Yuanxin Satellite, the Shanghai state-backed operator behind China's Qianfan low-Earth-orbit broadband constellation, has closed a fresh financing round of nearly RMB7 billion (about $975 million) at a valuation of about RMB50 billion (~$7 billion), Caixin reported on Aug. 19, 2026. TechNode confirmed the report the same morning.
Valuation lands well below the RMB75B target
The closed valuation is materially lower than the RMB75 billion Yuanxin had targeted, and the raise is under half of the RMB15 billion the company had earlier signalled it wanted to bring in. Investors were not disclosed, but Yuanxin has historically drawn from Shanghai's SASAC-linked state funds and strategic Chinese LPs backing the country's satellite-internet buildout.
Qianfan: China's answer to Starlink
Founded in 2018 as Shanghai Spacecom Satellite Technology (SSST), Yuanxin runs the Qianfan constellation — also branded G60 or Spacesail — which is designed to grow to more than 12,000 spacecraft in low-Earth orbit. Yuanxin launched its first 18 Qianfan satellites in August 2024 and has been ramping monthly launches on Long March 6A and other Chinese vehicles.
Why the discount matters
The compressed valuation is a signal for the entire Chinese LEO ecosystem, which has been running well behind SpaceX's Starlink deployment cadence. Yuanxin needs capital urgently: Qianfan must maintain a rapid launch tempo to hold its ITU spectrum priority filings. The round arrives on the same day as fresh Chinese-launch coverage of LandSpace's Zhuque-3 reusable-booster progress, underscoring how much of China's space stack now depends on private capital markets to keep pace.
What's next
Yuanxin has previously signalled ambitions to list either on the STAR Market or in Hong Kong, though no timeline has been formalised. Related coverage: RobotEra's Hong Kong IPO push.
Reporting based on coverage from Caixin and TechNode.