Chinese broadband-by-satellite business GalaxySpace has reportedly raised extra financing which values the company at almost $1.6 billion (€1.57bn). GalaxySpace is looking to participate in China’s planned 13,000 satellite mega-constellation.

The cash has come from a major Chinese bank (CCB International) and others including Anhui Sanzhongyichuang Industry Development Fund, Hefei Industry Investment and Sincere Fund, as well as those already involved Legend Capital and Chaos Investment.

A statement from Galaxy Aerospace says that the new cash amounts to 11 billion Yuan.

“On March 5th this year, China’s first batch development of six low-orbit broadband communication satellites – Galaxy Aerospace 02 batch of satellites was successfully launched, the batch of satellites and the galaxy space launch star together to form China’s first low-orbit broadband communication test constellation, and build a 5G test network of star-to-ground integration – little spider web,” said the statement.

The first batch have been tested for broadband and 5G connectivity and the proposed 6G developments. The plan is to tap into a market which investment bank Morgan Stanley forecasts to be worth $1 trillion by 2040.

The constellation is now under construction and the first satellites will start launching “early next year”.

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Tags: china, galaxy, satellite