China’s race to build a homegrown answer to Starlink just produced one of the sector’s biggest checks. Caixin reports that satellite internet developer Yuanxin has completed a round worth nearly RMB7B, about $1B, at a valuation near RMB50B.
The price tag lands below the target of up to RMB75B Yuanxin had floated earlier. The company previously disclosed plans to raise as much as RMB15B as it builds out its satellite internet network, TechNode notes.
Investor names were not disclosed. The deal shows private capital still flowing to Chinese constellation builders even as valuations get negotiated down from early expectations.
Satellite broadband is a strategic priority in Beijing, and companies like Yuanxin are racing to launch low-earth-orbit spacecraft before rivals lock up orbital slots and spectrum.
Even below its target, a valuation near RMB50B would put Yuanxin among the most valuable private satellite ventures in China, though the discount suggests investors are pushing back on space hype.
