Adaspace, a Chengdu-based satellite manufacturer, is preparing for its IPO in Hong Kong, with trading scheduled to commence on November 13. The company intends to use the proceeds to fund engineering efforts and expand its satellite computing capabilities beyond individual pilot projects.
The company specializes in designing and testing satellites for clients, coordinating launches, and providing operational support. It also develops tools for terrestrial customers, such as systems that convert satellite imagery into digital landscapes for the gaming and film industries.
Revenue from satellite-related services grew to 57.7% in the first half of 2026, compared to 0.6% in 2023. As of October 20, the firm held orders for 114 AI-enabled satellites, representing a total contract value of RMB 3.48 billion.
Under its Star-Compute initiative, Adaspace plans to interconnect satellites to share storage and computing power. The company aims to deploy 100 satellites for this network by the end of 2028, with spectrum and orbital resources secured for up to 2,800 units.
The company plans to allocate 36% of its IPO proceeds to research and development, while 24% will be directed toward a new satellite design and testing facility in Shenzhen. These investments aim to support both current manufacturing operations and the future computing network.
