China's State-Backed Starlink Challenger Reportedly Seeks Fresh Capital

The Shanghai-based satellite company is raising fresh capital for its Qianfan network in one of several Chinese efforts to build state-controlled low orbit broadband systems Key Takeaways: SpaceSail is seeking up to 15 billion yuan to expand its Qianfan constellation, with a structure that keeps the company in state control and excludes foreign investors The company has put 200 satellites into orbit and signed overseas deals, but remains light years behind Starlink in fleet size, users and revenue Shanghai SpaceSail Technologies may be a few years – and thousands of satellites – behind Starlink, Elon Musk’s company it hopes to one day imitate. But that hasn’t stopped the operator of a homegrown Chinese low Earth orbit satellite network from hitting up investors for cash. SpaceSail is seeking up to 15 billion yuan ($2.2 billion) in a new funding round for its Qianfan satellite constell...