JiuZhou Cloud Arrow

JiuZhou Cloud Arrow (九州云箭) is a Chinese commercial aerospace company focused on liquid rocket engines, founded by Liu Yang, who serves as its founding partner . The company has built what FreeS Fund described as one of the most complete teams in China's commercial space sector for liquid rocket engine technology, with members who have long industry experience and years of working together .

The company's technical milestones include passing assessments for its "Lingyun" engine subsystem and conducting ignition tests on its liquid oxygen-methane rocket engine thrust chamber, as reported in FreeS Fund portfolio updates from 2018-2019 . Its product line includes recoverable rocket engines, which FreeS Fund cited as an example of rational product value in corporate brand building .

FreeS Fund (峰瑞资本) has been a key backer, making an angel-round investment and continuing to support the company through multiple rounds including a B2 round announced in early 2026 . The fund first invested in 2018-2019 and has publicly framed JiuZhou Cloud Arrow as a bet on China's commercial space catch-up, drawing SpaceX comparisons in its investment announcements .