GalaxySpace银河航天

GalaxySpace mass-produces broadband satellites the way its founder once mass-produced software. Xu Ming co-founded the app company Cheetah Mobile before starting GalaxySpace in 2018, and the firm has flown more than forty satellites across ten launches: an eight-satellite network that gave China its first taste of low-orbit broadband, the country's first stackable flat-panel satellite with a flexible solar array, and a four-satellite radar formation built for a customer.

The original ambition was a thousand-satellite constellation of its own. Spectrum and scale went to the state instead, to the Guowang and Qianfan megaconstellations, and GalaxySpace adapted into a manufacturer: in August 2025 nine of its satellites became the first privately built spacecraft in Guowang, with a second batch following in January 2026; the company claims capacity for a hundred such satellites a year. Its test network, meanwhile, ran China's first overseas low-orbit broadband trials, in Thailand.

The adaptation is also the risk. A supplier to a state constellation eats from an order book the state allocates, the unicorn valuation dates from the 2020 to 2022 funding years, and no public financials exist yet; an IPO process began in March 2026. The laser inter-satellite links often attributed to it have no publicly documented demonstration in orbit; what is verified is radio.