China’s Starlink rival launches new fundraising round, state media says 

BEIJING, June 22 (Reuters) – China’s low Earth orbit satellite company SpaceSail, widely seen as a challenger to Elon Musk’s Starlink, has launched a new round of fundraising, state media Securities Times reported on Monday.

Here are more details:

• The new investment from the financing round will represent a combined equity stake of no more than 20%, the report said.

• SpaceSail plans to bring in no more than three new investors, with existing shareholders also expected to participate in the capital increase.

• Proceeds will be used mainly for satellite constellation construction, technology research and development, market expansion and daily operating expenses, according to the report.

• The Shanghai government-backed company aims to deploy as many as 15,000 low Earth orbit satellites by 2030 and has secured overseas contracts in regions like Brazil to compete directly with Starlink.

• SpaceSail’s new fundraising round comes just days after SpaceX, which owns Starlink, completed the world’s largest initial public offering, raising $85.7 billion in its stock market debut.

(Reporting by Ethan Wang and Eduardo Baptista; Editing by Jonathan Ananda)