星河动力：从一张图纸到160亿估值的商业奇迹

Core Viewpoint - The article emphasizes the journey of a startup, Star River Dynamics, in the commercial aerospace sector, highlighting the importance of belief, perseverance, and the right timing in investment decisions [1][30]. Group 1: Company Overview - Star River Dynamics was initially perceived as a "three-no" company (no company, no product, no revenue) attempting to build rockets, which many considered unrealistic [6][10]. - The company has successfully launched 85 satellites into orbit and developed the reusable Cang Qiong-50 engine, becoming the first domestic commercial rocket enterprise to achieve a closed-loop business model [24][25]. - The company's valuation has soared to between 15 billion to 16 billion yuan [25]. Group 2: Investment Journey - The investment in Star River Dynamics began with a 500 million yuan angel round in 2017, and the company is expected to reach a 2.4 billion yuan D round by 2025 [18]. - The investor's confidence in the team stemmed from their previous experience in national-level rocket projects, which played a crucial role in the decision to invest [8][9]. - The investor noted that the essence of investing is to invest in people, emphasizing the team's commitment to technology over superficial appearances [9]. Group 3: Challenges and Resilience - The company faced significant challenges, including a failed launch in 2021 due to a minor component failure, which led to a low point for the team [14][15]. - The investor provided support and encouragement, drawing parallels to SpaceX's early failures, highlighting the importance of learning from setbacks [16][17]. Group 4: Future Prospects - Star River Dynamics has initiated IPO counseling and is on track to become "China's first commercial aerospace stock" [28]. - The investor believes that the success of Star River Dynamics is not merely luck but a result of the right people, the right project, and the right timing, combined with reasonable valuation and odds [26][27].