Galactic Energy星河动力

Galactic Energy is the volume operator of Chinese commercial launch. Ceres-1, a small rocket stacking three solid stages under a liquid kick stage, has flown 23 times since November 2020 with 21 successes and 89 satellites delivered, a record no other private Chinese launcher approaches. Six of those flights left from a barge in the Yellow Sea, and all six worked.

Liu Baiqi, formerly of the state launch vehicle academy, founded the company in 2018 on a sequencing bet that runs opposite to LandSpace's: fly a cheap, dependable solid rocket at high cadence first, let revenue carry the company, and graduate to reusable liquid rockets from strength. The graduation vehicle is Pallas-1, a 283 tonne kerolox rocket with seven first-stage engines, designed for about 7 tonnes to orbit and at least 25 flights per stage.

The record has scuffed lately. After nine straight successes, Ceres-1 has failed twice since September 2023, once from a manufacturing defect in a nozzle and once when the fourth stage quit early, and the larger Ceres-2 was destroyed on its January 2026 debut. Ceres-2 flew again in November 2026 and reached orbit with four satellites. Pallas-1, long promised, flew from Jiuquan on 1 September 2026 and reached orbit at the first attempt, carrying no payload and no landing hardware. Recovery is planned in steps. Descent-control hardware comes first, over the next few flights, then a landing downrange, then reflights. A large Series D and the start of an IPO process are riding on that sequence working.