Yuanxin Satellite

Shanghai Yuanxin Satellite Technology Co., Ltd. is a Chinese state-controlled satellite operator, headquartered in the Songjiang District of Shanghai, that is building the Qianfan ("Thousand Sails") constellation, also known as the Spacesail Constellation or G60 Starlink, a planned low Earth orbit broadband internet network intended to rival SpaceX's Starlink. The company was founded in March 2018 by the Shanghai Municipal State-owned Assets Regulatory Commission, with Shanghai Alliance Investment Ltd. (also referred to as Shanghai Lianhe Investment) as its lead state-backed founding shareholder. Yuanxin began launching Qianfan satellites in August 2024 and had roughly 200 satellites in orbit by mid-2026, working toward a first-stage target of 1,296 satellites and an eventual constellation of more than 15,000 satellites by 2030 to provide broadband and direct-to-device connectivity in China and international markets across Asia, Africa and South America. The company closed a record 6.7 billion yuan (about $932 million) Series A round in February 2024, led by the China Development Bank Manufacturing Transformation and Upgrading Fund, and followed it with a 7 billion yuan (about $975 million) Series B round in August 2026 that valued the company at approximately 50 billion yuan (about $6.96 billion). Independent reporting has noted that a shortage of Chinese launch vehicles has slowed Qianfan's satellite deployment well behind its original schedule, and that YMTC-style US trade scrutiny and space-debris concerns have accompanied the buildout.