SpaceSail has raised 1 billion USD in its Series B round to accelerate the buildout of a low-Earth-orbit satellite network to compete with Starlink. The funding round saw participation from 18 investors including Shanghai Alliance Investment and CAS Star.
PRIVATEAug 20, 2026
Amount Raised
$1 Billion
Round Type
Series B
ShanghaiHardwareAerospaceInternetSatellite Communication
Investors
CAS StarShanghai Alliance Investment
Description
SpaceSail completed its Series B funding round, raising around 7 billion yuan (US$1 billion) to enhance China's satellite internet capabilities. The funding will support the construction of a low-Earth-orbit network aiming to rival Elon Musk’s Starlink. With this round, the company's valuation has reached about 50 billion yuan. This marks a significant milestone in China's efforts to develop large-scale satellite networks.
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Company Information
Company
SpaceSail
Location
Shanghai, China
About
SpaceSail, officially known as Shanghai Spacecom Satellite Technology, is a domestic start-up in China focused on building a low-Earth-orbit (LEO) satellite network to provide broadband internet. Founded in 2018, it has rapidly expanded its satellite operations, launching 54 satellites in 2024 and currently operating 238 Qianfan satellites. The company aims to compete with Elon Musk's Starlink project in the satellite internet market.
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ShanghaiHardwareAerospaceInternetSatellite Communication