SpaceSail completes RMB 6.975 billion capital increase at a valuation of about RMB 50 billion

According to the Shanghai United Assets and Equity Exchange, Shanghai Spacecom Satellite Technology (SpaceSail) has completed a new capital increase: new shareholders contributed RMB 6.975 billion in total (National Business Daily's figure; Sina Finance reported 'about RMB 6.976 billion') for a 13.94% stake, implying a valuation of about RMB 50 billion. A 24-member consortium led by the China Reform Holdings phase-two coordinated development fund contributed RMB 5.764 billion for 11.52% of post-increase equity; 16 other investors including Shanghai Alliance Investment (RMB 552 million), Shanghai Xinwei Technology Group (RMB 105 million) and AsiaInfo together contributed RMB 1.212 billion.

SpaceSail builds and operates the Qianfan ('Thousand Sails') constellation and previously closed a RMB 6.7 billion Series A in 2024. The new funds go mainly to constellation construction, R&D, market development and operations. As of 5 July 2026 Qianfan had 238 satellites in orbit; the company plans to complete the 324-satellite phase-one global network within the year and reach a cadence of two launches every two days.

Our take: a single round of nearly RMB 7 billion is still rare in Chinese commercial space, and the investors are mostly national-level funds and Shanghai state capital, showing that Qianfan's funding still depends heavily on government money. Whether the constellation completes its 324-satellite network on schedule and starts generating revenue at scale is the thing to watch next.