Startup · China
北京轨道辰光科技有限公司 / 北京星辰未来空间技术研究院
Orbital Chenguang is a Beijing-backed startup whose first test satellite, Chenguang-1, launched on 24 Jul 2026 to test concentrating solar cells and graphene radiators, about seven months after its stated date. Its RMB 57.7B in bank credit is availability, not drawn capital, and its 25 PFLOPS claim is implausible at standard precision.
Stage 5 of 7: Own satellite flown
Chenguang-1 launched on Kinetica-1 on 24 Jul 2026 into a 700+ km dawn-dusk orbit.[1]
What the stage means: Its own compute satellite flown.
DoneConfirmed
Chenguang-1 launch promised for the end of 2025
Restated by Beijing on 29 Nov 2025 as end 2025 or early 2026. It launched on 24 Jul 2026 Beijing time, about seven months later.
Sources: Shunhao investor relations record; Beijing municipal government
DoneConfirmed
Beijing announces gigawatt-class space data center plan at 700 to 800 km, three phases to 2035
Source: Xinhua
DoneReported
Pre-A1 equity round plus RMB 57.7B of strategic credit from 12 financial institutions
Equity reported as RMB 170M (company filing via Sina Finance). The credit is framework agreements or letters of intent: availability, not drawn funds.
Sources: China in Space; Sina Finance; Cailian Press
DoneConfirmed
Chenguang-1 launched on Kinetica-1 Y15
Source: Beijing municipal government
DoneReported
Chenguang-1 reported in planned orbit; validation of solar cells and graphene radiators begins
Source: Sina Finance
DoneReported
Pre-A+ round led by Yuande Capital (amount undisclosed)
Sources: China in Space; STAR Market Daily
Targets as the organisation stated them. When a date moved, every move is listed with its source; a narrower window is shown as a narrowing.
2025 to 2027
First computing constellation and key technologies[1]
2028 to 2030
Link space systems with ground data centers[1]
2035
Gigawatt-scale space data center via in-orbit docking[1]
by about late 2028 (within three years of November 2025)
Constellation compute of 1,000 P[1]
What to watch · SpaceNexus note, not a prediction
Published on-orbit results from Chenguang-1, which Beijing says will be released progressively.
Dated promises with two sources for the promise and the outcome. No grades or ratings.
| Step | Promised | Outcome | Moved by |
|---|---|---|---|
| Chenguang-1 launch | end of 2025, said 15 Aug 2025[1][2] | Launched 24 Jul 2026 (Beijing time)[1] | 7 to 8 months |
| Figure | Value | Confidence and source |
|---|---|---|
| Chenguang-1 compute (claimed, precision not stated) | 25 PFLOPS | Company claim[1] |
| Strategic credit from 12 financial institutions (not drawn funding) | 57.7 RMB billion | Confirmed[1][2] |
| Shunhao (SZ002565) stake, latest filed (April 2026) | 23.78 % | Confirmed[1] |
Rounds come from company announcements, regulatory filings and press reports. Amounts, valuations and investors are as reported and may be incomplete or later revised. Not investment advice, and not an offer or solicitation for any security. Full disclaimer
| Date | Round | Amount |
|---|---|---|
| 20 Apr 2026 | Pre-A1Investors include Haisong Capital, CITIC Securities Investment, Cathay Capital and others; single source (company filing reported by Sina Finance); not converted to USD.Not in the tracker total: in yuan; not converted to dollars.[1] | RMB 170M |
| 2025 | Earlier rounds in 2025 (combined)Single source; not converted to USD.Not in the tracker total: in yuan; not converted to dollars.[1] | RMB 140M |
| 4 Sep 2026 | Pre-A+ (amount undisclosed). Led by Yuande CapitalAmount not disclosed.Not in the tracker total: in yuan; not converted to dollars.[1][2] | Undisclosed |
| Date | Round | Amount |
|---|---|---|
| 20 Apr 2026 | Strategic credit from 12 financial institutions (framework agreements or letters of intent; about $8.4B per source). Led by Bank of China, Agricultural Bank of China and othersCredit availability, not drawn funding.Credit available, not drawn funding; not in the total.[1][2] | RMB 57.7B |
Zhang Shancong (chairman, founder) · Zhang Zheyu (CEO)
| Program | Stage | Verified funding | Next step |
|---|---|---|---|
| Orbital Chenguang (this page) | Stage 5 of 7: Own satellite flown | Not counted | 2025 to 2027: First computing constellation and key technologies |
| Aethero | Stage 5 of 7: Own satellite flown | $8.4M | Oct 2026: Titan: Jetson Thor compute cluster on EnduroSat FRAME-15 |
| Altair | Stage 5 of 7: Own satellite flown | Not counted | 2027: The other nine satellites of the first ten |
| Google Suncatcher | Stage 5 of 7: Own satellite flown | Not counted | 2027: Two-satellite mission testing inter-satellite laser links |
| KP Labs | Stage 5 of 7: Own satellite flown | Not counted | Mid-2026: Leopard DPU on ESA OPS-SAT VOLT |
| Planet | Stage 5 of 7: Own satellite flown | Not counted | 2027: Pair of Suncatcher satellites with Google |
| Space String | Stage 5 of 7: Own satellite flown | Not counted | Q4 2027: G1 verification satellite (11.5 kW compute payload) |
Evidence reviewed 5 Oct 2026, fact-checked against primary sources. Nothing on this page is sponsored, and no company can pay to change, reorder or preview it. Spotted an error? Report a correction. How stages and labels work.
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