The Chinese version of Starlink has arrived.
In 2026, the global competition in the low - orbit satellite internet has reached a white - hot stage. SpaceX's Starlink has launched over 6,000 satellites in total, with the number of users exceeding 100 million, thoroughly validating the commercial viability of low - orbit constellations.
China's version of Starlink has also reached a critical turning point: the tender for the second - generation Starnet project is approaching, and 100G inter - satellite laser communication is moving from experimentation to large - scale deployment; the G60 constellation is making steady progress and aiming for global commercialization in 2026; the integration of space computing power has become a new growth pole, with over 30 entities accelerating their layout.
From technology verification to large - scale networking, and from single - communication to the integration of "communication + computing power", China's low - orbit internet is on the verge of an industrial explosion.
01 China's Dual - Track Strategy
China's low - orbit internet adopts a dual - track model of "led by the national team and supplemented by local commercialization". The Starnet project and the G60 constellation, two core projects, are developed in a complementary manner and promoted in coordination to jointly build China's space - based network system.
Second - Generation Starnet
The Starnet project is the core national project for China's low - orbit internet, planning to launch approximately 13,000 satellites, comparable to the V3 version of SpaceX's Starlink.
The repeated postponements of the previous tender process precisely reflect the rigor and technical complexity of the project. Currently, a total of 8 experimental satellites in two batches have completed in - orbit tests, validating core technologies such as microwave + laser dual - link communication and direct mobile phone connection. Optimistically, the tender for the first small - batch of satellites is expected to be officially launched soon.
In terms of cost, although the upgrade of core components such as laser terminals and high - performance payloads has increased the cost of a single satellite, the cost - reduction effect brought about by large - scale production will partially offset the cost increase. The industry generally estimates that the manufacturing cost of a single satellite in the second - generation Starnet will be controlled in the range of 20 - 30 million yuan, significantly lower than similar international products.
G60 Constellation
Different from the "high - standard and slow - paced" approach of the second - generation Starnet, the G60 constellation led by the Yangtze River Delta region adopts a commercial strategy of "making steady progress and rapid iteration", prioritizing the formation of basic service capabilities and implementing commercialization. In 2026, the core goal of the G60 constellation is to complete at least half of the construction of the first - generation constellation (more than 600 satellites) and achieve global commercial coverage.
The share allocation of the first - generation G60 constellation has been basically completed, and the Shanghai Engineering Center for Microsatellites and Gesi Space have become the two core contractors.
The second - generation G60 constellation is still in the technical demonstration stage, and there is some uncertainty in the route: should it directly target the 1.5/2.0 mini version of Starlink, or aim for the V3 version all at once? Currently, an "1.5 - generation" transition plan is being promoted internally, and the overall plan is expected to be released within 2026.
It is worth noting that the industrial chains of the Starnet and the G60 constellation are forming a synergistic effect. Most manufacturers participating in the Starnet project are also simultaneously laying out the technology and production capacity for the G60 constellation.
02 Laser Communication Becomes the Key
Laser communication is the core technology for low - orbit constellations to achieve high - speed interconnection and is also the key link for China's version of Starlink to narrow the gap with Starlink.
Compared with traditional microwave communication, laser communication has advantages such as large bandwidth, strong confidentiality, small size, and light weight. The single - link rate can reach 100G or even 400G, making it the only choice to support large - scale constellation networking.
The early explosion of inter - satellite laser communication is due to two core advantages: first, the technical environment is favorable. The vacuum environment in space has no interference from atmospheric turbulence, clouds, and rain, resulting in high link - establishment stability; second, the market demand is urgent. Low - orbit constellations need to achieve global coverage through inter - satellite interconnection to avoid excessive dependence on ground stations. SpaceX's Starlink began to deploy laser terminals on a large scale from the V2 version, and currently, more than half of the satellites are equipped with laser communication capabilities.
Both the second - generation Starnet and the G60 constellation in China have made 100G inter - satellite laser communication a standard configuration, directly driving the explosion of terminal demand. Calculated by equipping each satellite with 4 100G laser terminals, the first batch of 1,000 satellites in the second - generation Starnet alone will generate a demand for 4,000 terminals, corresponding to a market scale of over 10 billion yuan.
Different from the rapid implementation of inter - satellite laser communication, the development of satellite - to - ground laser communication is relatively slow, mainly facing two major technical challenges: first, signal transmission is severely affected by atmospheric turbulence and rainy weather, making it difficult to guarantee communication stability; second, a large number of large - aperture laser ground stations need to be built, resulting in high infrastructure investment and great operation and maintenance difficulties.
