SpaceTy

01 / WHAT IT BUILT

What the company did

SpaceTy (Spacety, Tianyi Space Technology Research Institute) is a Chinese commercial satellite company that builds small satellites and synthetic aperture radar (SAR) imaging systems. Founded in Changsha, it launched China's first private satellite in 2016 and its first commercial SAR satellite, Haisea-1, in 2020, followed by the Chaohu-1 SAR network satellite. The company operates satellite buses, onboard computing, and a growing constellation aimed at radar remote-sensing data services, pursuing a target of 120 SAR satellites globally. It was sanctioned by the US Treasury in February 2023 over alleged imagery supplied to the Wagner Group, which closed its Luxembourg subsidiary, yet the Chinese parent continued launching and raising capital.

03 / EVENT HISTORY

Events in the structured record

1. 2016
   Company founded, first satellite

   Spacety was founded in Changsha and launched China's first private satellite in 2016.

2. 2020
   First commercial SAR satellite

   The company launched Haisea-1, China's first commercial SAR satellite, followed by the Chaohu-1 SAR network satellite.

3. 2023
   US sanctions, Luxembourg bankruptcy

   The US Treasury sanctioned Spacety over alleged SAR imagery supplied to the Wagner Group. Its Luxembourg subsidiary, based in Belval since 2019, was placed into bankruptcy; partners including Technoport, the Luxembourg Institute of Science and Technology, and the government cut ties.

4. 2026
   IPO preparations and $190M raise

   Spacety began preparations for an IPO with Guotai Haitong Securities as advisor, disclosed with China's securities regulator in February 2026, and raised 1.3 billion yuan (about $190 million) in April 2026 to scale production; its Tianyi-51 and -52 satellites launched in September 2026.