CesiumAstro raised $730 million to plan a 737-satellite network, adding to the race to offer internet and communications from space.
CesiumAstro, a satellite maker based in Austin, has raised $730 million in a new funding round. The company is now valued at more than $4.5 billion. It plans to build a network of 737 satellites that would fly at two different heights above Earth.
The new round brings the total CesiumAstro has raised to $1.4 billion. The planned network would sit in low Earth orbit, often shortened to LEO. That means satellites flying relatively close to the planet, which is the approach used for many newer communications networks. Bloomberg reported the news.
More companies are racing to build satellite networks. Over time, that could mean more choices for internet and communications service. More competition can matter for people and businesses in places where service is limited or costly, though that outcome is not guaranteed.
For now, this is a funding story, not a product launch. Nothing in the available material says a service is ready to buy. It does show that investors are willing to put large sums behind new satellite networks.
CesiumAstro has big funding for a 737-satellite network, but no service is available yet, so watch for launch dates and customers.
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