Space Transportation
凌空天行
Space Transportation (凌空天行, formally Beijing Lingkong Tianxing Technology) is a Chinese commercial spaceflight company best known for developing reusable rocket technology — in April 2019 it launched the "Tianxing I-1," a winged horizontal-recovery technology verification rocket, which per Source Code Capital set it apart from the dozen-plus domestic private space firms mostly focused on satellite launch . Source Code Capital was its sole angel investor, and the company went on to raise a nearly RMB 100 million Pre-A round in December 2019 led by Volcanics Venture with Source Code, KHL Capital, Yuanhe Origin and Zhencheng Capital following on , followed by an over RMB 300 million Series A in August 2021 where those existing shareholders all increased their stakes, joined by SummitView Capital and others . More recently, a March 2025 piece from Unity Ventures noted that portfolio company Rongsu Tech planned to work with Space Transportation on an AI-driven flexible manufacturing pilot line . Note that elsewhere's corpus on the company clusters around 2019–2021, so its more recent trajectory isn't covered here — and the similarly-named Infinity Aerospace (无限宇航), maker of the "Space Bus" orbital transfer vehicle, is a different company entirely .
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Coverage
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In just one year since its founding, the company has successfully completed two suborbital rocket flight tests, laying the groundwork for the future development of launch vehicles, high-speed transport, and space tourism.
Source Code Capital Congratulates Portfolio Company Space Transportation on Successful First Flight Test of Tianxing I-1 Horizontal Recovery Technology Verification Rocket
It took a historic step forward in the domestic pursuit of reusable rocket recovery technology.
