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SpaceSail raises about $1 billion to expand its China LEO internet network
The Series B round brought SpaceSail to roughly 50 billion yuan in valuation and followed deployments that grew its Qianfan fleet to 238 satellites.
China’s SpaceSail has raised around 7 billion yuan, about US$1 billion, in what the SCMP Economy described as a record funding round for China’s satellite internet industry, to accelerate its low-Earth-orbit network aimed at competing with Elon Musk’s Starlink.
According to the outlet, 18 investors participated, including state-backed investor Shanghai Alliance Investment and the hard tech-focused venture fund CAS Star. The funding represented about 13.9% equity, putting the company’s valuation at roughly 50 billion yuan, based on a company notice cited by SCMP Economy.
SpaceSail, officially Shanghai Spacecom Satellite Technology, was founded in 2018 and has expanded quickly in orbit. The company launched 54 satellites in 2024, increased its total to 108 in 2025, and said it now operates 238 Qianfan satellites after a deployment in early July, according to figures referenced from Shanghai’s State-owned Assets Supervision and Administration Commission.
SCMP Economy also noted that SpaceSail remains far behind Starlink’s scale, with SpaceX saying it operates more than 10,000 satellites and serves over 12 million subscribers.