Jianyuan Technology closes B++ round, cumulative fundraising exceeds 2.3 billion yuan in six months

By Weilan | Source: Node Finance

Another major funding round has emerged in the commercial space sector.

Jianyuan Technology recently completed its B++ round of financing, bringing its total cumulative fundraising over the past six months to more than 2.3 billion yuan. The Series B financing was jointly led by IDG Capital, Chaos Investment, Hangzhou Capital, and Songyuan Venture Capital, with follow-on investments from Heda Investment, Linglan Capital, Huafu Capital, Yida Capital, Shangshi Capital, Renai Group, and other institutions. Existing shareholders including Jiuzhi Capital, Tianwen Era, and Jinsha Capital continued to increase their stakes.

A Pivotal Moment for the Industry

The timing of this funding is noteworthy:

• In June this year, SpaceX listed on the Nasdaq, with its market capitalization surpassing $2.1 trillion at the close of its first trading day. The reusable rocket business model was directly priced in public capital markets.
• In July, the Long March 10B completed the world's first rocket sea-based net recovery, marking China's first successful controlled recovery of a launch vehicle's first stage. Rocket recovery in China is moving from experimental verification to engineering implementation.

Capital is accelerating its inflow. According to data from Taibo Think Tank, in the first half of 2026 alone, there were 89 publicly disclosed financings in China's commercial space sector, totaling 15.13 billion yuan. Meanwhile, IPO channels for commercial rocket companies are opening up.

Technology, capital, and listing pathways are converging in the same direction.

Satellites Ready for Production, Rockets Still Queuing Up

Demand-side clarity is sufficient:

• The planned scale of both the Guowang and Qianfan constellations exceeds 10,000 satellites each.
• China has submitted applications to the International Telecommunication Union (ITU) for frequency and orbital resources for over 200,000 satellites.

As satellites enter mass production and constellation deployment phases, the capacity gap on the launch side is particularly pronounced. Currently, domestic constellation networking still relies primarily on mature launch capabilities provided by state-owned enterprises, while high-density launch capabilities of commercial rockets remain under validation. Stable, low-cost supply of launch capacity has become the new primary bottleneck.

Overseas benchmarks are more intuitive:

• In 2025, SpaceX completed 167 launches, setting records for six consecutive years.
• Individual Falcon 9 boosters have flown more than 30 times.

Reusability technology has transformed launches from one-off engineering projects into high-frequency industrial businesses. The competition in satellite internet appears to be in orbit but is actually determined at the launch end — whoever can provide cheap, frequent, and sustainable launch capacity holds the gateway to the space economy.

Capital Only Pays for Certainty

Policy signals have been intensively released over the past year:

• November 2025: The China National Space Administration established the Commercial Space Department and issued the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025–2027)", explicitly supporting the development of reusable commercial launch vehicles.
• One month later: The Shanghai Stock Exchange released guidelines specifying that the threshold for commercial rocket companies to apply under the fifth set of listing standards for the STAR Market is "achieving at least one successful orbital insertion of a payload using medium-to-large launch vehicles employing reusable technology at the time of application."

Medium-to-large size, reusability, and successful orbital insertion were written into clear capital market standards for the first time, providing the primary market with a new "yardstick" for measuring commercial rocket companies. Market expectations for commercial rocket companies are shifting towards composite capabilities involving orbital insertion, recovery, and reuse.

Jianyuan's 2.3 billion yuan raise occurred precisely as this "yardstick" took shape. Currently:

• Two products of the Yuanxingzhe-1 medium-to-large stainless steel reusable rocket, designated Y1 and Y2, have been fully assembled.
• Over 30 key ground tests prior to the maiden flight have been completed, with all indicators meeting requirements for the first flight.
• In the fourth quarter of this year, Jianyuan will conduct large-scale ground tests, including propulsion system test firings.

It is reported that Yuanxingzhe-1 will be ready for its maiden flight by the end of 2026, with the first orbital launch to be conducted at an appropriate time. Simultaneously, sea splashdown recovery of the first stage will be carried out, validating two key capabilities in a single flight.

What Does the 2.3 Billion Yuan Bet On?

The maiden flight is the nearest hurdle ahead, but it is not the entirety of what the 2.3 billion yuan sees. Competition among commercial rockets is shifting from single-flight performance to overall operational efficiency. Customers purchasing launch services look beyond just unit price and capacity to factors like scheduling lead times and the ability to sustain stable, frequent launches. Overall launch efficiency and full lifecycle costs determine commercial value.

Jianyuan's technological choices revolve around efficiency and cost:

• Yuanxingzhe-1 employs a fully stainless steel airframe and liquid oxygen-methane propellant.
• It targets "chopstick-style" capture recovery, with the maiden flight initially validating key technologies through sea splashdown recovery.
• Stainless steel is better suited for efficient manufacturing and parallel production of multiple units.
• Liquid oxygen-methane provides better conditions for engine reusability.
• Capture recovery eliminates landing legs, resulting in a simpler airframe structure and higher post-recovery maintenance efficiency.

The first stage accounts for approximately 70% of the total cost of a liquid launch vehicle. Recovering and repeatedly using this highest-value component is the key to truly reducing rocket costs.

Proven Recovery Capability

This company has already successfully demonstrated recovery once:

• May 2025: Jianyuan Technology completed China's first sea-based flight recovery test of a stainless steel rocket.
• A full-size first-stage verification vehicle of Yuanxingzhe-1 completed secondary ignition of the propulsion system, return guidance control, low-altitude deceleration hovering, and sea recovery in a real flight environment.
• After recovery, core components such as engines underwent multiple ignitions to continue reusability validation.

Based on currently disclosed technical solutions and engineering progress, Jianyuan Technology has entered the first tier of domestic companies pursuing "chopstick-style" capture recovery and is poised to become the first Chinese commercial rocket company to achieve this recovery method. Among domestic commercial rocket companies choosing this route, it is the only one that has:

• Completed low-altitude deceleration hovering validation under real flight conditions.
• Entered the critical preparation phase for its maiden flight.

Path to Commercialization

Subsequent validations will directly link to commercialization:

• The structural and technical design of the Yuanxingzhe-1 maiden flight vehicle remains consistent with subsequent commercially delivered rockets.
• Following validation, the same product solution will proceed directly to batch delivery.
• The company expects to launch commercial launch services within 2027.

Over the past four years, Jianyuan has gradually built comprehensive capabilities covering R&D, manufacturing, testing, final assembly, launch, recovery, and reuse, while self-building key infrastructure for testing, production/assembly, and recovery/reuse. Concentrating critical links within its own system shortens the transition cycle from production to launch — essential for supporting high-frequency mission deliveries.

The Window Won't Stay Open Forever

Rockets represent a typical high-investment, long-cycle industry, with few companies reaching the stage around their maiden flights. As leading companies' products move onto launch pads:

• Technical solutions will translate into actual flight results.
• Commercialization capabilities will increasingly manifest in orders and deliveries.
• The clearer the results, the fewer opportunities exist for early entry into leading companies in the primary market.

Jianyuan's 2.3 billion yuan raise landed precisely during this window. Before the maiden flight even begins, institutions such as IDG Capital, Chaos Investment, Hangzhou Capital, and Songyuan Venture Capital have jointly led the investment, with multiple existing shareholders continuing to increase their stakes. Capital is proactively selecting the next-phase leading players, while seats at the table are becoming increasingly scarce.

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