The financing will be used for the research and development of satellite Internet-related technologies and their commercial applications.

Chinese satellite internet startup Galaxyspace, which was founded in 2016, now commands a valuation of $1.58 billion after a recent funding round led by CCB International, an investment vehicle belonging to China Construction Bank Corporation, one of China’s big four banks, along with Anhui Sanzhongyichuang Industry Development Fund, Hefei Industry Investment and Sincere Fund. Existing investors Legend Capital and Chaos Investment also participated. (SpaceNews)

A statement claimed that GalaxySpace had achieved the status of being the first unicorn in the field of commercial aerospace and satellite Internet in China.

According to GalaxySpace founder and CEO Xu Ming, the funds will be utilized to further R&D of satellite Internet-related technologies and their commercial applications. Other research will include core technologies such as stackable flat-panel satellites, multi-beam phased array technology with flexible deployment on the satellite, flexible solar wings, and digital processing payloads.

The company is hoping to get a share of the global space economy estimated to be worth $1 trillion by 2040, of which satellite internet is expected to account for 50% or 70%.

In March, GalaxySpace launched six communications satellites for an experimental network called the “Mini-spider constellation” using an earlier satellite bus.

The satellites and their successful 5G network tests were also perceived to be relevant to China’s national broadband constellation plan – a 13,000-satellite strong national satellite internet megaconstellation.

GalaxySpace will launch the first of its stackable satellites early next year, the first of their kind to be developed in China.

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