SpaceX saw its shares surge 19% on its first day of trading on Nasdaq on June 12, while China A-share commercial aerospace companies rose an average of 0.88% that day. Citing analysts, China Daily said that SpaceX’s listing provides a mainstream public-market valuation model for global commercial aerospace, which will help revalue A-share commercial aerospace companies’ valuations. Tian Lihui, a finance professor at Nankai University, said A-share commercial aerospace companies’ price-to-sales ratio is currently about 8 to 10 times.
A-share commercial aerospace rises: 0.88% last Friday, 2.96% Monday this week
According to confirmation of market data reported by China Daily:
Last Friday (June 12, SpaceX’s first day of trading): A-share commercial aerospace companies averaged a gain of 0.88%; at least four commercial aerospace ETFs rose more than 5%
Monday: A-share commercial aerospace companies further rose 2.96%; the Shanghai Composite Index closed up 1.61%
Year to date: A-share commercial aerospace companies have cumulatively risen about 6%
Analysts’ valuation gaps and revaluation logic
Tian Lihui, a finance professor at Nankai University, confirmed: A-share commercial aerospace companies’ price-to-sales ratio is currently about 8 to 10 times, while SpaceX’s implied price-to-sales ratio is 65 to 100 times. Global enthusiasm for SpaceX is expected to help accelerate deeper revaluation of A-share commercial aerospace and guide more capital toward industry leaders with core technologies and large-scale operations.
A analyst at Founder Securities confirmed that SpaceX’s listing provides the global commercial aerospace sector with a mainstream and highly representative public-market valuation model. It will boost sentiment in China’s A-share market and help investors view commercial aerospace as a technology sector with greater growth potential.
Fu Chenshuo, chief defense and aerospace analyst at CITIC Securities, confirmed that investors should focus on key assets such as reusable rockets (including the 3D-printed supply chain), satellite manufacturing, satellite operations, and ground applications. As recovery technology matures, launch costs will fall significantly; the broader industrial prospects for space-based computing capabilities are also worth watching.
Current status of policy and IPO channels confirmation
In China’s 2026 Government Work Report, the aerospace industry was listed for the first time as one of the national emerging pillar industries.
Shanghai Stock Exchange confirmation: On December 26, 2025, the Shanghai Stock Exchange issued listing guidelines for commercial rocket industry. Under the fifth set of listing standards for the STAR Market, commercial rocket companies in a critical stage of large-scale commercialization may apply to be listed on the STAR Market.
According to China Daily, the following developments have been confirmed:
STAR Market IPO applications approved: Blue Yu Space and CAS Space (2 in total)
IPO application process has been initiated: another 8 companies
China commercial aerospace market size data confirmed by CCID Media
Based on data from CCID Media, a media organization under the China Center for Information Industry Development:
2025: China’s commercial aerospace market size reached 2.83 trillion yuan (about $418.8 billion), up 21.7% year over year
2026 forecast: Market size is expected to further expand to 3.5 trillion yuan, with a projected year-over-year growth rate of more than 20%
The above 2026 figures are CCID Media’s market forecasts, not realized numbers.
Common Questions
How does SpaceX’s listing affect A-share commercial aerospace valuation expectations?
Based on confirmation of views cited by China Daily from Founder Securities and Nankai University professor Tian Lihui, SpaceX was listed with a price-to-sales ratio of 65 to 100 times, providing the market with a public reference valuation benchmark for commercial aerospace companies. A-share commercial aerospace companies’ current price-to-sales ratio is about 8 to 10 times, and analysts believe SpaceX’s listing will help investors reassess A-share commercial aerospace’s growth potential.
What are the currently confirmed progress updates for China’s commercial aerospace IPO channels?
According to China Daily, as of the time of the report, the STAR Market IPO applications for Blue Yu Space and CAS Space have been approved, and another 8 companies have already started their application process. The Shanghai Stock Exchange’s listing guidelines for commercial rocket enterprises released on December 26, 2025 (the fifth set of STAR Market standards) provide an IPO policy window for the relevant companies.
What is the significance of this year’s Government Work Report to China’s commercial aerospace?
In China’s 2026 Government Work Report, the aerospace industry was listed for the first time as one of the national emerging pillar industries. This is the first explicit confirmation in an official policy document of the commercial aerospace industry’s status. Galaxy Securities confirmed that this implies that commercial aerospace is an important component for showcasing China’s new generation of high-quality productive forces, and it holds a strategic position in global competition.
