GalaxySpace Secures $970M Funding, Valued at $70B

On August 17, Shanghai YX Satellite Technology Co., Ltd. announced the completion of a capital increase, raising RMB 6.976 billion and issuing new shares representing approximately 13.94% of the company’s equity. Following this financing round, the company’s post-money valuation reached approximately RMB 50.05 billion, setting a new record for the largest single fundraising round in China’s commercial space sector. This round attracted a total of 18 investors. Among them, a consortium comprising 24 entities—including the China Structural Adjustment Fund Phase II Synergy Development Fund—collectively invested RMB 5.764 billion, accounting for 82.6% of the total funding raised, and acquired an 11.52% stake, making it the largest investor in this round. The China Structural Adjustment Fund was initiated and led by China Chengtong Holdings Group with a total scale of RMB 350 billion. The China Structural Adjustment Fund Phase II Synergy Development Fund is the second parallel fund under the second phase of the initiative, with registered capital of RMB 31.5 billion. It focuses its investments on strategic emerging industries, including green and low-carbon technologies, next-generation information technology, high-end manufacturing, modern services, biotechnology, and new materials.