UK looks to challenge Elon Musk’s Starlink after winning bid for bankrupt satellite company OneWeb

The U.K. government is set to try and take on Elon Musk’s Starlink after it was crowned the winning bidder of failed satellite company OneWeb at an auction in New York.

Like Starlink, OneWeb is aiming to establish a satellite network that can beam high-speed, low latency internet to Earth.

Founded in 2012, OneWeb raised around $3 billion from investors to build its mega-constellation but the firm went bankrupt in March after failing to raise more money from lead investor SoftBank.

At the time of the bankruptcy, OneWeb had launched just 74 of its planned 648 satellites. Starlink, meanwhile, has over 500 in orbit.

MORE: https://www.cnbc.com/2020/07/03/oneweb-starlink-satellite-broadband.html