Shanghai Spacecom Satellite Technology Ltd. (SpaceSail / Qianfan) raises $1.04B (¥7.0B)
- Company
- Shanghai Spacecom Satellite Technology Ltd. (SpaceSail / Qianfan)
- Round
- Series B
- Amount
- $1.04B (¥7.0B)
- Investors
- Shanghai Alliance Investment, CAS Star (hard-tech fund), consortium of Chinese investors (per notice)
- Announced
- August 20, 2026
What happened
Shanghai Spacecom (also known as SpaceSail / Qianfan) closed a Series B capital raise of roughly ¥7 billion, announced via a notice on the Shanghai United Assets and Equity Exchange and reported in press coverage on 20 August 2026. The round involved multiple investors including state-backed Shanghai Alliance Investment and CAS Star.
Why it matters
A large domestic capital injection into a Chinese LEO satellite-internet operator underscores continued state and institutional support for national satcom alternatives to Starlink and accelerates scale-up of direct-to-device and broadband LEO services for domestic and overseas markets. It signals increasing competition and capacity in the global NTN/broadband satcom market.
Source: South China Morning Post
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