iSpace plans to raise 7 billion yuan in its Series E funding round to accelerate the commercialization of the Hyperbola-3 rocket and the development of its heavy-lift rocket.

iSpace is currently pursuing its Series E funding round, aiming to raise 7 billion yuan, with an estimated valuation of 23.5 billion yuan. If successful, this will set a new record for single-round financing by a private rocket company in China. Founded in 2016, iSpace achieved its first successful maiden flight of its Hyperbola-1 launch vehicle in 2019, becoming the first private commercial launch vehicle company in China to achieve orbital insertion. This funding will primarily be used to enhance the capacity of the Hyperbola-3 rocket, construct the Focus-2 engine production line, develop the Hyperbola-9 heavy-lift rocket, and construct coastal launch pads.