As of June 2026, five rocket companies have entered the IPO counseling phase. After counseling begins, what are they doing individually? How are they faring?

Note: This article is ordered by the time each company initiated IPO counseling.

01 Space Honor: Five Years of Detours

On December 24, 2020, Space Honor took the lead in initiating IPO counseling but has yet to complete the acceptance process.

During this period, Space Honor has been characterized by instability and repeated verification processes.

The Hyperbola-1 is the first Chinese private rocket to achieve orbital launch. However, during the counseling period, it experienced multiple mission fluctuations (four failures in missions Yao-2, Yao-4, Yao-5, and Yao-8), with repeated adjustments to its overall launch status, leading to multiple cycles of root cause analysis and corrections.

On its existing product lines, Space Honor has continuously made systemic corrections, keeping its launch cadence in a state of constant adjustment.

On the other hand, the Hyperbola-3 (SQX-3), a medium-to-large reusable liquid oxygen-methane rocket, aims to achieve its first orbital flight and simultaneously validate sea-based recovery. Since passing the project argumentation (demonstration) on June 7, 2021, progress has been ongoing, but the first flight has yet to be completed.

During this time, multiple system verifications have been completed, including cryogenic static testing of the storage tank, fairing separation testing, grid fin system verification, landing gear performance evaluation, auxiliary power system testing, drop testing, and navigation system flight verification. The 100-ton-class liquid oxygen-methane engine JD-2 has undergone multiple iterations, from igniter verification to full-system testing and then to batch production status evaluation. Simultaneously, the sea-based recovery system is being developed. In June of this year, the Space Returner completed a full-process rehearsal in the Yangjiang sea area.

Thus, it is evident that over these five-plus years, Space Honor has not been stagnant but has instead broken down its efforts into a series of sub-verification tasks rather than pursuing a single launch milestone.

The current state has become clearer as a result: The Hyperbola-3 has become the main project, with key subsystems for orbital entry and recovery essentially completing individual verifications and entering a stage closer to integrated verification. The sea-based recovery system has also completed practical rehearsals.

The real key going forward is no longer whether individual capabilities have been achieved but whether these separately validated systems can be reorganized in a single launch and stably deliver a complete orbital entry and recovery result.

02 LandSpace: Tug-of-War Between Two Paths

LandSpace initiated IPO counseling on July 29, 2025, and completed the first flight of the ZQ-3 (Zhuque-3) in December of the same year, achieving orbital entry but failing in recovery.

After counseling began, LandSpace advanced along two parallel paths: The ZQ-3 was responsible for verifying next-generation reusable technologies, while the improved version of the ZQ-2 (Zhuque-2) maintained the existing launch cadence and customer delivery capabilities.

The ZQ-3 continued to advance key verifications such as engine testing and static firing, gradually improving its reusable system.

The ZQ-2 experienced periodic fluctuations in 2025 (failure of the ZQ-2E Yao-3 mission on August 15, 2025, and adjustments to the ZQ-2E Yao-4 mission at the end of 2025) but gradually resumed its launch cadence in 2026 (successful Yao-5 on May 14 and Yao-6 on June 9), serving as a relatively stable launch support.

The two paths have advanced in a staggered manner over time, one oriented toward future technological systems and the other maintaining current launch capabilities.

Meanwhile, foundational capabilities have also been advancing. In March 2026, the 220-ton-class "Blue Flame" engine completed full-system testing, and on June 29, the ZQ-3 Yao-2 completed its static firing test. During the same period, the IPO review resumed after a suspension, primarily due to updated documentation.

Throughout this process, resources have been continuously allocated to two parallel but distinct paths: one is the real-world launch cadence, and the other is the future technological ceiling. Both must continue to advance.

03 CAS Space: Steady Progress

On August 12, 2025, CAS Space filed for IPO counseling. In March 2026, the application was accepted, and in April, it entered the review and inquiry phase. CAS Space has maintained high efficiency in advancing through the counseling cycle.

