- Optical payload startup secures nearly 300 million yuan within nine months of founding
- Company plans satellite manufacturing expansion as China’s commercial space industry accelerates
Optical payload and microsatellite developer Puxing Space (谱星航天) has raised several hundred million yuan across consecutive angel+ and pre-Series A funding rounds, bringing its total funding to nearly 300 million yuan ($44 million) less than a year after its founding.
The pre-Series A round was co-led by Guotai Haitong Securities, Shang Finance and Synlink Ventures, with participation from Xuhui Capital, Lenovo’s venture arm Lianrong Zhidao, GPRO Investment, and existing investors Lenovo Holdings, Dingnong Technology and Puhua Capital.
Lenovo Holdings and Puhua Capital had also backed the earlier angel+ round.
Founded in September 2025 and headquartered in Shanghai, Puxing develops optical remote-sensing payloads and 20-30 kilogram microsatellite platforms.
A pioneer in optical payloads, satellites
The company is among the first in China to commercialize quantitative hyperspectral remote-sensing technology and mass-produced satellites built around the capability.
Founder He Xiaojun (贺小军) has spent 18 years developing optical payloads and satellites, previously serving as chief designer for multiple satellite programs at a leading Chinese commercial space company.
He has overseen the development and launch of 55 satellites, while the core engineering team averages eight to 10 years of industry experience.
Puhua Capital, a major backer in two deals, said Puxing has built an integrated commercial model spanning satellite manufacturing, in-orbit leasing and AI-powered remote-sensing data services, creating one of the few sustainable business models in China’s commercial space sector.
“With proven capabilities in turning advanced technologies into scalable engineering products—and engineering achievements into commercial businesses—the company is well positioned to become a key driver of China’s sovereign space infrastructure and next-generation aerospace applications,” Puhua said in a statement.
From policy to deployment
The fundraising comes as China’s commercial space industry shifts from policy support toward large-scale deployment. The domestic market reached 2.83 trillion yuan in 2025 and is projected to exceed 3.5 trillion yuan this year.
China is also expected to conduct more than 100 orbital launches in 2026, including over 60 commercial missions, with private launch providers accounting for more than 30.
Puxing said it has already secured 4.4 billion yuan in orders despite being only nine months old.
1,024-satellite ‘Puxing Constellation’
The company is pursuing a three-stage business model spanning payload manufacturing, satellite production and downstream geospatial data services, by leveraging small satellites, quantitative remote sensing and AI.
Puxing is also building a satellite manufacturing facility in Changchun, capital of northeastern Jilin Province, with planned annual capacity of 30 to 50 optical payloads and 20 to 30 satellites.
He, the founder and chief executive, said the company has already launched its next fundraising process and expects to complete two additional financing rounds before the end of the year to support its long-term plan to deploy a 1,024-satellite “Puxing Constellation.”
