Shanghai Spacecom closes $1.94 billion Series B funding at $6.96 billion valuation

Shanghai Spacesail/Qianfan (Thousand Sails)

Shanghai Spacecom Satellite Technology closed a Series B financing round of 7 billion yuan ($1.94 billion), raising the company's valuation to approximately $6.96 billion. The capital will support completion of phase one constellation deployment targeting 1,296 satellites by 2027.