近年来，随着中国商业航天产业的快速发展，多家民营航天企业崭露头角，引发市场对‘商业航天第一股’的广泛关注。目前，星际荣耀、蓝箭航天、银河航天、天兵科技等公司被视为潜在的上市候选者。其中，星际荣耀曾成功实现液氧甲烷火箭‘双曲线二号’的垂直回收试验，技术实力备受认可；蓝箭航天则凭借‘朱雀’系列火箭的研发进度和与地方政府的合作布局，展现出较强的商业化潜力；而银河航天聚焦低轨宽带通信卫星，在卫星互联网赛道上占据先发优势。从资本角度看，这些企业均已获得多轮融资，投资方包括红杉资本、IDG资本、高瓴等知名机构，显示出资本市场对其长期价值的认可。此外，北京、上海、海南等地相继出台支持商业航天发展的政策，为相关企业登陆资本市场铺平道路。尽管目前尚无一家商业航天公司正式在A股或港股上市，但业内普遍认为，随着技术成熟、政策完善及市场需求释放，‘商业航天第一股’有望在未来1–2年内诞生，成为中国新质生产力的重要代表。
In recent years, China’s commercial space industry has grown rapidly, with several private aerospace companies emerging as strong contenders for the title of ‘China’s first commercial space stock.’ Leading candidates include iSpace, LandSpace, GalaxySpace, and Space Pioneer. iSpace gained recognition after successfully completing a vertical landing test of its liquid oxygen-methane rocket, Hyperbola-2. LandSpace has demonstrated strong commercial potential through the development of its Zhuque rocket series and strategic collaborations with local governments. Meanwhile, GalaxySpace has secured an early-mover advantage in the low-Earth orbit broadband satellite market.From a capital perspective, these companies have all secured multiple rounds of funding from prominent investors such as Sequoia Capital, IDG Capital, and Hillhouse Capital, reflecting strong market confidence in their long-term value. Additionally, supportive policies from Beijing, Shanghai, Hainan, and other regions are paving the way for commercial space firms to access public markets. Although no Chinese commercial space company has yet listed on the A-share or Hong Kong exchanges, industry experts widely expect the ‘first commercial space stock’ to emerge within the next one to two years, symbolizing a key milestone in China’s new quality productive forces.
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