On February 2nd local time, U.S. entrepreneur Elon Musk announced that his space exploration firm, SpaceX, had finalized the acquisition of artificial intelligence startup xAI. This transaction is viewed as a crucial stride in Musk's strategy to advance vertical integration within the "aerospace plus artificial intelligence (AI)" sector.
Concurrently, fueled by Musk's comments regarding plans for space-based solar-powered AI data centers and a 200GW photovoltaic capacity, market interest in China's solar industry has intensified dramatically.
According to sources, Musk's team recently conducted undisclosed visits to several Chinese photovoltaic enterprises. The inspections covered segments including equipment, silicon wafers, and cell modules, with a particular focus on companies specializing in heterojunction (HJT) and perovskite technological pathways.
Certain solar firms confirmed the engagement to the press, stating, "We have indeed had contact with Musk's team, but the specifics of the discussions are confidential."
A representative from a solar company that met with Musk's team reported encountering their technical specialists. "Their primary objective was to understand the current state of China's related industries," the person noted. "I believe it's unlikely SpaceX would procure photovoltaic modules directly from Chinese manufacturers; the probability of purchasing equipment seems higher." The individual added that the potential role for Chinese companies in future endeavors remains unclear.
Another source indicated that industry speculation suggests Musk's team is considering procuring HJT cell production lines. "This is because HJT cell lines boast a high degree of automation, require less manual labor, and are suitable for production in the United States." It is understood that the team's engagements also included equipment manufacturers.
When contacted by the press posing as investors, corporate relations departments at several companies were asked if they had hosted visits from Musk's team.
A representative from Risen Energy stated, "They have not visited our company."
Junda Solar responded, "Preliminary technical exchanges certainly occur, but we are not fully aware of the specifics."
GAN Semiconductor indicated, "We have not received any information on this matter. If such contact existed, it would likely be confidential."
Kaiyuan Securities pointed out that a major distinction between space-based and terrestrial photovoltaics is that the former prioritizes extreme reliability of power supply over aggressive cost control. Currently, the industry recognizes three primary technological paths for space-based solar: gallium arsenide, heterojunction (HJT), and perovskite cells.
Although gallium arsenide offers more stable and superior performance guarantees compared to HJT and perovskite cells, its price is exorbitant, with current costs reaching 200,000 to 300,000 RMB per square meter. Consequently, the other two technologies are gradually gaining market attention.
However, industry analysts believe that "currently, perovskite technology lacks mature support for space applications and is entirely incapable of deployment in space in the short term."
A photovoltaic technology expert commented that for space-based scenarios, perovskite cells could utilize anti-ultraviolet coatings for protection. Theoretically, perovskite should perform better than crystalline silicon cells in terms of cosmic radiation resistance, but the primary area needing optimization is performance under extreme high and low temperatures. The expert suggested that future space-based photovoltaics will likely be dominated by perovskite tandem cells, which could offer costs similar to crystalline silicon single-junction cells but with efficiencies potentially surpassing gallium arsenide.
An internal source at Risen Energy admitted that shipments of the company's P-type ultra-thin heterojunction products constitute an extremely small portion of its main product line. "If this market becomes significant, it is a matter for the future, not the present. This is a very lengthy process; we are only shipping in small batches currently. The number of satellites or similar products being launched is actually very low, and demand is not particularly high," the source said. "Should market enthusiasm increase in the future, we might consider expanding capacity."
The question of which Chinese photovoltaic enterprises are genuinely collaborating with SpaceX represents another key market concern.
An industry insider stated that, to their knowledge, only one domestic company currently has an indirect supply relationship with SpaceX, having supplied photovoltaic cells since 2023. However, their transactions are conducted through an intermediary specifically responsible for SpaceX's procurement.
The source candidly remarked that given current stock market conditions, many solar companies, regardless of their actual technological or product capabilities, appear to be attempting to capitalize on the trend. Some leading firms even claim involvement in gallium arsenide or perovskite cell development, "but to my knowledge, there have been no actual product deliveries yet."
Regarding these rumors of collaboration with SpaceX, the press inquired with the investor relations departments of the mentioned companies.
Risen Energy stated, "Our company has shipped several tens of thousands of P-type ultra-thin heterojunction cells primarily to third-party suppliers for European and American clients; we are not certain if their customers include SpaceX."
An internal source at Junda Solar indicated that the company's products are still in the verification and R&D phase and have not commenced supplies, though preliminary work is ongoing. Perovskite cells have completed ground-based application principle verification. "If downstream customers have demand, it is feasible," the source added.
A representative from GAN Semiconductor's investor relations department stated they were unaware of any collaboration with SpaceX. "Our products are at a relatively early stage and would likely undergo several subsequent processing steps; even if there were applications, it might not involve us directly."
An staff member from Maxeon Solar Technologies' investor relations department said they were unsure about any contracts with SpaceX. "If a contract value reached over 50% of the company's annual revenue, the securities department would be notified and an announcement made; if it did not exceed 50%, even a signed contract would not necessarily be disclosed," they explained.
Since last December, the "space-based solar" concept has been fervently discussed in the market, with Maxeon Solar Technologies emerging as a leading stock. In late December 2025, a research post circulated widely on investor forums, claiming that "SpaceX's HJT equipment order with Maxeon is essentially finalized, amounting to approximately $500 million, corresponding to about 7GW of annual HJT capacity." Maxeon's stock price hit a 20% limit-up the following day, yet the company did not issue any formal disclosure.
When asked if this $500 million order had been finalized, a representative from Maxeon's investor relations department stated that if the order value were $500 million, it would not reach 50% of the company's annual revenue. "We certainly adhere to the rules regarding information disclosure," the representative said.
Despite the ambiguity surrounding Musk's potential collaborations with Chinese solar firms, the stock prices of "space-based solar concept" companies have surged significantly.
A photovoltaic analyst noted, "Terrestrial photovoltaic modules are fundamentally unsuitable for use in space; they belong to two completely different worlds." "Currently, the mainstream photovoltaic modules, all production line equipment, and technologies in China are not applicable for space use," the analyst added.
The analyst直言不讳地指出直言ly stated that space-based photovoltaics are not price-sensitive regarding modules but impose extremely stringent demands on efficiency, weight, resistance to extreme temperatures, and radiation tolerance. "The capital market frenzy around space-based solar might be a bubble; the current stock price surge has already diverged from fundamentals," the analyst concluded.
Comments