On June 12, 2026, SpaceX officially debuted on the US stock market, raising US$75 billion in what became the largest initial public offering in history. Today, SpaceX stands as the global leader in commercial space. It was the first company to master reusable rocket technology on a commercial scale, giving it a stable, high-frequency and low-cost capability to access space. In doing so, it helped propel the traditional space industry into a era in which commercial space activities can be scaled and made profitable.
Looking ahead, competition in space will no longer be confined to national space agencies. It will be a contest among commercial space companies operating with varying degrees of state support. Closing the gap with SpaceX will require a systematic effort — from cultivating an innovation-friendly environment and introducing more flexible policies to building a more complete industrial ecosystem.
Over the past two years, China has steadily intensified its equipment upgrade policy. On the funding front, annual support from ultra-long special treasury bonds for equipment renewal has increased from RMB 150 billion in 2024 to RMB 200 billion in both 2025 and 2026.
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