CAS Space Technology Co. updated its STAR Market IPO prospectus on the Shanghai Stock Exchange website on June 29 and disclosed full-year 2025 financials, while private rocket peer LandSpace also updated its STAR Market filing the same day, according to Jiemian News.
Exchange information shows CAS Space’s IPO application was accepted on March 31, 2026, and it received review inquiries on April 15, 2026; its review status remains “in inquiry.” CAS Space reported revenue of RMB 77.72 million in 2023, RMB 244 million in 2024 and RMB 277 million in 2025, with rocket launch services contributing 97.5% of 2025 revenue. The company posted a net loss attributable to shareholders of RMB 1.119 billion in 2025 and nearly RMB 2.5 billion in cumulative net losses over 2023-2025; operating cash flow was negative for a third straight year at RMB -865 million in 2025.
CAS Space said it plans to raise RMB 4.18 billion, with 52.21% earmarked for R&D of a large reusable launch vehicle, and management forecasts profitability in 2029 under optimistic and base-case assumptions, or 2030 under a conservative case.
CAS Space Updates STAR Market IPO Filing, Discloses 2025 Results; LandSpace Also Refreshes Prospectus
2026-07-01 17:58:20
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