Chinese competitor to Starlink launches new round of fundraising, says state media

The SpaceSaila Chinese low-Earth orbit satellite company widely considered a competitor to Starlinkfrom Elon Musklaunched a new round of fundraising, the state newspaper Securities Times reported this Monday (22).

The new investment from this round of financing will represent a combined equity stake of a maximum of 20%, according to the report.

SpaceSail plans to attract a maximum of three new investors, and current shareholders are also expected to participate in the capital increase.

The resources will be used mainly for the construction of the satellite constellation, technology research and development, market expansion and daily operating expenses, according to the report.

The company, supported by the government of Shanghaiaims to launch up to 15,000 satellites into low Earth orbit by 2030 and has already secured contracts abroad, in regions such as Brazil, to compete directly with Starlink.

SpaceSail’s new fundraising round comes just days after the SpaceX owner of Starlink, completed the world’s largest initial public offering, raising US$85.7 billion in its debut on the stock exchange.