我国民营商业航天，新纪录诞生

Core Viewpoint - The article highlights the significant financing achievement of Xingji Glory Aerospace Technology Group, which secured 5.037 billion yuan in its D++ round of financing, setting a record for private commercial aerospace companies in China. The funds will be used to accelerate the development and commercialization of reusable liquid oxygen-methane rockets and enhance various operational capabilities [2][5]. Financing Details - On February 9, 2026, Xingji Glory completed a financing round of 5.037 billion yuan, marking the largest single financing in China's private commercial aerospace sector [2]. - The financing was led by Tongchuang Weiye and Beijing Jingming Capital, with participation from existing shareholders such as Ganquan Capital and Chengdu Industrial Investment Group [2]. - The funds will focus on advancing the development of reusable rockets and enhancing capabilities in land launch and sea recovery technologies [2][5]. Technological Development - Xingji Glory is currently developing the "Double Curve Three" reusable liquid oxygen-methane rocket, which is 69.6 meters long and has a recovery capacity of 8.5 tons for low Earth orbit [3]. - The company recently completed a successful low-temperature static test of the SQX-3 second-stage common bottom storage tank, which is crucial for future flight tests [4]. Market Context - The financing success is attributed to the strategic positioning in the reusable rocket sector and the growing demand for satellite constellation networks, which has created a gap in launch capacity [5][6]. - The commercial aerospace financing landscape has been heating up since the second half of 2025, with other companies like Xinghe Power and Tianbing Technology also securing significant funding [6]. Industry Challenges - The current bottleneck in the industry is the insufficient launch capacity, which is seen as a major constraint on the scale of development in commercial rockets [6][7]. - Key technical challenges for developing medium to heavy reusable rockets include the overall design, variable thrust engine development, thermal protection, and rapid maintenance post-recovery [7].