What happened in China i-Space, one of China's leading private launch companies, is raising RMB 7 billion (≈$970 million) in a pre-IPO Series E round to accelerate its reusable rocket development programme ahead of a planned 2027 IPO. The round follows an earlier record-breaking D++ funding round of $729 million that the company had already secured for reusable rocket development. Meanwhile, rival Space Pioneer — whose Tianlong-3 rocket is designed along similar lines to SpaceX's Falcon 9 — raised nearly 2.5 billion yuan (≈$363 million) approximately six months ago. On April 3, 2026, Space Pioneer attempted the maiden flight of Tianlong-3 from Jiuquan Satellite Launch Centre. The launch failed. That failure matters less than the broader context: two Chinese private launch companies have now collectively raised well over a billion dollars for reusable orbital rockets within a roughly eighteen-month window, and both are targeting operational reusability within the next…