MaKe | GalaxySpace Closes New Funding Round, Source Code Capital Was Pre-A Round Investor
#CodeMoment Key Updates from Source Code Capital and MaHui Members
Chinese commercial aerospace company GalaxySpace recently completed its latest funding round at a post-money valuation of approximately RMB 11 billion. Source Code Capital, an existing shareholder, first invested in GalaxySpace at the Pre-A round and has continued to support subsequent financing rounds.
This round was led by CCB International, with participation from Anhui Sanzhong Yichuang Industrial Development Fund, Hefei Industry Investment, and Zhenwei Fund. Existing shareholders Legend Capital and Hundun Investment also continued their investment.
Founded in 2018, GalaxySpace is China's first unicorn in the commercial aerospace and satellite internet sectors. On March 5 this year, China successfully launched six low-orbit broadband communication satellites — the GalaxySpace 02 batch — marking the country's first mass-produced satellite batch. Together with GalaxySpace's inaugural satellite, these form China's first low-orbit broadband communication test constellation, establishing a satellite-ground integrated 5G test network called "Little Spider Web."
Image: Six low-orbit broadband communication satellites independently developed by GalaxySpace
To date, "Little Spider Web" has completed multiple satellite internet application validations, including China's first test of integrated low-orbit broadband communication satellites with 5G private networks, China's first V-band low-orbit satellite telemetry and control, "on-the-move" vehicle communication tests using the low-orbit broadband test constellation, and multi-satellite continuous communication tests — marking significant progress toward satellite-ground integrated network construction.
Xu Ming, founder, chairman and CEO of GalaxySpace, said this round's proceeds will primarily fund R&D in satellite internet technologies and commercial application development. GalaxySpace will accelerate breakthroughs in core technologies including stackable flat-panel satellites, multi-beam phased arrays with on-satellite flexible allocation, flexible solar arrays, and digital processing payloads, while building out low-cost, mass satellite manufacturing capabilities — steadily advancing toward the 6G era of high-speed, ubiquitous, integrated space-ground connectivity for all things.
Image: Flexible solar array independently developed by GalaxySpace
Global space infrastructure construction has already shifted into high gear, with commercial aerospace becoming one of the new drivers of world economic growth. A Morgan Stanley report projects that the global space economy will reach $1 trillion in value by 2040, with satellite internet expected to account for 50% to 70% of that market growth.
In recent years, satellite internet development has become a global race, with countries accelerating low-orbit constellation deployment. SpaceX's Starlink program in the United States has launched over 3,200 satellites to date. According to media reports, Starlink provided services during the Russia-Ukraine conflict, further highlighting satellite internet's advantages of being unaffected by ground environments and offering low latency.
Image: Next-generation stackable flat-panel satellite independently developed by GalaxySpace
GalaxySpace's new-generation stackable flat-panel satellite has now entered the qualification model development phase. This is China's first flat-panel satellite, scheduled for launch in early next year.
Image: In-orbit simulation of GalaxySpace's next-generation stackable flat-panel satellite
Xu Ming stated that developing stackable flat-panel satellites will enable mass satellite production and rapid large-scale constellation deployment. Going forward, GalaxySpace will seize development opportunities under China's new national system, fully leverage commercial aerospace's advantages of rapid iteration through small, quick steps, continuously innovate and push boundaries, and contribute to China's satellite internet construction.
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