China’s Starlink rival launches new fundraising round, state media says

China’s low Earth orbit satellite company SpaceSail, widely seen as a challenger to Elon Musk’s Starlink, has launched a new round of fundraising, state media Securities Times reported on Monday, June 22.Here are more details:

• The new investment from the financing round will represent a combined equity stake of no more than 20%, the report said.
• SpaceSail plans to bring in no more than three new investors, with existing shareholders also expected to participate in the capital increase.• Proceeds will be used mainly for satellite constellation construction, technology research and development, market expansion and daily operating expenses, according to the report.

• The Shanghai government-backed company aims to deploy as many as 15,000 low Earth orbit satellites by 2030 and has secured overseas contracts in regions like Brazil to compete directly with Starlink.

• SpaceSail’s new fundraising round comes just days after SpaceX, which owns Starlink, completed the world’s largest initial public offering, raising $85.7 billion in its stock market debut.