China's Starlink rival launches new fundraising round, state media says
China’s SpaceSail launches new fundraising, selling up to 20% to at most three new investors, to fund LEO satellites, aiming 15,000 by 2030 and competing with Starlink.
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China’s low Earth orbit satellite company SpaceSail, widely seen as a challenger to Elon Musk’s Starlink, has launched a new round of fundraising, state media Securities Times reported on Monday, June 22.
Here are more details:
• SpaceSail plans to bring in no more than three new investors, with existing shareholders also expected to participate in the capital increase.
• Proceeds will be used mainly for satellite constellation construction, technology research and development, market expansion and daily operating expenses, according to the report.
• The Shanghai government-backed company aims to deploy as many as 15,000 low Earth orbit satellites by 2030 and has secured overseas contracts in regions like Brazil to compete directly with Starlink.
• SpaceSail’s new fundraising round comes just days after SpaceX, which owns Starlink, completed the world’s largest initial public offering, raising $85.7 billion in its stock market debut.
Here are more details:
• The new investment from the financing round will represent a combined equity stake of no more than 20%, the report said.
• SpaceSail plans to bring in no more than three new investors, with existing shareholders also expected to participate in the capital increase.
• Proceeds will be used mainly for satellite constellation construction, technology research and development, market expansion and daily operating expenses, according to the report.
• The Shanghai government-backed company aims to deploy as many as 15,000 low Earth orbit satellites by 2030 and has secured overseas contracts in regions like Brazil to compete directly with Starlink.
• SpaceSail’s new fundraising round comes just days after SpaceX, which owns Starlink, completed the world’s largest initial public offering, raising $85.7 billion in its stock market debut.
(Edited by : Gareema Bangad)
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