SpaceSail seeks up to $2.2 billion to build Qianfan network

Shanghai Spacesail Technologies, operator of the Qianfan (G60) megaconstellation, is seeking up to 15 billion yuan, about $2.2 billion, in a new capital raise to accelerate its Starlink rival. The company plans to bring in as many as three new investors for a combined stake of no more than 20%, keeping the venture under state control and excluding foreign investment. Proceeds are earmarked for constellation build-out, R&D and operations as Qianfan targets 324 satellites in orbit by the end of 2026 on the way to an eventual 15,000-plus.