CAS Space Pushes for STAR Market IPO, Plans to Raise Over 4 Billion Yuan as Kinetica-1 Manifest Fills for 2026
Summary: On June 15, 2026, CAS Space said its Kinetica-1 launch manifest is essentially fully booked for 2026 as the company races toward a STAR Market IPO seeking to raise over 4 billion yuan for reusable heavy-lift rocket R&D.
According to reports, on June 15, 2026, CAS Space disclosed that the Kinetica-1 launch manifest for 2026 is essentially fully booked, with customer demand exceeding the company's original production schedule. Against that backdrop, the company is accelerating its capital-market push, filing for a STAR Market IPO with plans to raise over 4 billion yuan, primarily to fund the R&D and industrialization of a reusable heavy-lift launch vehicle.
CAS Space's STAR Market IPO was accepted for review by the Shanghai Stock Exchange on March 31, 2026, with Guotai Haitong Securities acting as the sponsor and a target raise of 4.18 billion yuan. The "over 4 billion yuan" figure disclosed on June 15 is broadly consistent with the earlier prospectus, suggesting no major revision to the fundraising plan. On the financial side, according to The Economic Observer, CAS Space has accumulated roughly 3.9 billion yuan in losses over the past four years, which means the STAR Market listing committee is likely to focus closely on the company's going-concern outlook, R&D intensity, and the pace of commercial execution.
For China's commercial space sector, Kinetica-1 reaching a fully booked 2026 manifest is a notable signal that domestically developed small- and medium-lift solid rockets are securing stable demand on the commercial launch market. Combined with the IPO proceeds earmarked for reusable heavy-lift R&D, CAS Space's product line is positioned to extend from one-off small- and medium-lift vehicles toward medium- and large-lift reusable launchers. The next milestones to watch are the listing committee's inquiries and registration timeline, and whether the company can deliver its planned launch cadence in the second half of 2026. Further updates remain subject to confirmation by the relevant institutions and regulators.