CAS Space

What CAS Space does

CAS Space Technology Co., Ltd. is a Chinese commercial space company founded in December 2018 as a spin-off from the Institute of Mechanics under the Chinese Academy of Sciences. The company designs, manufactures, and operates the Kinetica series of medium- to large-launch vehicles (Kinetica-1 solid-propellant and Kinetica-2/2H/3 liquid-propellant variants) offering payload capacities from 1.5 tons to 40 tons to LEO, along with the Li Hong suborbital spacecraft series (PH-1 and PH-2) for microgravity research and space tourism. Vertically integrated capabilities span proprietary Kinecore reusable engines (pintle injection technology), Kinastra upper stage for high-energy orbits, and a manufacturing footprint including a 30-rocket/year solid propulsion base, a 100-engine/year liquid propulsion base, and a 12-vehicle/year Kinetica Superfactory in Shaoxing.

The company's revenue model is predominantly transactional launch services supplemented by rideshare programs, suborbital experimentation, and emerging space tourism. Revenue grew from 5.95 million yuan in 2022 to 244 million yuan in 2024, generated from a customer base of 27 domestic and 6 international clients including satellite operators (Changguang Satellite's Jilin-1 constellation), government space agencies (Pakistan, Egypt, UAE), and educational institutions (Sun Yat-sen University, Nepal's APN). Go-to-market combines direct enterprise sales with an international rideshare program offering instant online quotes and partnerships with mission management firms like RIDE! S.A.S. for distribution. CAS Space holds over 60% market share among private Chinese launch providers and filed for an IPO on Shanghai's Star Market in April 2026 to raise 4.18 billion yuan (~US$600M) for reusable launch vehicle and spacecraft R&D.

Key strategic positioning rests on state-affiliated institutional backing from CAS, founder Yang Yiqiang's 30+ years of space R&D experience from CALT, and a record of 14 successful Kinetica-1 missions delivering 105 satellites to orbit. The company has accumulated 2.5 billion yuan in losses through end of 2024 reflecting heavy R&D investment in reusable launch technology. Product roadmap targets ≥20 reuses for Kinetica-2, ≥30 reuses for Kinetica-2H, and ≥100 reuses for Kinetica-3, alongside Li Hong-2 passenger spacecraft (7-person capacity) targeting the space tourism vertical.

Name

CAS Space

Legal name

CAS Space Technology Co., Ltd.

Website

https://en.cas-space.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Short description

CAS Space is a Chinese commercial launch provider founded in 2018 and incubated by the Chinese Academy of Sciences, operating the Kinetica launch vehicle series and Li Hong suborbital spacecraft for satellite operators, governments, and research clients across 33+ countries.

Ownership category

akta.pro rank

Product category

Commercial Launch Services

NAICS

Guided Missile and Space Vehicle Manufacturing (336414), Guided Missile and Space Vehicle Propulsion Unit and Propulsion Unit Parts Manufacturing (336415), Other Guided Missile and Space Vehicle Parts and Auxiliary Equipment Manufacturing (336419)

SIC

Guided Missiles & Space Vehicles & Parts (3760)

akta.pro primary industry

Launch Vehicles & Orbital Rockets (IMABACAA)

akta.pro secondary industries

Spacecraft Propulsion (In-Space) & Thrusters (IMABACAE), Spacecraft Avionics, Flight Computers & Software (IMABACAI), Space Payloads & Instruments (Sensors, Comms, EO/IR) (IMABACAD), Space Logistics & In-Orbit Servicing (Refueling, Tug, Debris Removal) (IMABACAM)

Keywords

• Commercial launch services
• Satellite launch vehicles
• Suborbital spacecraft
• Reusable rocket propulsion
• Space manufacturing services

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Supply Chain, Marketing or Sales

Revenue model

1. Launch Services: Primary revenue stream from launching satellites for commercial, government, and international customers. Revenue grew from 5.95 million yuan in 2022 to 244 million yuan in 2024.
2. Space Manufacturing: Revenue from space-based manufacturing services including microgravity experiments, pharmaceutical research, and materials processing aboard Li Hong spacecraft.
3. Suborbital Services: Suborbital flights for scientific research, space tourism, and educational purposes using Li Hong spacecraft.
4. Rideshare Services: Affordable satellite delivery through shared launch slots on Kinetica rockets, serving multiple customers per mission.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels4 records

Core offering

CAS Space develops and operates the Kinetica series of medium-to-large commercial launch vehicles and the Li Hong suborbital spacecraft family to deliver satellites to orbit, conduct microgravity experiments, perform space manufacturing, and provide suborbital services including space tourism. The company sells dedicated and rideshare launch services, complemented by vertically integrated R&D, testing, manufacturing, and launch operations across facilities in Guangzhou, Shaoxing, Beijing, Xi'an, Jiuquan, and Yantai.

Product overview

CAS Space Technology Co., Ltd. is a Chinese commercial space company founded in December 2018, developing the Kinetica series of medium- to large-launch vehicles. The product portfolio includes four Kinetica launch vehicle variants (Kinetica-1 solid-propellant and Kinetica-2/2H/3 liquid-propellant rockets) offering 1.5t to 40t payload capacities, the Li Hong suborbital spacecraft series (PH-1 and PH-2) for microgravity research and space tourism, Kinecore engines (PE-1 and PE-2) for propulsion, and the Kinastra upper stage for high-energy orbits. The company provides launch solutions, suborbital experimentation systems, space manufacturing, and space tourism services, serving over 60% market share among private domestic launch providers in China.