The Lijian-1 (Force Arrow-1) has continued to launch and stably achieve orbital entry, with a cumulative total of 14 launches. During the counseling period, it achieved seven consecutive successful launches from Yao-8 to Yao-14. It has delivered over a hundred satellites into orbit, establishing a stable launch capability.

Simultaneously, CAS Space has been advancing its liquid rocket, engine, and manufacturing systems. The Lijian-2 (Force Arrow-2) Yao-1 completed its first flight verification on March 30, 2026, and the Liqing (Force Engine) series engines completed multiple rounds of testing.

Manufacturing capabilities have also been expanding, including the commissioning of a dedicated launch pad for the Lijian-2, the official operation of the Shaoxing Rocket Megafactory, the completion of the Liquid Propulsion System Test Center, the establishment of a reusable engine industrial base in Huangpu, Guangzhou, the inauguration of the Innovation Research Institute, and the simultaneous launch of manufacturing and testing bases related to the Guangzhou Aerospace Town.

Thus, launch capabilities, engine capabilities, and manufacturing systems have been advancing in tandem, presenting a characteristic of systematic progress overall.

The question that now needs to be answered is whether this system can maintain continuous and stable operational capabilities under larger-scale launch missions.

04 Space Pioneer: Just One Result Away

In October 2025, Space Pioneer initiated IPO counseling.

During the counseling period, it completed full-process experimental verifications for a single launch of 36 satellites, including separation, vibration, and transportation tests, and delivered and accepted the satellite testing and launch technical facility. These efforts have been primarily directed toward the Tianlong-3 (Sky Dragon-3).

On April 3, 2026, the Tianlong-3 Yao-1 first flight mission failed, followed by a root cause analysis process.

From a process perspective, Space Pioneer is characterized by a concentrated path. Compared to companies advancing along multiple parallel lines, it has primarily focused on a single large-capacity model, concentrating more resources on it, resulting in a more compact overall rhythm. However, Space Pioneer's technological foundation is not weak, particularly with early and continuous self-developed accumulations in engine and system-level integration capabilities.

The key question going forward is whether, through the re-flight verification of the Tianlong-3, it can translate its existing capabilities into stable launch results. This step will directly determine the final outcome of this technological path.

05 Galactic Energy: Transition Between Old and New

On October 22, 2025, Galactic Energy initiated IPO counseling. By that time, the Ceres-1 had already achieved 19 successful launches.

However, after counseling began, its rhythm started to fluctuate. On November 10, 2025, the Ceres-1 Yao-19 mission failed. In 2026, the sea-launched Yao-7 succeeded on January 16, while the Ceres-2 first flight failed on January 17—a difference of one day, with one success and one failure.

Meanwhile, Galactic Energy has also been advancing its liquid rocket and next-generation engine systems, including sea-based testing of the Pallas-1 first stage, multiple rounds of high-intensity hot-fire tests of the Cangqiong-50 (Sky Vault-50) engine, full-system verification of the CQ-90 100-ton-class engine, calibration testing of the CQ-50 engine's recovery profile, and the completion of the first phase of the Pallas series rocket launch pad construction. However, these efforts remain primarily in the ground and system verification stages.

Overall, Galactic Energy has presented two parallel paths during the counseling period: one is the solid-propellant launch system centered on the Ceres-1, maintaining basic launch capabilities. The other is the liquid rocket system, which has not yet entered flight verification and remains in the ground verification stage.

The specific problem it faces has thus become clear: The solid system needs to maintain stable output, while the liquid system needs to quickly complete the transition from ground verification to flight verification. The connection (connection) between the two will determine the rhythm of the next stage.

After entering IPO counseling, the five companies have not converged into a single state. Some are extending their engineering paths, others are advancing along two parallel lines, some are expanding their systems, some are breaking through along a single line, and others are still undergoing structural transitions.

The change brought about by pressing the IPO button is not about speeding up or slowing down the rhythm but about each company continuously facing the same requirement: They must provide the next step.