Shanghai Spacecom raises $933 million Series A funding for Qianfan megaconstellation

Shanghai Spacesail/Qianfan (Thousand Sails)

Shanghai Spacecom Satellite Technology closed a Series A funding round of approximately $933 million (6.7 billion yuan) to finance the development and deployment of the Qianfan constellation, a megaconstellation aimed at competing with Starlink for global satellite internet coverage.