SpaceSail Raises $1B to Rival Starlink with 238 Satellites

Chinese satellite internet start-up SpaceSail has secured approximately 7 billion yuan (US$1 billion) in a record funding round for the country's satellite internet sector. The investment, which involved 18 backers including state-backed Shanghai Alliance Investment and venture fund CAS Star, represents about 13.94% equity, valuing the company at roughly 50 billion yuan. Founded in Shanghai in 2018, SpaceSail has accelerated its orbital expansion, launching 54 satellites in 2024, increasing its total to 108 in 2025, and now operating 238 Qianfan satellites following a deployment in early July. Despite this rapid growth, SpaceSail lags significantly behind SpaceX's Starlink, which operates over 10,000 satellites and serves more than 12 million subscribers. The funding will support the buildout of a low-Earth-orbit network aimed at competing with Elon Musk's Starlink, as China's private aerospace sector breaks new ground with this landmark capital and overseas expansion.