Chinese satellite business raises $1.94bn
August 21, 2026

By Chris Forrester



Shanghai Spacecom Satellite Technology (SSST) has raised 7 billion yuan (about $1.94 billion) in a Series B financing round, valuing the Chinese commercial satellite operator at about $6.96 billion.

Shanghai Spacecom, also known as Shanghai Yuanxin Satellite Technology, was founded in March 2018 by Shanghai Alliance Investment Ltd. The company operates as a state-owned entity.


The funds will go to support China’s drive towards its own rival to Starlink. Spacecom says it aims to serve both China’s large home market and overseas customers seeking alternatives to the US-based network owned by SpaceX.

The round ranks among the largest of its kind. According to local reports the new funding sits in the top 1 per cent of all Series B deals in China’s telecom sector on record, out of a sample of 188. That scale underlines how much capital the country is willing to commit to closing the gap with Starlink.