Shanghai Firm Raises Just Under 100 Million Dollars for Mega Constellation Project

Shanghai Spacecom Satellite Technology has successfully secured substantial funding of approximately 943 million USD (6.7 billion yuan) for its ambitious G60 Mega Constellation project. Spearheaded by the National Manufacturing Transformation and Upgrading Fund, the Series A funding marks a significant milestone for the company. The envisioned mega constellation aims to deploy a network comprising 12,000 satellites, with the initial launch of 108 satellites scheduled for 2024. This strategic initiative aligns with the broader vision of the Shanghai government to establish a robust commercial space ecosystem by the year 2025.