The Space-Based Solar Power Race Is On—China’s A-Share Companies Are All In

Q: The Space-Based Solar Power Race Is On—China’s A-Share Companies Are All In

Space-based solar power is no longer science fiction—it’s a strategic race heating up between tech giants and nations. Backed by Elon Musk’s ambitious roadmap and aggressive moves from China’s top A-share companies, orbital energy infrastructure is emerging as a $1 trillion frontier. Firms like Trina Solar and Ming Yang Smart Energy are advancing perovskite tandem cells, HJT technology, and space-grade photovoltaics, while launch costs and material science remain critical hurdles. With pilot missions looming and IP battles ahead, the push for 24/7 baseload solar from space is accelerating. Discover which Chinese innovators are building the foundation—and what it means for the future of global energy investing.

Title: The Space-Based Solar Power Race Is On—China’s A-Share Companies Are All In
By Arvin | January 27, 2026 | For Global Investors Eyeing the Next Frontier

If you thought the solar investment story was limited to rooftops and deserts, think again. A new chapter is unfolding—one that stretches beyond Earth’s atmosphere, powered by ambition, AI satellites, and Elon Musk’s latest vision. And China’s A-share market is responding with fervor.

On January 26, 2026, the “space-based solar power” (SBSP) concept surged in Chinese equities. Stocks like Ming Yang Smart Energy (601615.SH) and Toko New Energy (002218.SZ) hit daily trading limits, while Risen Energy (300118.SZ) and Maxwell Technologies (300751.SZ) posted double-digit gains. What sparked this rally? A potent mix of Elon Musk’s bold roadmap and a wave of strategic announcements from Chinese companies positioning themselves at the edge of orbit.

🌍 Why Now? Musk’s “Three-Step” Moonshot

At the World Economic Forum in Davos earlier this month, Musk declared that SpaceX and Tesla plan to build 200 GW of combined solar capacity in the U.S. over the next three years—half for terrestrial AI data centers, half for space applications. But more striking was his long-term vision:

“Solar is the only answer to energy freedom.”

His “three-step” strategy:

Deploy grid-scale storage to stabilize renewable supply
Launch solar-powered AI satellites into low Earth orbit (LEO)
Build satellite factories on the Moon to sustain orbital infrastructure

Suddenly, space-based solar isn’t sci-fi—it’s a multi-decade industrial thesis. And global investors are taking note.

🇨🇳 China’s Strategic Response: From Arsenide to Perovskite

While U.S. ambitions dominate headlines, China is quietly accelerating its own SBSP ecosystem. Unlike traditional space-grade gallium arsenide (GaAs) cells—efficient but prohibitively expensive—Chinese firms are betting on cost-effective alternatives:

Crystalline silicon (c-Si): Leverages mature terrestrial supply chains
Perovskite-silicon tandem cells: Offer ultra-high specific power (watts per kilogram), critical for reducing launch costs
Heterojunction (HJT) technology: Lightweight, radiation-resistant, and ideal for LEO satellites

According to CITIC Securities, the SBSP market could reach $500–1,000 billion globally once 100 GW-class orbital solar farms become feasible. Guojin Securities goes further: “By 2030, the space photovoltaic market will enter the trillion-dollar era.”

🔭 Who’s Leading the Charge in China?

Several A-share companies have moved beyond hype to tangible action:

Trina Solar (688599.SH): Already collaborating with Chinese aerospace institutes and international space agencies on III-V multi-junction, HJT, and perovskite tandem cells. CEO Gao Jifan confirmed perovskite mass production will accelerate in 2026.
Canadian Solar (688472.SH): Leveraging its TOPCon scale while developing HJT and perovskite stacks. Actively monitoring commercial space opportunities.
Ming Yang Smart Energy: Just announced plans to acquire Zhongshan Dehua Chips, a specialist in GaAs space solar cells—marking its formal entry into SBSP.
JA Solar spin-off JinkoTech (002865.SZ): Investing via a stake in Shanghai Xingyi Xineng, though it cautions the tech is still in R&D with no orders yet.
Aurora Tech (688516.SH): Adapting its HJT efficiency-boosting equipment for space-grade cell production, exploring custom machinery for orbital PV manufacturing.

This isn’t just speculation—it’s vertical integration in real time, from materials to launch-ready modules.

⚠️ Reality Check: The Road to Orbit Is Steep

Despite the excitement, sobering challenges remain:

Current LCOE (levelized cost of electricity) in space: $2–3/kWh—100x higher than ground-based solar
Launch costs must fall by >90% for economic viability
Radiation hardening, thermal cycling, and 15+ year reliability in vacuum demand breakthroughs in materials science
Geopolitical friction could disrupt supply chains or export controls on dual-use tech

As Galaxy Securities notes: “Commercialization is unlikely before 2035–2040. But the race to secure IP, partnerships, and pilot missions starts now.”

💡 Investment Implications for Global Portfolios

For overseas investors, the SBSP theme offers asymmetric optionality:

✅ Long-term: Exposure to a potential new energy paradigm—continuous, baseload solar power beamed from space
✅ Medium-term: Participation in the LEO satellite boom, where every new constellation needs lightweight, high-efficiency PV
✅ Near-term: Policy-driven momentum in China’s tech-heavy indices, amplified by national pride and strategic alignment with “new productive forces”

But caution is warranted. Many plays remain pre-revenue or conceptual. Focus on companies with:

Proven space heritage or active aerospace partnerships
Dual-use technologies applicable to both terrestrial and orbital markets
Strong balance sheets to endure R&D burn

Final Thought

Space-based solar may sound like a moonshot. But when Musk talks, markets listen—and when Chinese industry responds at scale, the world should pay attention. The trillion-dollar question isn’t if SBSP will happen, but who will power the future—from the ground, or from orbit?

— Arvin
Global Tech & Energy Strategist | Observing China’s Innovation Frontier

Disclaimer: This blog is for informational purposes only. It does not constitute financial advice. Investing in emerging technologies and Chinese equities involves high risk, including regulatory, liquidity, and execution uncertainty.