Chinese space launch company LandSpace has filed for an IPO on Shanghai’s Star Market, seeking to raise ¥7.5 billion (approx. $1 billion), at a time when AM is moving from a development tool into a core production technology for orbital launch vehicles.
As reported, the Shanghai Stock Exchange (SSE) accepted the Beijing-based company’s application for review just eight days after it completed listing tutoring. The decision makes LandSpace the first commercial rocket company in China to enter the exchange’s fast-track listing channel for the sector.
The route follows a December 26 rule change that removed profitability requirements for commercial rocket companies and replaced them with milestone-based technical criteria.
Building toward reusability
Founded in 2015, the Chinese company focuses on medium- and large-lift launch vehicles. In the first half of 2025, it reported revenue of ¥36.4M ($5.1M) and a net loss of ¥634.6M ($88.5M).
Management has said its launch services business remains at an early stage of commercialization, with revenue still limited and unstable, and that accumulated losses are expected to continue after listing. Proceeds from the IPO are to be used for reusable rocket technology and capacity expansion.
Manufacturing is central to that strategy. LandSpace confirmed integrating metal AM into rocket production through a partnership with Bright Laser Technologies (BLT). It uses 3D printed parts in several areas of its vehicles, including joint elements, igniter mounts, and engine structural components, and says the approach has helped shorten production cycles and support faster design iteration.
That production model is already being applied to its reusable launch programme. In 2024, LandSpace completed the first successful vertical takeoff and landing recovery test of its Zhuque-3 VTVL-1 vehicle.
“To better meet the technical demands of our engine, we chose metal 3D printing technology for the production of critical components with exacting quality standards,” a spokesperson from LandSpace commented.
Capital flows into AM space sector
Investors are still backing space launch companies that rely heavily on 3D printing, but funding has become more selective and cautious, with capital concentrated in fewer, higher-conviction bets rather than broad-based growth. In the United States, Rocket Lab’s listing on Nasdaq in 2021 anchor bolster its launch business around extensive use of 3D printing, particularly for its Rutherford engines.
The company has long argued that AM allows it to reduce part counts, shorten production cycles, and iterate designs faster than would be possible using conventional methods, making it central to its production strategy rather than a supporting tool.
On a larger scale, SpaceX is following a similar manufacturing path while also moving closer to public markets. The company used metal AM in engine programmes for more than a decade and in 2024 signed a further licensing and support agreement with Velo3D to expand its 3D printing capacity.
In December, Elon Musk’s company opened a secondary share sale that valued the company at about $800 billion, and in a letter to shareholders its CFO said the company is preparing for a possible IPO in 2026, although the timing and valuation remain uncertain. The move toward a listing is being driven primarily by the rapid expansion of its Starlink business and continued development of its Starship launch system.
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Featured image shows VTVL-1 in flight. Photo via LandSpace.
