Zhuque-3 achieves China's first land recovery of an orbital-class rocket

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LandSpace's Zhuque-3 reusable Yao-2 launch vehicle has successfully achieved China's first land recovery of a first stage from an orbital-class rocket, marking a key turning point for China's commercial space sector as it moves from technology validation to cost-accounting operations. The rocket lifted off at 7:35 a.m. on the 19th from the Dongfeng Commercial Space Innovation Test Zone. Its first stage made a soft landing at a landing site in Minqin County, Gansu Province, while the second stage delivered the Honghu-03 satellite into its planned orbit. LandSpace said the first stage accounts for about 70 percent of the total rocket cost. After five reuses, the cost per launch drops by about 45 percent compared with the first flight. After 20 reuses, the cost is essentially reduced to marginal cost, and the ultimate goal is to bring the launch cost per kilogram below 20,000 yuan. LandSpace's IPO on the STAR Market is in a critical window. The company plans to raise 7.5 billion yuan, and market estimates put the offering valuation at about 75 billion yuan. By comparison, its primary market valuation in an April 2025 capital increase was about 20.7 billion yuan. The successful recovery is seen as a key variable in narrowing that valuation gap.

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LandSpace's Zhuque-3 achieves China's first land recovery of an orbital-class rocket, a key milestone for its reusable rocket technology and IPO.

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