i-Space, the Beijing launch firm formally named Interstellar Glory, has closed the initial slice of a Series E worth close to ¥1B and expects the round to keep growing, TechNode reports.
Bank-affiliated asset managers supplied most of the capital. The proceeds are earmarked for development and batch production of the Hyperbola-3 reusable rocket, capacity for the Focus-2 liquid-oxygen methane engine, launch and sea-recovery infrastructure, and early heavy-lift vehicle work.
The funding arrives as China’s private launch industry races to field reusable boosters that can rival SpaceX. i-Space is among the country’s most prominent rocket startups, and the involvement of state-linked investors suggests official backing for long-cycle programs.
The money extends i-Space’s runway as Hyperbola-3 moves from testing toward operational flights and the company begins scoping a heavy-lift class, another sign of Beijing’s push to move commercial launch up the value chain.
