en.Wedoany.com Reported - China's low Earth orbit satellite company SpaceSail has initiated a new round of financing. The company, regarded as a direct competitor to SpaceX's Starlink, plans to introduce no more than three new investors through this round, with total new investment accounting for no more than a 20% stake. Existing shareholders are also expected to participate in this capital increase.

Reports indicate that the raised funds will primarily be used for satellite constellation construction, technology research and development, market expansion, and daily operational expenses. SpaceSail, a company supported by the Shanghai municipal government, aims to deploy up to 15,000 low Earth orbit satellites by 2030 and has secured overseas contracts in regions such as Brazil, directly competing with Starlink in the global market.

The timing of SpaceSail's new financing round coincides with Starlink owner SpaceX completing the world's largest initial public offering (IPO), which raised $85.7 billion on its first day of trading.

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