SpaceSail opens round to fund 15,000-satellite LEO plan

Shanghai-backed SpaceSail has opened a fundraising round that would sell up to 20% of combined equity. The company plans to admit no more than three new investors and expects existing shareholders to participate in the capital increase.

According to a state-backed report, proceeds will be used mainly for satellite constellation construction, technology research and development, market expansion and daily operating expenses.

SpaceSail aims to deploy as many as 15,000 low Earth orbit satellites by 2030 to build a commercial communications network. The company says the fundraising will support infrastructure, longer-term constellation deployment and technology development.

The company has secured authorization from Brazil’s telecom regulator, Anatel, to begin commercial services this year. That approval made Brazil the first Latin American country to permit a Chinese low-orbit satellite network for commercial communications.

In November 2024 SpaceSail signed a memorandum of understanding with state-owned Telebras to provide broadband access to remote and underserved areas, with a focus on schools and hospitals.

SpaceSail faces competition from established providers such as Starlink. Earlier this month, SpaceX completed an initial public offering that raised $75 billion at debut and later reached $85.7 billion.

Low Earth orbit satellites operate at altitudes of roughly 160 to 2,000 kilometres, which allows lower-latency communications compared with higher-orbit systems. Large constellations are being built to deliver global broadband services.

If completed, the capital raise would provide funding for the company’s constellation rollout, accelerate its research programs and support international expansion. The company plans to keep total investor equity below 20% as it advances deployment and market entry.