MinoSpace微纳星空

MinoSpace builds satellites to order, from ten kilograms to a tonne. Gao Enyu founded it in Beijing in 2017 from the state launch and spacecraft academies, and it has launched 32 satellites, most in its own Taijing series, including what is credibly documented as the first Ku-band phased-array radar imaging satellite anywhere, which returned sub-metre imagery four days after reaching orbit.

The bet is procurement arithmetic. China's provinces and agencies increasingly want constellations of their own, and a private manufacturer with eight platforms and a factory rated for 150 satellites a year can undercut the state institutes for those orders. It has started to pay: an 804 million yuan contract to build Sichuan province a remote-sensing constellation, a billion-yuan Series C from municipal funds, and a STAR Market IPO application accepted in May 2026.

The dependencies are the caution. Revenue is young and concentrated in a handful of government contracts, the company was still loss-making in 2025, its launches ride on an Academy of Sciences rocket, and the 112-satellite constellation in its prospectus exists mostly on paper. The manufacturing is real; the market paying for it is almost entirely the Chinese state, one procurement decision at a time.