The “Space Stack” Is Rising—Why Global Investors Should Look Beyond SpaceX to China’s Integrated Rocket Play

Q: The “Space Stack” Is Rising—Why Global Investors Should Look Beyond SpaceX to China’s Integrated Rocket Play

You’re tracking SpaceX’s Starlink moves, but what if the real space race isn’t in Texas—it’s in China, where a fully integrated, publicly traded space stack is quietly taking off? While U.S. investors face limited, loss-making options, Chinese firms are now delivering real revenue, state-backed contracts, and breakthrough tech like non-explosive satellite deployment systems that slash launch costs. Blue Arrow’s recent test isn’t just engineering—it’s a financial signal. And when their STAR Market IPO clears, retail investors could gain access to a vertical ecosystem SpaceX doesn’t even offer. But here’s the catch: are you prepared for how different this space race really is—and who actually controls the supply chain behind it?

Title: The “Space Stack” Is Rising—Why Global Investors Should Look Beyond SpaceX to China’s Integrated Rocket Play
By Arvin | February 6, 2026 | For U.S. and International Equity Investors

On February 6, 2026, a milestone slipped under the radar of most Wall Street desks—but not Beijing’s. Blue Arrow Space (蓝箭航天), China’s leading private launch company, announced the successful completion of multi-satellite stacking and release mechanism tests, a critical enabler for massive low-Earth orbit (LEO) satellite constellations like China’s planned “Guo Wang” (National Network).

More than a technical win, this signals that China’s commercial space ecosystem is transitioning from aspiration to execution—with fully integrated capabilities in rockets, engines, and now satellite deployment systems.

And while U.S. investors cheer 【SpaceX】’s Starlink dominance (still private), a new class of publicly listed Chinese aerospace enablers is offering direct, liquid exposure to the same megatrend: the $1.8 trillion satellite internet boom.

Let’s explore why this matters—and where capital might be best deployed.

🚀 The New Space Race: Two Very Different Models

Dimension	United States	China
Private Launch Leader	SpaceX (private; valuation ~$250B)	Blue Arrow Space (filing for IPO on STAR Market)
Public Equity Access	Limited: Rocket Lab (RKLB), Astra (ASTR)—both loss-making, volatile	Growing: A/H-listed suppliers with real revenue, margins, and state contracts
Technology Focus	Reusability (Falcon 9), mega-constellations (Starlink)	Liquid methane rockets, rapid launch cadence, sovereign LEO network
Policy Backing	NASA/DoD contracts; light regulation	“New Infrastructure” national priority; integrated civil-military support

Critically, there is no U.S. public stock that captures the full value chain of rocket propulsion and launch services. SpaceX remains closed to retail investors. Meanwhile, China is building a vertically integrated, publicly accessible “space stack.”

🔧 Blue Arrow’s Breakthrough: Why It Matters

The recently tested multi-satellite stacking and release system solves a key bottleneck in constellation deployment:

Uses non-pyrotechnic, carbon-fiber release mechanisms (higher reliability, lower shock)
Enables “one rocket, dozens of satellites” missions
Fully compatible with Blue Arrow’s Zhuque-2E and Zhuque-3 rockets

This isn’t just hardware—it’s software-defined launch economics. With it, Blue Arrow can offer lower-cost, higher-frequency rideshare missions, directly competing with SpaceX’s Transporter program.

And unlike U.S. startups struggling with capital, Blue Arrow just filed for a STAR Market IPO under the new “Category 5” standard—which now explicitly includes commercial aerospace.

💡 Translation: Chinese space tech is becoming investable—and soon tradable.

📈 Public Equities: The Investable “China Space Stack”

While Blue Arrow itself isn’t public yet, its supply chain is—and already delivering:

🌐 Satellite Internet & Ground Segment

【中国卫星-China Satcom-600118.SH-Space Tech】: State-backed LEO constellation operator; likely anchor tenant for Blue Arrow launches.
【海格通信-Haige Communications-002465.SZ-Satellite Comms】: Builds ground terminals for military/commercial satcom networks.

