China’s leading private rocket company has eye on listing in 2028

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Subscribe to enjoy similar stories. Deep Blue Aerospace, one of China’s leading rocket companies, said it expects to meet the conditions for an initial public offering as soon as 2028. The chief executive of the Jiangsu-based company said in an interview with The Wall Street Journal that while it intends to go public in the future, the timing will depend on the company’s product development and China’s capital-market conditions.

“Reusable rockets are a disruptive technology that will have huge market potential in the future," said Huo Liang, CEO of Deep Blue Aerospace. Founded in 2016, the company is developing rockets that will be key to China’s pursuit of its own Starlink-like satellite internet network. Deep Blue Aerospace’s latest valuation is 5 billion yuan, equivalent to about $690 million, according to the company.

It raised close to $200 million in funds last year, it said. Reusable rockets–pioneered by Elon Musk’s SpaceX–can dramatically lower the cost of accessing space. Deep Blue Aerospace plans to conduct an orbital flight and recovery test of its Nebula-1 rocket around June or July this year, Huo said.

The rocket is designed to carry up to a 2-ton payload to low-Earth orbit, according to the company’s website. Huo, who worked for one of China’s major space contractors before founding Deep Blue Aerospace, said SpaceX is far ahead of competitors because it has achieved frequent and stable recovery of its rocket boosters. However, he said that in an optimistic scenario, China could catch up to SpaceX by 2030.