Innospace的混合火箭赌注熬过了30秒坠毁——所有客户都没走

做的是什么生意

Innospace designs and builds small launch vehicles: Hanbit-Nano carries up to 90 kg to sun-synchronous orbit from Alcântara, Brazil, with Hanbit-Micro (170 kg) and Hanbit-Mini (1,300 kg) planned, plus SAEBIT suborbital science flights and its own small-satellite business.

启动资金：Innospace listed on South Korea's KOSDAQ in July 2024, pricing shares at 43,300 won (~$30); CEO Kim says fully internalizing everything the way SpaceX does would need about ₩1 trillion, so the company raised domestically and moved through the fastest minimum-viable sequence it could.

起因

Kim Soo-jong left his job in April 2017 and ran simulations alone for five months before founding Innospace that September. His conclusion, given Korea's domestic funding pool and export rules that would force a foreign-funded firm to become a foreign company, was to pursue the minimum viable goal in the fastest way rather than copy SpaceX's build-everything model.

经过

Innospace developed hybrid paraffin/liquid-oxygen engines, went public on KOSDAQ in July 2024 at 43,300 won a share, and booked commercial payloads for a Brazilian launch. Hanbit-Nano lifted off from Alcântara at 10:13 p.m. local time on 2025-12-22, after three postponements from the original November date; about 30 seconds in, an anomaly sent the vehicle down inside the safety zone with no injuries. The webcast cut off, the payload was lost, and the stock fell nearly 29% the next day to 10,710 won.

结果

A joint investigation with Brazil's CENIPA, announced on 2026-03-17, traced the breakup to combustion gas leaking past a sealing part after the combustion chamber's front cap was disassembled and re-compressed on site in Brazil; debris recovered on land made visual confirmation possible. Innospace changed the design to openable metal caps on both ends, kept every satellite client, and booked a Q3 2026 reflight that will also carry its INNOSAT-0 satellite; it is adding a satellite division and SAEBIT suborbital flights, with plans to pass breakeven above 10 launches a year by 2028.

可借鉴之处

当首飞失败时，坦诚是留住客户的工具：Innospace以客户为先的道歉保住了所有合同，调查显示故障出在重新装配过程，而不是物理原理。