Alibaba’s investment in Yuanxin Satellite aims to boost Qianfan constellation: By the end of 2026, 324 satellites will be deployed globally and commercial operations will begin.
Alibaba Group became a new shareholder of Shanghai Yuanxin Satellite Technology Co., Ltd., the entity responsible for the construction and operation of low-orbit satellite constellations, by investing in this company through Hangzhou Alibaba Venture Capital Investment Co., Ltd. This investment was accompanied by a substantial capital increase of approximately 6.976 billion yuan, involving 18 investors including SAIC Group, with a post-investment valuation of about 50 billion yuan. As the exclusive entity for the construction and operation of the national-level commercial low-orbit satellite constellation “Thousand Sails Constellation,” since the launch of the first batch of 18 satellites in August 2024, as of July 2026, there were already 238 satellites in orbit. According to the plan, “Thousand Sails Constellation” will complete the global networking of 324 satellites in the first phase by the end of December 2026, and then initiate commercial operations. Alibaba’s involvement aims to deepen the integrated communication capabilities of low-orbit satellites and expand application scenarios in collaboration with the automotive industry chain.
By September 2026, Hangzhou Alibaba Venture Capital Co., Ltd. completed its industrial and commercial registration, becoming a new shareholder of Shanghai Yuanxin Satellite Technology Co., Ltd. Yuanxin Satellite is the entity responsible for the construction and operation of the low-orbit satellite constellation “Thousand Sails Constellation”. 18 satellites were launched in August 2024, and currently, there are 238 satellites in orbit. According to the plan, Thousand Sails Constellation will complete the global networking of 324 satellites in the first phase by the end of December 2026 and launch commercial services. Previously, the company completed a capital increase of 6.976 billion yuan in August 2026, bringing its valuation to approximately 50 billion yuan.
**Yuanxin Satellite completed industrial and commercial changes, and Hangzhou Alibaba Venture Capital Co., Ltd. was officially registered as a new shareholder**
According to the transaction announcement released by the Shanghai United Property Rights Exchange on August 17, Yuanxin Satellite completed a substantial capital increase of 6.976 billion yuan, with a total of 18 investors participating in this round. Among them, a consortium consisting of 24 institutions including the National Adjustment Phase II Coordinated Development Fund invested approximately 5.76 billion yuan, accounting for 82.6%; the remaining funds came from additional investments from 17 existing shareholders. The 18 investors together held 13.94% of Yuanxin Satellite’s shares, with a post-investment valuation of approximately 50 billion yuan.
After this capital increase, Hangzhou Alibaba Venture Capital and Shanghai Automobile Group JinKong Management Co., Ltd. officially became new shareholders.
Yuanxin Satellite was established in March 2018 as the construction and operation entity of the low-earth orbit giant constellation “Thousand Sails Constellation”. Since its inception, it has been entrusted with the expectations for the development of aerospace industry in Shanghai and the entire Yangtze River Delta region. In early 2024, Yuanxin Satellite completed a Series A financing of 6.7 billion yuan, with a luxurious lineup of investors including the National Development Manufacturing Transformation and Upgrading Fund, Shanghai Lianhe Investment, and Guoke…
Alibaba acquired a stake in Shanghai Yuanxin Satellite Technology Co., Ltd. through Hangzhou Alibaba Venture Capital Investment Co., Ltd., officially entering the low-orbit satellite constellation “Thousand Sails Constellation”. Yuanxin Satellite was established in March 2018 and serves as the entity responsible for the construction and operation of this constellation. In August 2024, the first batch of 18 satellites was launched; as of the latest data, the number has increased to 238 satellites. It is planned to complete the global networking of 324 satellites by the end of 2026 and start commercial operations. On August 17, 2024, Yuanxin Satellite received a capital increase of 6.976 billion yuan, with 18 investors participating. Among them, the consortium contributed approximately 5.76 billion yuan, accounting for 82.6%, while the rest came from additional investments by existing shareholders. The 18 investors together hold a 13.94% stake, with a post-investment valuation of approximately 50 billion yuan.
Alibaba Group has invested in Shanghai Yuanxin Satellite Technology Co., Ltd., the entity responsible for the construction and operation of low-orbit satellite constellations. The registered capital has increased to approximately 2.484 billion yuan. SAIC Group and other institutions have also become new shareholders. Yuanxin Satellite is the exclusive entity for the construction and operation of the national-level commercial low-orbit satellite constellation “Thousand Sails Constellation”. The project is accelerating its networking; as of July 2026, there were already 238 satellites in orbit. Currently, “Thousand Sails Constellation” is being built in three phases, with a final planned capacity of over 15,000 satellites. The first phase of global networking is scheduled to be completed by the end of 2026, followed by the launch of commercial operations. Alibaba has previously invested in the fields of space computing power and cloud services. This investment aims to deepen the integrated communication capabilities of low-orbit satellites and expand application scenarios in collaboration with the automotive industry chain.