Yuanxin / Spacesail

About Yuanxin / Spacesail

Shanghai Spacecom Satellite Technology (SSST), 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, backed by the Shanghai municipal government, with the objective of investing in both domestic and international satellite telecommunication ventures. A significant milestone was achieved in February 2024, when SSST secured 6.7 billion yuan (approximately $933 million) in a Series A funding round. This round was led by a fund established by the National Manufacturing Transformation and Upgrading Fund and saw participation from prominent investors such as Guosheng Capital, Hengxu Capital, and CAS Capital.

SSST is a key player in China's strategic push to establish a low-Earth orbit (LEO) satellite internet network, a direct competitor to global entities like SpaceX's Starlink. The company is central to the Shanghai government's "G60" satellite constellation project, also referred to as Qianfan or Thousand Sails. This initiative aims to deploy a megaconstellation of potentially over 12,000 satellites to provide global broadband internet services. The business model is centered on offering these satellite-based services to a range of clients, including maritime users and international markets. The company has already initiated service trials, such as a successful network connection test to a cruise ship in January 2025.

The core of SSST's offering is its satellite constellation, which provides high-speed, integrated space-to-ground broadband access, high-precision real-time navigation information, and quasi-real-time remote sensing services. The company has an aggressive launch schedule, having launched its first batch of 18 satellites in August 2024, with subsequent launches in October and December 2024, and January 2025. The plan includes launching 72 satellites by the end of 2024 and expanding the constellation to 648 satellites by the end of 2025, with an initial phase target of 1,296 satellites. The long-term vision is a constellation of up to 15,000 satellites. To support this, a digital-production plant within the G60 Starlink industrial base has been established with an expected annual production capacity of 300 satellites.