Armed with funding boost, SpaceSail accelerates China’s push to rival Elon Musk’s Starlink
In a record funding round for China’s satellite internet sector, domestic start-up SpaceSail has raised around 7 billion yuan (US$1 billion) to accelerate the buildout of a low-Earth-orbit (LEO) network designed to compete with Elon Musk’s Starlink project. Known officially as Shanghai Spacecom Satellite Technology, the operator of China’s Qianfan constellation completed its Series B round on…
In a significant funding round for China's satellite internet industry, start-up SpaceSail has raised approximately 7 billion yuan (US$1 billion) to bolster its low-Earth-orbit (LEO) network, aiming to challenge Elon Musk's Starlink project. Shanghai Spacecom Satellite Technology, the operator behind SpaceSail, concluded its Series B round on Monday, according to a notice on the Shanghai United Assets and Equity Exchange website.
The round attracted 18 investors, including Shanghai Alliance Investment, a state-backed entity, and CAS Star, a venture fund specializing in hard tech.
The infusion of fresh capital propelled SpaceSail's valuation to about 50 billion yuan, representing approximately 13.94% equity. With 238 satellites currently operational, the company aims to deploy a global constellation of over 14,000 satellites. As China intensifies its efforts to construct large-scale LEO satellite networks for broadband internet and direct-to-device connectivity, SpaceSail's rapid expansion and strategic partnerships have positioned it as a formidable competitor to Starlink, which currently operates over 10,000 satellites and serves more than 12 million subscribers.
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