Chinese commercial satellite operator Shanghai SpaceSail Technologies is seeking to raise as much as 15 billion yuan (€1.94bn) to fund its satellite megaconstellation project.

SpaceSail, widely viewed as a leading domestic challenger to Elon Musk’s Starlink network, has launched a new fundraising round to support its ambitious expansion plans.

According to a report by Securities Times, the Shanghai government-backed company plans to bring in up to three new investors while allowing existing shareholders to participate in the capital increase. The report added the new investment round will account for a combined equity stake of no more than 20 per cent in the company.

The new funding will be used to build a satellite constellation, R&D as well as day-to-day expenses.

SpaceSail has outlined ambitious plans to deploy as many as 15,000 low Earth orbit satellites by 2030, creating a large-scale communications network capable of competing internationally.

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Categories: Articles, Business, Funding, Satellite

Tags: china, starlink