TECH

China’s Starlink Challenger Seeks Up to $2.2 Billion for Satellite Network Push

Published: Jun. 23, 2026 11:29 p.m. GMT+8

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A carrier rocket for SpaceSail in Wenchang, Hainan province, on May 31, 2026. Photo: VCG

Chinese commercial satellite operator Shanghai SpaceSail Technologies Co. Ltd. is seeking to raise as much as 15 billion yuan ($2.2 billion) to fund its megaconstellation project.

The fundraising push underscores China’s growing ambition to build a commercially viable rival to SpaceX’s Starlink and win a share of the global satellite communications market amid shifting geopolitical demands.

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SpaceSail seeks up to 15 billion yuan ($2.2 billion) to fund its Qianfan megaconstellation of 15,000 LEO satellites.
The company posted net losses exceeding 800 million yuan annually from 2022-2025, with minimal revenue.
It is expanding overseas, receiving Brazilian approval to operate through 2031 and conducting tests in Asia and with China Mobile.

AI generated, for reference only

Shanghai SpaceSail Technologies Co. Ltd.: Shanghai SpaceSail Technologies Co. Ltd. is a Chinese commercial satellite operator seeking 15 billion yuan ($2.2B) for its Qianfan megaconstellation of 15,000 LEO satellites. Despite being unprofitable, it's expanding overseas, including in Brazil, and may secure China's second satellite internet license.

Shanghai Alliance Investment Ltd.: Shanghai Alliance Investment Ltd. is a top shareholder of Shanghai SpaceSail Technologies, holding a 49.9% stake. It is controlled by the Shanghai municipal government. The company invested in SpaceSail, which seeks to raise 15 billion yuan for its Qianfan satellite megaconstellation.

Shanghai Information Investment Inc.: Shanghai Information Investment Inc. holds an 18.7% stake in Shanghai SpaceSail Technologies, a Chinese satellite operator. It is one of SpaceSail's top two shareholders and is controlled by the Shanghai municipal government.

China Satellite Network Group Co. Ltd.: China Satellite Network Group Co. Ltd. is the first licensed satellite internet operator in China, as noted in the article. SpaceSail Technologies aims to secure the second such license, positioning itself as a competitor in the country's growing satellite communications sector.

LandSpace Technology Corp.: LandSpace Technology Corp. developed the modified Zhuque-2 rocket used to launch SpaceSail’s first test satellite for direct-to-cell communications on June 9, 2025. This highlights LandSpace’s role in supporting China’s commercial satellite megaconstellation ambitions.

China Mobile (Hong Kong): China Mobile (Hong Kong) partnered with Shanghai SpaceSail Technologies in January 2025 to conduct a maritime connectivity test on a cruise ship, marking the first application test of SpaceSail's Qianfan satellite constellation since commercial deployment began.

MEASAT Global Berhad: MEASAT Global Berhad is a Malaysian satellite operator that is advancing cooperation with Chinese commercial satellite company Shanghai SpaceSail Technologies Co. Ltd., as part of SpaceSail's overseas expansion for its Qianfan megaconstellation project.

AI generated, for reference only