• OneWeb seeks $1 billion from investors as it pushes to orbit 650 satellites to help accelerate broadband services 
  • Half of the money is expected to be funded by SoftBank and spread across two years
  • OneWeb aims to raise the money as it prepares to launch 30 satellites per month from December

oneweb satellite rocket

OneWeb satellite: Firm calls for additional $1bn in funding 

Internet satellite company OneWeb is set to seek $1 billion from investors as it prepares its plan to launch hundreds of advanced satellites into orbit from next year. 

OneWeb, which is backed by Japan’s SoftBank, Richard Branson’s Virgin Group and Airbus, is aiming to raise the sum as it prepares to launch 30 satellites per month from December in what will be the largest launch programme in history, according to reports

According to the Telegraph,  approximately half of the money is expected to be funded by SoftBank and spread over two years, with the raise expected to be a mix of fresh equity and debt, although the final amount and timeline could still change.

The funding request comes just over six months after OneWeb secured $1.25 billion in new capital funding after it successfully launches six satellites. 

The firm plans to begin orbitting 30 satellites per month in the coming weeks as it pushes to successfully orbit 650 satellites to boost global broadband services. 

Earlier this year OneWeb partnered with Florida-based Airbus to revamp the manufacturing of communication satellites and be the first to employ industrial-scale mass-production techniques for satellites.

The firm claims the new facility in Florida “marks a breakthrough in technology and manufacturing” which will reduced costs and production times to deliver one satellite per production shift and two in a day.

The mass production will significantly expand its company’s mission to ensure internet connectivity reaches everyone, everywhere and make space technology more accessible.

 

Topics