Chinese start - up iSpace is planning up to eight commercial launches for next year after becoming the country 's first privately funded company to successfully put a satellite into orbit . iSpace is developing the Hyperbola-2 rocket , with its first launch vehicle for launch and interest from investors in Italy , Spain , turkey , Sri Lanka and Hong Kong . The company said the rocket 's reusable design cut costs by 70 % , meaning it cost € 4.5 m ( $ 25 m ) compared with up to $ 30 m for Northrop Grumman 's small rocket Pegasus .
Chinese start-up iSpace is scheduling up to eight commercial launches for next year after becoming the country's first privately funded company to successfully put a satellite into orbit. iSpace is developing the Hyperbola-2 rocket, with its first launch slated for 2021 and interest from customers in Italy, Spain, Singapore, Sri Lanka and Hong Kong. The company said the rocket's reusable design reduced costs by 70%, meaning launches cost €4.5m ($5m) compared with up to $30m for Northrop Grumman's small rocket Pegasus.