Zheng Bin/Xinhua via Getty Images
A Chinese state-backed company has launched its first 18 satellites in its bid to build a vast orbital network aimed at rivaling Starlink, according to local media.
The launch on Monday by Shanghai Spacecom Satellite Technology involved 18 satellites and one rocket, per The China Securities Journal, which is run by state news agency Xinhua.
According to the outlet, the rocket lifted off from the Taiyuan satellite and missile launch center in Shanxi province.
These satellites mark the first step in the company's effort to create a 15,000-strong network of Low Earth Orbit satellites, which the firm has dubbed the "Thousand Sails Constellation."
The company said it plans to reach that final tally by 2030, per The China Securities Journal.
Domestic media has widely called the project the Chinese version of Starlink, which runs about 6,000 satellites. Elon Musk has said that he plans to eventually host a network of 42,000 satellites.
The Thousand Sails Constellation, also known as the G60 project, is one of three planned major satellite networks in the country. Each is expected to field 10,000 or more satellites.
Most are anticipated to orbit between 200 and 1,200 miles above the Earth's surface, which is also where Starlink satellites are generally found.
The three constellations, along with dozens of ambitious space projects from other Chinese firms, have been fueled by a recent push from the central government to loop the private sector into its science and technology goals.
Beijing hopes to create its own versions of vital technologies and infrastructure in a bid to make its industries self-reliant and hedged against possible foreign influence or pressures — or if needed, war with the United States or its allies.
Shanghai Spacecom Satellite Technology is backed by the Shanghai municipal government, but Reuters reported that it's also raised funds from private investors and state-owned enterprises for its Thousand Sails Constellation.
The two other constellations are expected to bring another 23,000 Chinese satellites into orbit to provide internet services.
China SpaceSat, a contractor owned by a state-run enterprise, plans to deliver 13,000 satellites as part of its Guowang, or National Network, constellation.
Commercial manufacturer Landray Hongqing is building the Crane-3 constellation, which, according to its filings, is anticipated to field 10,000 satellites.
The China Securities Journal estimated that the country's space industry will be worth $321 billion in 2024.
Commercial aerospace stocks surged by their maximum daily price increases amid Monday's launch, per the outlet. The Shenzhen stock exchange prevents stock prices from rising or falling by 10% of their value from the closing of the previous trading day.
