China's Space Pioneer raises $207 million to fund rocket development

Beijing-based rocket developer Space Pioneer said on Thursday that it had completed more than 1.5 billion yuan ($207 million) round of fundraising that will go towards financing the development of its reusable rockets.

Space Pioneer, also known as Beijing Tianbing Technology Co, is among a small group of rapidly growing private-sector rocket developers, spurred by the government's call to transform China into a major power in space.

Since its inception in 2019, Space Pioneer has completed 15 financing rounds, raising a total of more than 4 billion yuan. The latest funds will be used to finance the first flight of its Tianlong-3 rocket and its mass production.

In April 2023, Space Pioneer launched a kerosene-oxygen rocket, the Tianlong-2, or "Sky Dragon", becoming the first private Chinese firm to send a liquid-propellant rocket into space.

The first of the two-stage Tianlong-3 will be reusable, which can significantly cut mission costs for clients, according to Space Pioneet.

The company also has plans to launch an even bigger variant of the Tianlong-3 akin to SpaceX's Falcon 9.