According to incomplete statistics, at least 10 commercial space enterprises in China have already initiated IPO processes, among which five focus primarily on launch vehicle (rocket) businesses—namely LandSpace, iSpace, CAS Space, Galactic Energy, and Space Pioneer.

On December 26, the Shanghai Stock Exchange released the Guidelines No. 9 on the Application of the Listing Review Rules for Commercial Rocket Enterprises under the STAR Market’s Fifth Set of Listing Standards. The Guidelines consist of 14 articles, providing detailed and specific requirements for commercial rocket companies seeking to list under the STAR Market’s Fifth Listing Standard.

The Guidelines for the first time clearly define the detailed criteria under which commercial rocket enterprises may apply the Fifth Listing Standard. This standard replaces traditional profitability requirements with a “market capitalization + R&D capability” framework, requiring a minimum market capitalization of RMB 4 billion, along with demonstrated core technological breakthroughs and phased achievements.

Li Lujing of Founder Securities noted that LandSpace has officially completed its IPO tutoring process, while several private rocket companies completed IPO tutoring filings in the second half of the year. As a result, private rocket company IPOs are expected to enter an accelerated phase. Meanwhile, a large volume of orders from intensive government and commercial bidding expected to begin next year is likely to boost company performance. Looking ahead, 2026 is expected to be a pivotal year for the commercial space sector, with the industry potentially entering a phase of “double growth driven by both earnings and valuation expansion” (Davis Double Play).