Following a challenging period that included a bankruptcy filing, financial support from the U.K. government and Bharti, and a partial fleet launch last month, OneWeb, the broadband satellite operator based in London, has announced the successful completion of $1.4 billion in new funding. The company states this capital will be used to finalize the deployment of its initial 648-satellite constellation.

With 36 satellites added to its network in December, OneWeb currently has 110 satellites in orbit. Consequently, over 500 satellites remain to be launched to complete the first-generation fleet.

The company is also refining its overall strategy. Earlier this week, OneWeb announced a “streamlining” of its planned constellation, leading to a reduction in the number of satellites for which it is requesting licenses from U.S. regulators. The initial application to the FCC covered 47,884 satellites; this has now been revised down to 6,372.

Financing for this latest round is being provided by SoftBank Group Corp. and Hughes Network Systems, the company reported. This news arrives approximately a month after OneWeb launched 36 satellites, marking its third launch to expand its orbital fleet. At that time, executive chairman Sunil Bharti Mittal indicated the company was on track to secure $400 million – this current investment represents more than a threefold increase over that projected amount.

“OneWeb’s core objective is to provide connectivity for everyone, everywhere,” stated Neil Masterson, CEO of OneWeb. “We have made significant strides in revitalizing the business since emerging from Chapter 11 in November. We are pleased to receive investments from SoftBank and Hughes, which demonstrate continued progress toward achieving our goals.”

A company spokesperson has confirmed that the valuation associated with this funding round is not being disclosed. Including this latest investment, OneWeb has reportedly raised approximately $4.5 billion to date. However, the bankruptcy proceedings involved a substantial recapitalization and revaluation of the business, and this total includes funding secured prior to the restructuring.

Both SoftBank and Hughes have previously invested in and partnered with OneWeb, making this funding a strategic move to protect their earlier investments. SoftBank previously reported a substantial loss of $24 billion, partially attributed to its investment in OneWeb, and this investment serves as a form of risk mitigation.

Hughes, through its parent company EchoStar, has a long-standing relationship with OneWeb, having entered into an agreement in 2017 to develop the terrestrial infrastructure necessary to complement the satellite network. Given the extended timelines typical of satellite technology projects, a delay of several years in realizing the benefits of this agreement is not unexpected.

“We are delighted to welcome the investment from SoftBank and Hughes,” said Mittal. “Both companies possess a deep understanding of our business and share our vision for the future. Their commitment will enable us to capitalize on the considerable growth opportunities available to OneWeb.”

Hughes originally anticipated the commencement of services in 2019; however, this timeline predated the challenges faced by OneWeb and its fleet of low Earth orbit (LEO) satellites, which were initially supported by $1.7 billion in venture capital.

The company’s initial concept was ambitious – to enhance and extend terrestrial networks by providing broadband connectivity to underserved remote areas. OneWeb aimed to deliver this service to a broader user base, promising speeds of up to 400Mbps.

While broadband demand has increased significantly, OneWeb faced unforeseen challenges, including advancements in competing non-satellite connectivity solutions and the substantial funding and time required to deploy its satellite fleet according to its original schedule.

OneWeb now asserts that the increasing prevalence of 5G, the Internet of Things, and overall connectivity demands continue to support the viability of its approach, which “encompasses a network of global gateway stations and a variety of user terminals designed for diverse customer markets, capable of delivering affordable, fast, high-bandwidth, and low-latency communication services.”

The Rt. Hon. Kwasi Kwarteng, Secretary of State for BEIS, stated, “Our investment in OneWeb underscores our ongoing commitment to the U.K.’s space sector, positioning Britain at the forefront of technological innovation. Today’s investment brings the company closer to its goal of providing global broadband connectivity to individuals, businesses, and governments, potentially fostering new research, development, and manufacturing opportunities within the U.K.”

As part of this agreement, SoftBank will be granted a seat on OneWeb’s board of directors.

“We are pleased to support OneWeb as it expands its capacity and accelerates its path to commercialization,” said Masayoshi Son, representative director, corporate officer, chairman & CEO of SoftBank. “We are excited to continue our partnership with Bharti, the U.K. Government, and Hughes to help OneWeb achieve its mission of transforming internet access worldwide.”

Pradman Kaul, president of Hughes, added, “OneWeb continues to inspire the industry and attract leading companies to collaborate in bringing its LEO constellation to fruition. The investments made today by Hughes and SoftBank will help unlock the full potential of OneWeb in connecting enterprise, government, and mobility customers, particularly through multi-transport services that complement our existing geostationary offerings and address the growing demand for broadband globally.”

Updated to clarify that the $1.4 billion includes $400 million announced today, plus previous funding.