LEO broadband constellation operator (Qianfan / Thousand Sails); overseas satellite communications services
Shanghai Spacecom Satellite Technology (SSST, also known as SpaceSail) builds and operates the Qianfan ('Thousand Sails') constellation. Its largest shareholder is Shanghai Alliance Investment (about 49.89%), with other shareholders including Shanghai Information Investment and the CDB Manufacturing Transformation and Upgrading Fund; it sits within Shanghai's state-owned system. Qianfan is planned in three phases: 648 satellites, then 1,296 cumulatively, and more than 15,000 in the long run. As of 5 July 2026 it had 238 constellation satellites in orbit, with launch batches rising from 18 to 20 satellites per rocket; the company targets 324 satellites (phase one) and the start of global commercial service by end-2026. Financially, net losses were RMB 488 million, 811 million and 890 million in 2023, 2024 and 2025; Q1 2026 revenue was zero with a net loss of RMB 103 million, and total assets were about RMB 10.25 billion. In June 2026 it launched a new capital increase with a minimum ticket of RMB 5 billion and foreign capital excluded; the increase closed in August at RMB 6.975 billion, implying a valuation of RMB 50 billion. Commercially, it has signed with Brazil's Telebras, completed in-orbit tests in Malaysia, Mongolia and Kazakhstan, and in December 2025 signed an in-flight connectivity cooperation agreement with Airbus; on procurement, it signed launch-services contracts worth about RMB 300 million with LandSpace in November–December 2025.
The increase was completed through a public offering plus a parallel agreement with existing shareholders, totalling RMB 6.975 billion for a combined 13.9384% stake; proceeds go to Qianfan construction, R&D and market development.
Long March 8A Y9 lifted off at 21:43 on 5 July from the Hainan commercial launch site, the first time the flat-panel satellite stack reached 20 per launch, bringing Qianfan to 238 satellites in orbit.
The notice required prospective investors to commit at least RMB 5 billion in total for no more than 20% of equity and stated that no direct or indirect shareholder may be a foreign entity; Qianfan had reached 200 satellites by 5 June.
A Long March 8 launched the seventh batch of 18 Qianfan satellites at 21:32 on 7 April from the Hainan commercial launch site, bringing cumulative Qianfan launches to 126 satellites.
The disclosure showed total assets of RMB 10.183 billion as of 30 November 2025, zero revenue and a net loss of RMB 404 million for the first 11 months; 2024 revenue was RMB 1.15 million with a loss of RMB 811 million; the company had 30 shareholders.
LandSpace disclosed it had signed formal launch-services contracts with China SatNet and SpaceSail and will provide batch launches for both LEO constellations.
At the 2025 Satellite Internet Industry Ecosystem Conference in Songjiang, Shanghai, the two sides agreed to bring Qianfan LEO connectivity into Airbus's in-flight connectivity solutions; the company also disclosed completed in-orbit tests in Malaysia, Mongolia and Kazakhstan. (Publish time taken from date.)
The company started a new round at a pre-money valuation of more than RMB 40 billion, planning 324 satellites in orbit by mid-2026 and 648 by year-end, and prioritising Brazil, Pakistan, Mongolia, Kazakhstan and Malaysia for market entry.
Qianfan constellation operator SpaceSail closed a RMB 6.975 billion capital increase; a consortium led by the China Reform Holdings phase-two fund contributed RMB 5.764 billion, valuing the company at about RMB 50 billion.