Spacecom Raises $1.94 billion in Bet on China’s Starlink Rival

Chinese commercial satellite operator Shanghai Spacecom Satellite Technology Ltd. has raised nearly 7 billion yuan ($1.94 billion) in a new funding round, valuing the company at about 50.1 billion yuan.

The financing supports China’s broader effort to build a domestic low-Earth-orbit communications constellation that could compete with SpaceX’s Starlink, serving both China’s large home market and overseas customers looking for alternatives to the U.S.-based network.