| Notes |
Starlink competitor OneWeb may face bankruptcy
OneWeb, a SoftBank-backed competitor of Starlink, is also in the middle of launching its own global satellite constellation. But Bloomberg reported on Thursday that OneWeb is considering filing for bankruptcy, with the report saying the company is facing a cash crunch. OneWeb has raised $3.4 billion to to fund its satellite network, but CEO Adrián Steckel told CNBC in a February interview that the company “is always raising” money.
“We’re constantly raising capital,” Steckel said, just after the company’s second launch. “We’re not being public about what we’re raising. When the time comes we’ll make an announcement.”
SpaceX has likewise been steadily raising funds, including $500 million in a round this year. Musk noted in the March interview that there are “zero” similar satellite efforts “that didn’t go bankrupt,” referring to companies that fell short of building networks in the early 2000s.
“We just want to be in the ‘not bankrupt’ category, that’s our goal,” Musk added.
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