Guoxing Aerospace, a Chengdu-based commercial space company that builds satellites with AI computing chips wired into their core architecture, priced its Hong Kong IPO to raise up to HK$1 billion — about $128.2 million — ahead of a November 13, 2026 listing under ticker 06935, according to a report from Tencent News. The company issued 30.121 million H-shares priced between HK$24.9 and HK$33.2 each, with cornerstone investors JinkoSolar and Jinxin anchoring the offering. Guoxing Aerospace is positioning itself as a contender for the title of China's first listed "AI space stock."
What makes a satellite "AI"?
Most remote-sensing satellites capture images or signals and beam the raw data down to ground stations for processing — a round trip that can take minutes or hours depending on the satellite's position and downlink schedule. Guoxing Aerospace instead builds AI computing hardware into the satellite itself, so a satellite can analyze imagery, run inference, or crunch other workloads while still in orbit, then send down only the useful result.
Since launching China's first AI application satellite in December 2018, the company has put up 35 satellites, including 26 AI intelligent computing satellites and six AI payloads. In May 2025 it deployed a 12-satellite constellation with a combined 5 POPS of computing power — POPS, or peta-operations per second, is a measure of raw processing throughput, roughly analogous to the benchmarks used for ground-based AI data centers, except orbiting the Earth. The company's long-term plan calls for a network of roughly 2,800 computing satellites, which it brands its "Space Computing" initiative.
Why is this IPO happening now, and is the business actually making money?
Not yet. Guoxing Aerospace posted roughly 700 million yuan in revenue for 2025, but a net loss of 256 million yuan the same year, followed by a further 150 million yuan loss in the first half of 2026 as revenue dipped 6.2% to 226 million yuan. Its AI-satellite-specific revenue line is growing faster than the overall business, climbing from about 77.7 million yuan in 2024 to 225 million yuan in 2025, suggesting the company is still in the expensive build-out phase of standing up a constellation before it scales into profitability.
The IPO follows a steady drumbeat of private funding: 522 million yuan in December 2023 at a 41.2 billion yuan valuation, 538 million yuan in December 2024 at 65.4 billion yuan, and a 3.55 billion yuan round in April 2026 that pushed the valuation to 11.55 billion yuan (figures reflect pre-split or differing valuation bases reported across rounds). Backers have included Miniso founder Ye Guofu and entities tied to JinkoSolar, alongside state-linked capital from Chengdu, Qingdao, Guangdong and Taizhou — a funding pattern typical of Chinese commercial space firms that lean on regional government investment vehicles.
What's next?
IPO proceeds are earmarked for a new deep-research center in Shenzhen, broader R&D, strategic acquisitions, loan repayment and general operating reserves — a mix that signals the company expects to keep spending ahead of revenue for some time. Guoxing Aerospace competes with other Chinese commercial space players such as i-Space and the state-linked Qianfan constellation project, though none currently brand themselves around in-orbit AI computing the way Guoxing does. The listing itself, trading from November 13, will be the first real-time signal of how public investors price an unprofitable satellite operator built around a hardware bet that's still mostly unproven at scale.