SpaceSail raises ~$1B in state-backed round, bars foreign capital

Shanghai Spacesail Technologies (Qianfan/SpaceSail) disclosed a capital increase of about 6.976 billion yuan (~$1.035B) on August 18, valuing the Starlink rival at roughly 50 billion yuan (~$7.41B) post-raise. The round explicitly bars foreign capital and caps all outside investors combined at 20% of post-raise equity, leaving at least 80% with existing state-linked shareholders led by Shanghai Alliance Investment, China Development Bank and Chinese Academy of Sciences-linked capital.