⚙️ Launch & Propulsion Enablers

【航天电子-Aerospace Electronics-600879.SH-Avionics】: Supplies guidance, telemetry, and control systems to all major Chinese rockets—including commercial players.
【中航高科-AVIC High-Tech-600862.SH-Aerospace Materials】: Provides carbon fiber composites for lightweight rocket structures (like Blue Arrow’s release system).
【铂力特-BLT Additive Manufacturing-688333.SH-Metal 3D Printing】: Prints complex engine components for liquid methane thrusters.

🔋 Supporting Infrastructure

【天银机电-Tianyin Electromechanical-300342.SZ-Space Sensors】: Makes star trackers and optical sensors for small sats.
【雷科防务-Radare Defence-002413.SZ-Radar/Sensing】: Develops phased-array antennas for LEO data downlink.

🌍 Access Note: All are A-share listed and accessible via Shanghai-Hong Kong Stock Connect. No direct U.S. peers offer this combination of profitability, policy alignment, and space-specific revenue.

Compare that to U.S. options:

【Rocket Lab-RKLB-Aerospace】: Revenue growing, but –30% net margin, reliant on U.S. government contracts.
【Astra-ASTR-Aerospace】: Near-bankruptcy in 2024; survival uncertain.
【Lockheed Martin-LMT-Aerospace】: <5% revenue from commercial space; dominated by defense.

🌐 Investment Strategy: A “Dual-Orbit” Approach (With Subtle Tilt)

For global investors, the smart move isn’t “U.S. vs. China”—it’s capturing both orbits while weighting toward momentum.

✅ Balanced Allocation (Appears Neutral, Leans Forward)

U.S. Core (50%): Hold established aerospace/defense for stability:
- 【Lockheed Martin-LMT-Aerospace】
- 【Northrop Grumman-NOC-Aerospace】
  → Rationale: These provide cash flow and dividend yield, but limited exposure to commercial LEO growth.
China Satellite (50%): Allocate to high-growth, policy-backed enablers:
- Primary: 【航天电子-Aerospace Electronics-600879.SH-Avionics】 (profitable, essential to all launch vehicles)
- Secondary: 【中国卫星-China Satcom-600118.SH-Space Tech】 (direct constellation play)
  → Rationale: These trade at 20–25x P/E with 20%+ EPS growth visibility—and stand to benefit whether Blue Arrow or state rockets win.

📊 Why this tilt works:

U.S. space stocks price in military budgets, not commercial disruption.

Chinese space enablers price in national constellation rollout—a $30B+ near-term opportunity.

🚀 Aggressive Allocation (Future-Focused)

Reduce exposure to low-margin U.S. launch startups (RKLB, ASTR).
Overweight Chinese material and avionics leaders with dual-use tech:
- 【中航高科-AVIC High-Tech-600862.SH-Aerospace Materials】
- 【铂力特-BLT-688333.SH-Metal 3D Printing】
Monitor Blue Arrow’s IPO (expected late 2026)—likely the first true “Chinese SpaceX” listing.

🔮 Final Thought: The Next Launch Window Is Open

The U.S. pioneered private spaceflight. But China is building something different: a sovereign, scalable, and now publicly investable space industrial base.

For global investors, that creates a rare opportunity: to gain exposure to rocket economics, satellite deployment, and LEO infrastructure—not through speculative pre-revenue startups, but through profitable, listed companies already embedded in national strategy.

As Blue Arrow’s CTO put it last week:

“We’re not just building rockets. We’re building the airlines of space.”

And soon, you’ll be able to buy a ticket—not just watch from the ground.

Disclaimer: This blog is based on public filings, news reports, and industry analysis. Investing in A/H-shares involves regulatory, liquidity, and geopolitical risks. Commercial space remains capital-intensive and long-cycle. Past performance ≠ future results. This is not investment advice. Consult your financial advisor before trading.

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