China’s Astronstone raises $29 million for reusable rocket with chopstick-style recovery

HELSINKI — Astronstone, one of China's younger launch startups, has secured new funding as it builds toward the first flight of its reusable AS-1 rocket.

Astronstone's "Pre-A+" funding round was led by investment firm Hillhouse Capital and Xingxiang Capital, affiliated with the Hunan provincial government. Minghui Zhiyuan, Qiancheng Capital, Tuofeng Capital and Zhisheng Ruiying also participated. The round shows a mix of financial, state and industrial capital, highlighting a broader pattern of mixed financial, state and industrial backing in China's commercial launch sector.

The funding will be used for rocket final assembly and testing, validation of "chopstick" recovery technology, expansion of rocket production capacity and team growth, according to the company statement.