellation ground stations, and the successful launch of the Long March 2D rocket. Overseas, SpaceX’s IPO process is also progressing, but the overall market response is far less enthusiastic than at the beginning of the year.

The commercial space sector seems to be caught in a “good news all turns into bad news” situation.

In response, Zhu Keli, founder of the Guoyan New Economy Research Institute and chairman of the Guoke Aerospace Economic Development Center, analyzed to Times Weekly reporter that, due to the previous large gains in the sector, the market’s growth expectations for the industry over the next 3-5 years have been overextended, leading to a concentration of profit-taking at high levels; however, the long-term fundamentals of commercial space remain unchanged, and the market now 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 questions about Galaxy Aerospace’s IPO, Times Weekly reporter contacted Galaxy Aerospace by phone and email, 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.

Founded in 2019, Galaxy Aerospace is a leading satellite internet solution provider and satellite manufacturer in China, dedicated to independent research and development and low-cost mass production of communication payloads, core modules, 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 the Personal Software Division at Qihoo 360. Later, as a co-founder, he was CTO and President of Cheetah Mobile, leading its listing on the NYSE. After resigning, he crossed over to establish Galaxy Aerospace. According to the IPO guidance filing report, Xu Ming directly and indirectly holds 22.04% of Galaxy Aerospace’s shares. Considering 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 (independent R&D) of core components such as antennas, onboard 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; its fourth-generation Q/V antennas have completed in-orbit verification, 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 pairs of such antennas annually. Additionally, Galaxy Aerospace is developing a new generation of phased array antennas for mobile direct connection satellites and the “wing array integration” technology, which integrates large antennas with solar wings, filling a technical gap in related fields in China.

In terms of commercialization, Galaxy Aerospace has partnered with companies like Xinwei Communications, receiving orders for 12k sets of low-orbit satellite phased array antennas, totaling about 1.8 billion yuan. Meanwhile, Galaxy Aerospace has delivered two sets of eight-wheel SAR remote sensing satellites and will undertake the development of the 07 and 19 satellite constellations for State Grid in 2025 and 2026, becoming the first private aerospace enterprise in China to mass-produce such satellites. It also cooperates with companies like True in Thailand and PCCW Global to advance the development of mobile direct connection 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 national funds such as the National Social Security Fund and China Investment Corporation 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 in the satellite internet industry is long, and companies face tight cash flow. Currently, the market 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 the deployment pace, since 2025 alone, Galaxy Aerospace has successfully launched more than 20 satellites自主研制 (self-developed), which is equivalent to the total of the past six years. The network deployment has accelerated significantly, and the window for performance realization is 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 essential 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, a complete industry chain layout, from satellite manufacturing to operational services, laying a solid foundation for future profitability.

Commercial space may be on the eve of a turning point

Xu Ming 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 in 2023 to $1.8 trillion 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 space 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, the Wind Commercial Space Theme Index started a main upward wave from late November 2025, rising over 60% until 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 space concept issued risk warning announcements, collectively distancing themselves from the concept. Regulators swiftly intervened to regulate “hotspot riding” behaviors, and this “truth-seeking” storm directly burst the earlier market bubble, leading the sector into a sustained 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 space 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 reusability of reusable rockets, reducing launch costs by over 70%, solving the core problems of “many satellites and few rockets, high costs”; second, continuous improvement in satellite mass production capacity and faster network deployment, with low-orbit constellations gradually achieving global coverage and continuous service, driving commercial applications in communication, remote sensing, etc.; third, explosive demand for downstream applications, such as mobile direct connection satellites, space computing power, and low-altitude economy, forming stable cash flow; fourth, a profitable model, with companies upgrading from “manufacturing + launch” to “operation + service,” with gross profit margins reaching 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.