One year after the deployment of space computing power in engineering, the global competition has entered a deep-water zone.
The IPO of a Chinese company shifts the focus from technological breakthroughs to commercialization.
- The real test has just begun.
An IPO application announcement from the Hong Kong Stock Exchange has once again brought China's commercial aerospace space computing industry into the global spotlight. On May 14th, Guoxing Aerospace once again rushed to go public on the Hong Kong stock market. The "world's first space computing constellation" and three "world first" technological breakthroughs disclosed in the prospectus have pushed the company into the spotlight.
From concept proposal to in orbit operation, and then to actual deployment, China Aerospace Science and Technology Corporation completed the closed-loop of space computing power in one year. While global peers are still in the ground verification stage, this company has already put computing power on track, completing the leap from idea to engineering. Space computing power is no longer a distant concept, but a truly usable in orbit capability.
Define space computing before the industry
While 'space computing power' is still mostly at the stage of industry discussions, China Aerospace Science and Technology Corporation has already launched its concept into orbit.
On May 14, 2025, the 01 group of the "Star Computing" plan was launched into orbit with the constellation of 12 AI intelligent computing satellites, marking the first space computing center to enter into orbit operation from the blueprint.
The technical specifications provide another ruler. According to the prospectus, the AI payload of Guoxing Aerospace has completed seven iterations, with the latest generation having a computing power of no less than 10 POPS (100 billion calculations per second), and is planned to be used in satellites launched in 2026. This technological foundation has enabled the "space computing center" to no longer be simply understood as a computer capable of going to space, but rather as a cluster feature with large-scale parallel processing capabilities.
In the field of space computing power, whether computing power can be actually utilized is a key focus of the market. Guoxing Aerospace has provided the answer with three "global firsts":
In November 2025, the General Large Model will be deployed and operated in space for the first time;
By January 2026, real-time analysis and inference of space images will be achieved;
In March 2026, the complete closed-loop process of calling space computing power from ground terminals will be completed and pass the comprehensive testing of China Academy of Information and Communications Technology.
Within one year, from constellation networking to model operation, and then to actual deployment, Guoxing Aerospace has completed the complete path of space computing power from definition to application. According to the prospectus, as of the end of 2025, its cumulative number of AI satellite launches ranks first among private enterprises in China, and its total value chain management revenue ranks second.
The technological moat behind high-intensity R&D investment
Behind technological breakthroughs is continuous investment in research and development. According to the prospectus, in 2025, Guoxing Aerospace will invest 152 million yuan in research and development, accounting for 21.6% of total revenue. The company is in a critical climbing period of "exchanging large-scale investment for long-term technological barriers", and resources will be prioritized for the research and development and networking of AI computing satellites.
As of the final feasible date, China Aerospace Science and Technology Corporation has independently developed 6 AI payloads, 4 AI application satellites, and 18 AI intelligent computing satellites, successfully completing 14 space missions. Its AI payload has completed seven generations of iterations from scratch, and its AI intelligent computing satellites have gone from 0 to 18 in orbit, with a clear technological evolution path.
From the perspective of the industry landscape, by the end of 2025, based on the cumulative number of AI satellite launches, Guoxing Aerospace ranks first among all private commercial aerospace enterprises in China; Ranked second among private enterprises managing the complete satellite industry value chain based on 2025 revenue, with a market share of 22.6%. The first mover advantage has been established.
Global Space Computing Competition and Opportunities for China
Space computing power has become a new focus of global competition. American companies are taking the lead in promoting the layout of orbital computing power, with dedicated computing modules and constellation upgrade plans continuously advancing; The EU integrates resources to promote the low orbit computing constellation; UAE and India are simultaneously accelerating their layout. The global competition has entered a white hot stage.
The market space opens up accordingly. According to Taibo Think Tank's prediction, the size of China's broad commercial aerospace market will reach 2.8 trillion yuan by 2025. Looking ahead to 2030, the market size of the segmented track of "spatiotemporal intelligence x satellite remote sensing" alone is expected to exceed 80 billion yuan, with a compound annual growth rate of about 35.4%. At the policy level, commercial aerospace has repeatedly entered the national key planning, and spectrum and orbit resources continue to be released, providing solid support for the development of the industry.
Guoxing Aerospace has obvious advantages in resource reserves: it has obtained spectrum approval for 3156 satellites from the International Telecommunication Union and 60 project approvals from the National Development and Reform Commission; The three major bases in Chengdu, Jiaxing, and Taizhou have been put into operation, while the Shenzhen base is under construction, forming a complete support system for research and development, manufacturing, testing, and launch. The combination of resources and capabilities lays the foundation for the subsequent large-scale deployment of constellations.
Strategic determination during the commercial ramp up period
As a pioneer in cutting-edge tracks, China Aerospace Science and Technology Corporation is still in the stage of entering the ramp up phase. The prospectus shows that the net loss will expand from 2023 to 2025, mainly due to high-intensity R&D, constellation networking, and engineering investment, which is a normal growth trend for cutting-edge technology enterprises.
The periodic fluctuation of gross profit margin is due to the adjustment of business structure: the proportion of high gross profit data services in the early stage decreased, and the proportion of customized projects increased, which is a normal performance of enterprises transitioning from the verification period to the delivery period. The order reserve is stable, and as of now, we have 37 pending satellite orders with a total value of 1.231 billion yuan, providing clear support for future revenue growth.
The capital market fully recognizes the value of the track. In April 2026, Guoxing Aerospace completed a new round of financing, raising 3.55 billion yuan, with a post investment valuation of 11.554 billion yuan. Continuous financial support to provide guarantees for constellation construction, technological iteration, and scene expansion.
Blueprint and Implementation of the "Star Computing Plan"
The prospectus outlines a clear timeline for the "Star Computing Plan": launch 100 AI intelligent computing satellites by 2028, complete the networking of 2800 satellites by 2035, and build a leading space-based computing power network.
This plan is not a castle in the air, but is built on a solid foundation: sufficient spectrum and orbit resources, complete ground facilities, clear technical path, and rich engineering experience. In the future, we will focus on four major directions: real-time remote sensing processing, global edge services, autonomous constellation collaboration, and deep space computing, to promote the transformation of space computing power from verification to large-scale applications.
In the past, space was a communication channel, but now it is becoming a computing node. ”AI has turned space computing from icing on the cake to a 'must-have'. In scenarios such as real-time remote sensing data processing, constellation collaborative scheduling, edge AI deployment, and deep space exploration, space computing power is demonstrating irreplaceable value.
Conclusion
Guoxing Aerospace has accomplished a difficult yet correct task: taking the lead in advancing space computing from concept to in orbit operation and commercial deployment on a global scale. Of course, as an emerging field, space computing still requires time from technological breakthroughs to large-scale commercial applications. Launch cost, in orbit lifespan, and demand scenarios - these are common issues faced by the industry and are also questions that China Aerospace Science and Technology Corporation is answering through practice.
The global space computing race has entered the deep waters. The IPO path of Guoxing Aerospace is not only about the fate of a company. The commercialization of space computing power is still ahead, and Chinese companies are accelerating their participation in global competition.