Currently, the demand for satellite - to - ground laser communication in China mainly comes from the commercial remote - sensing field. Commercial remote - sensing is one of the few scenarios in the current commercial space industry that can generate positive cash flow. The massive high - resolution remote - sensing data requires high - speed back - transmission, giving rise to the rigid demand for satellite - to - ground laser communication.
The industry consensus is that for a long time in the future, laser communication and microwave communication will coexist and develop complementarily: laser communication is responsible for high - speed inter - satellite interconnection and satellite - to - ground back - transmission of backbone nodes, while microwave communication undertakes wide - area coverage and conventional communication tasks, jointly building a stable and efficient space - based network.
03 Space Computing Power Becomes the Second Growth Curve
If laser communication represents the "present" of low - orbit constellations, then space computing power represents the "future". With the popularization of AI technology, deploying computing power to space to achieve real - time on - satellite data processing, reduce the demand for ground back - transmission bandwidth, and improve response speed has become a new trend in the global space industry. SpaceX has clearly stated that in the future, Starlink satellites will gradually integrate AI computing power to build a space - based computing power network.
Three Core Technical Challenges to Be Overcome
Deploying computing power to space faces much more severe engineering challenges than ground data centers, mainly concentrated in three aspects:
Radiation - resistant chips: The radiation environment in space, such as high - energy particles and atomic oxygen, can cause irreversible damage to advanced - process chips. Currently, there are mainly two technical routes in the industry: one is to develop dedicated radiation - resistant computing chips from scratch, and the other is to modify commercial chips for radiation resistance. The latter is the current mainstream direction. The more advanced the process, the greater the difficulty of radiation - resistant modification, which is also one of the core bottlenecks for the large - scale deployment of space computing power at present.
Energy and heat dissipation: Currently, the overall power of commercial satellites is mostly in the range of several kilowatts. To support a single computing - power satellite with a power of hundreds of kilowatts, energy technologies such as high - efficiency flexible solar wings and large - capacity energy - storage batteries need to be broken through, and the problem of high - heat - flux density heat dissipation in the space environment needs to be solved. Enterprises such as Zhongke Tiansuan are exploring the application of ground liquid - cooled server technology in space.
High - speed communication guarantee: The value of computing power lies in data processing and transmission. Without high - speed communication, space computing power cannot form a network effect. Therefore, the industry has reached a consensus of "prioritizing communication". Orbit Chenguang has planned a network of thousands of relay satellites, and Zhongke Tiansuan has proposed a "communication module" design, aiming to build a high - speed communication system covering all orbits.
04 Investment Main Lines
As of 2026, China's low - orbit internet industry has entered a critical stage of industrial implementation from concept verification, and investment opportunities will gradually unfold along the chain of "satellite manufacturing - laser communication - space computing power".
Main Line 1: Laser Communication, the Most Certain Track at Present
The implementation of the tender for the second - generation Starnet and the promotion of the commercialization of the G60 constellation will directly drive the large - scale increase in the volume of 100G laser communication terminals, and both the upstream and downstream of the industrial chain will benefit. Key points to focus on:
Laser modules and complete machines: Communication giants such as Huawei and FiberHome will occupy the core share with their technological and supply - chain advantages;
Core optical components: Upstream component manufacturers of lasers, detectors, optical lenses, MEMS galvanometers, etc. will benefit from the explosion of terminal demand. Such as Aerospace Electronics and Saiwei Electronics.
Main Line 2: Satellite Manufacturing, Batch Delivery Capability Determines Share
As the construction of constellations accelerates, satellite manufacturing will shift from "customization" to "batch production", and manufacturers with large - scale production capabilities and cost - control capabilities will stand out. Such as China Satcom.
Main Line 3: Space Computing Power, Vast Long - Term Growth Space
Space computing power is still in the early stage, but it has huge long - term growth potential and is suitable for left - side layout. Key points to focus on are enterprises that have made technological breakthroughs in core areas such as radiation - resistant chips, space energy, and heat - dissipation systems, as well as computing - power satellite operators with first - mover advantages such as Tianyi Space and Orbit Chenguang. Such as Guobo Electronics and Bolite.
Risk Warnings:
The progress of the tender for the second - generation Starnet falls short of expectations, leading to a delay in the implementation of industrial - chain orders;
The breakthrough of core technologies such as 100G laser communication and space computing power is slower than expected;
The commercial operation of low - orbit constellations falls short of expectations, affecting subsequent capital expenditures;
The intensification of international competition leads to an escalation in the competition for spectrum and orbital resources.
05 Conclusion
The success of SpaceX's Starlink has proven that the low - orbit satellite internet is not only a space project but also a trillion - level commercial market. Although China's version of Starlink started a little later, with a complete industrial - chain supporting system and huge domestic market demand, it is accelerating its catch - up.
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