ADA Space, the Chengdu-based satellite maker that builds what it calls AI computing satellites, is set to raise $127 million in a Hong Kong initial public offering, with its shares expected to start trading on November 13, 2026. Founded in 2018, ADA Space designs and builds commercial satellites, manages their operation and sells space-based solutions, according to Caproasia.
The listing caps a long road to the Hong Kong exchange. ADA Space, registered as Adaspace Technology Co., Ltd., filed a prospectus for a Main Board listing on August 25, 2025, its second attempt after a January 27, 2025 application lapsed. That filing named Guotai Junan International as sole sponsor and PricewaterhouseCoopers as auditor.
AI sits at the center of the pitch. In the 2025 filing, ADA Space described itself as using commercial space technology and AI to design and manufacture satellites. As of August 17, 2025, it said it had independently developed 6 AI payloads, 4 AI application satellites and 16 AI computing satellites.
Key facts
- 01ADA Space plans to raise $127 million in a Hong Kong IPO, with its listing expected on November 13, 2026.
- 02The Chengdu company launched 12 AI computing satellites on May 14, 2025, billed as the world's first such constellation.
- 03Its Star Computing Plan targets 2,800 AI computing satellites, with a first batch of 100 planned by 2028.
- 042024 revenue was RMB 553 million with a RMB 170 million net loss, per its August 2025 prospectus.
- 05Chairman Lu Chuan could collectively control 47.09% of voting rights before the listing.
The company reported orders for 26 AI computing satellites at the time, 12 of which had already launched. Those 12 went up on May 14, 2025, as what ADA Space calls the world's first AI computing satellite constellation. The company also claims China's first AI application satellite, in December 2018, and China's first AI computing satellite, in February 2024.
The longer-range plan is much larger. Under its Star Computing Plan, ADA Space aims to build a space-based computing network of 2,800 AI computing satellites. It says the International Telecommunication Union has approved orbits and spectrum for 3,145 satellites, including those 2,800, and it plans the first batch of 100 AI computing satellites by 2028.
The business today runs on more than satellites. Revenue comes from space-based solutions built on remote sensing data and a proprietary engine, from satellite sales and services such as payloads, assembly, testing, launch coordination and in-orbit operations, and from other services including intelligent parking. Citing Frost & Sullivan data, ADA Space ranked itself second by 2024 revenue among Chinese private commercial space companies that manage the full satellite value chain.
Growth has come with widening losses. Per the 2025 prospectus, operating revenue rose from RMB 177 million in 2022 to RMB 508 million in 2023 and RMB 553 million in 2024, while net losses grew from RMB 91 million to RMB 139 million and then RMB 170 million. In the first six months of 2025, ADA Space reported RMB 241 million in revenue and a RMB 192 million net loss.
Control stays concentrated with the founder. Chairman Dr. Lu Chuan could collectively control 47.09% of voting rights before the listing through two employee shareholding platforms and parties acting in concert with one of them, according to the filing. ADA Space shares are expected to begin trading in Hong Kong on November 13.
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