Differentiator

Problem solved

Functional benefit

Products and services

• Kinetica-1 (PR-1) Launcher Solid-propellant medium launch vehicle for small to medium satellite delivery with highly reliable space delivery services and regular scheduling. Holds China's commercial rocket record for launching 26 satellites in a single mission and is the only commercial rocket model in China to surpass 100 satellites launched.
• Kinetica-2 (PR-2) Launcher Cost-efficient liquid-propellant workhorse launcher for satellite constellation deployment and low-cost cargo transportation with reusable design targeting ≥20 flights. Features modular common booster core architecture scaling LEO capacity from 2t to 20t.
• Kinetica-2H (PR-2H) Launcher More powerful variant of Kinetica-2 with enhanced payload capacity of 22t LEO, using 15 first-stage engines and targeting ≥30 reuses.
• Li Hong-1 (PH-1) Suborbital Spacecraft Suborbital vehicle for microgravity research providing baseline solution for space manufacturing, medicine, and space tourism. Reaches 100km altitude with 150kg payload capacity, 300L volume, and 180+ seconds of microgravity environment.
• Li Hong-2 (PH-2) Reusable Spacecraft Reusable suborbital spacecraft designed for space tourism and passenger transport with capacity for 3t cargo or 7 persons, targeting 100km altitude and ≥30 reuses. Features liquid rocket propulsion, vertical recovery, and life support systems.
• International Rideshare Program Affordable and reliable satellite delivery service for SSO, LEO, GTO, and other orbits. Provides step-by-step assistance for launch scheduling, translation, and launch licensing with worry-free service from launch scheduling to post-launch report.

Quantifiable outcome

• Kinetica-1 achieved record-breaking launch of 26 satellites in single mission
• +4 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• RIDE! S.A.S.coreChannel Partner/ Reseller/ Distributor · 10 December 2025Leading mission management services provider from France powering the Slippers2Sat launch. Provides launch mission management services and launch opportunities for satellites of any size.
• Institute of Mechanics, Chinese Academy of SciencescoreStrategic or Co-development PartnerParent organization incubating CAS Space. Provides R&D support and technical expertise including metal 3D printing experiments aboard Li Hong spacecraft and space manufacturing platform development.
• Shanghai Engineering Center for MicrosatellitescoreStrategic or Co-development PartnerDevelopment and launch of Arab 813 hyperspectral satellite for environmental mapping and climate research.
• Antarikchya Pratisthan Nepal (APN)minorStrategic or Co-development PartnerNepalese non-profit advancing Vision 2050 for sending first astronaut to space. Satellite Research Fellowship program equipping students to design, build, test, and operate CubeSats.
• Shanghai Institute of Materia Medica, Chinese Academy of SciencescoreStrategic or Co-development PartnerCollaboration for space pharmaceuticals development, advancing into space medicine and drug manufacturing research.
• Alibaba CloudminorOthersInformation storage services provider for the company's website and data infrastructure.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Blue Origin: Blue Origin operates the New Shepard suborbital vehicle for tourism/research (comparable to CAS Space's Li Hong series) and the partially reusable New Glenn heavy launcher (comparable to Kinetica-3). It is a broader aerospace incumbent competing across multiple launch segments.

Direct peers

• SpaceX: SpaceX is the global benchmark for reusable launch vehicles and rideshare services with Falcon 9 offering similar payload class to CAS Space's Kinetica series. Both target commercial satellite operators with cost-efficient launch, making SpaceX the primary competitive reference for CAS Space's reusable strategy.
• Rocket Lab: Rocket Lab operates the Electron small launch vehicle and is developing the Neutron medium-lift reusable rocket, directly comparable to CAS Space's Kinetica-1 and the planned Kinetica-2/2H family. Both target small-satellite and constellation customers with frequent launch cadence.
• Space Pioneer (Tianbing): Space Pioneer (Tianbing) operates the Tianlong liquid-propellant rockets and is developing reusable launch vehicles in China, directly competitive with CAS Space in the medium-lift and reusable commercial launch category.
• Orienspace (Gravity Space): Orienspace (Gravity Space) develops the Gravity-1 solid rocket and is working on larger reusable vehicles, making it a direct Chinese competitor to CAS Space in the commercial small-satellite and rideshare launch market.
• Deep Blue Aerospace: Deep Blue Aerospace is a Chinese private launch company developing the Nebula-1 reusable small launch vehicle. It targets small-satellite rideshare customers with reusable technology, competing with CAS Space's Kinetica-1 in the small/medium-lift segment.
• iSpace (Interstellar Glory): iSpace is a Chinese private launch startup developing the Hyperbola series of liquid-propellant reusable rockets targeting small-to-medium payload markets. It competes with CAS Space on domestic and international rideshare customers.
• LandSpace: LandSpace developed China's first methane-fueled launch vehicle (Zhuque-2) and is pursuing reusable medium-lift capability, directly comparable to CAS Space's Kinecore-powered Kinetica-2. Both compete for medium-lift, reusable commercial launch contracts in China and abroad.
• Galactic Energy: Galactic Energy is a major Chinese private launch competitor operating the Ceres-1 solid rocket and developing reusable methane launchers, directly competing with CAS Space for domestic small-satellite and constellation launches in China's commercial launch market.

Emerging players

• Relativity Space: Relativity Space develops the Terran R fully reusable, 3D-printed medium-to-heavy launch vehicle, sharing with CAS Space the pursuit of vertically integrated manufacturing, advanced propulsion, and reusability for constellation deployment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cas_space
• YouTubeyoutube.com/@CASSPACE

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds3 records

Investors9 records

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CAS Space