Citing a story in the Sunday Telegraph, City A.M. reports that Softbank took a £380 million ($424.7 million) impairment loss on its investment in OneWeb. Softbank is the largest shareholder in the Internet satellite company.
Airbus, Qualcomm and Virgin Group are among other shareholders in the London-based satellite firm, which boasts a valuation of more than $1bn (£823m) and has earned sought-after “unicorn” status.
In addition to the Softbank writedown, some early investors have lost as much as half of the value of their stakes, according to the report
Oneweb, which secured $1.25bn in its latest Softbank-led funding round, has ramped up its plans for satellite production amid competition from Elon Musk’s SpaceX and Jeff Bezos’s Amazon.
LOS ANGELES (April 13, 2017) – XPRIZE, the global leader in incentivized prize competitions, and the Qualcomm Foundation have awarded millions of dollars to the finalist teams of the Qualcomm Tricorder XPRIZE, including a top prize of $2.6 million to the Pennsylvania-based team, Final Frontier Medical Devices, led by brothers Dr. Basil Harris, an emergency medicine physician, and George Harris, a network engineer. A second-place prize of $1 million was granted to Taiwan-based finalist, Dynamical Biomarkers Group, led by Harvard Medical School Associate Professor Chung-Kang Peng, Ph.D. and supported by HTC Research.
LONG BEACH, Calif., August 19, 2015 (Virgin Galactic PR) – Virgin Galactic, the privately-funded space company owned by Sir Richard Branson’s Virgin Group and Abu Dhabi’s Aabar Investments PJS, is pleased to welcome Barry Matsumori as Senior Vice President of Business Development and Advanced Concepts for the LauncherOne satellite launcher service.
Matsumori joins Virgin Galactic with more than 25 years of experience in technology and development. Prior positions include Senior Vice President Sales & Business Development at Space Exploration Technologies (SpaceX) and Qualcomm’s Vice President, Wireless Connectivity. His Qualcomm responsibilities included the development of mobile telecom module products as well as satellite communication infrastructure and terminals.
OneWeb announces $500 million funding round for 900 satellite constellation
Backers include Airbus Group, Coca-Cola, Intelsat, Qualcomm, Hughes Network Systems and Virgin Galactic
Largest commercial rocket order ever includes 21 Soyuz launchers and 39 launches of Virgin Galactic’s LauncherOne
LONDON (OneWeb PR) — OneWeb, which is building a new global communications system to create affordable broadband services for all, today announces it has raised $500 million of funding from a group of leading international companies.
OneWeb has attracted investment from Airbus Group, Bharti Enterprises, Hughes Network Systems, (Hughes), a subsidiary of EchoStar Corp., Intelsat, Qualcomm Incorporated, The Coca-Cola Company, the Virgin Group, and Totalplay, a Grupo Salinas Company, owned by Ricardo B. Salinas.
SpaceX CEO Elon Musk held an invite-only event last night in Seattle to unveil his plan to deliver global Internet services via satellite. The event was closed to media, but he did describe the program in an interview with Bloomberg Businessweek.
The plan involves launching a constellation of hundreds of satellites that would orbit 750 miles above the Earth. The spacecraft would provide direct, high-speed communications to any location on the planet and reach billions of people currently unable to access the Internet.
“Our focus is on creating a global communications system that would be larger than anything that has been talked about to date,” Musk told Bloomberg Businessweek ahead of the announcement.
The plan is similar to a $2 billion initiative announced earlier this week by Greg Wyler. The company, OneWeb, is beingt backed by the Virgin Group and Qualcomm.
Musk and Wyler have known each other for years. Musk, in fact, used to crash at Wyler’s guest house in Atherton, Calif. While there are major similarities between the two ventures, Musk says he’ll have an edge through SpaceX’s smarts and manufacturing techniques. “Greg and I have a fundamental disagreement about the architecture,” Musk says. “We want a satellite that is an order of magnitude more sophisticated than what Greg wants. I think there should be two competing systems.”
Musk used last night’s event to formally announce the opening of an engineering center in the Seattle area. The new center will initially recruite about 60 employees, with plans to expand to as many as 1,000 within three to four years. Employees will work on SpaceX’s satellite network, Falcon rockets and Dragon spacecraft, Musk said.
STUART, Fla., Jan. 15, 2015 (OneWeb PR) — WorldVu Satellites Limited, operating as OneWeb, Ltd, today announced plans to build, launch and operate a low-earth-orbit satellite constellation to help bring high-speed Internet and telephony to billions of people around the world. Qualcomm Incorporated and The Virgin Group have been announced as initial investors, with Qualcomm Executive Chairman Dr. Paul Jacobs and Virgin Group Founder Sir Richard Branson to join OneWeb founder Greg Wyler on the company’s board of directors. Financial terms of the deal have not been disclosed. OneWeb plans to bring in additional investors to fund construction, launch and operation of its system.
According to the International Telecommunications Union, as of the end of 2014, more than half the world’s population lacks Internet access. OneWeb, founded in 2012 under the name WorldVu, hopes to bring high-speed Internet and telephony to people living in underserved areas. The OneWeb satellite system introduces the first-ever telecom-class micro satellites. This projected fleet of 648 micro satellites is intended to provide low-latency, high-speed Internet access directly to small user terminals deployed around the world.