BEIJING/SHANGHAI – SpaceX’s record $75 billion IPO is poised to supercharge Chinese space startups racing to fund the same technologies that have made Elon Musk the world’s first trillionaire — reusable rockets and giant satellite constellations.
In China, the initial public offering was watched as a benchmark for a younger industry eager to go public. But the frenzy masks a fundamental gap, with firms going public ahead of meaningful revenue and without the proven technology that underpins SpaceX’s economics, a mismatch analysts say will cap valuations.
Yet the excitement is palpable. Huang Yan, co-founder of Shanghai-based Lantern Capital, said his decade-old investment in LandSpace is generating returns of roughly 100 times as the company moves toward a public listing.
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