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Amazon & SpaceX Competitor OneWeb is Reportedly Contemplating Bankruptcy

Recently Amazon and SpaceX have had all the news coverage as they work to build a high-speed internet using low earth orbit satellites, yet they aren’t the only ones. OneWeb is also working on launching a network of satellites to offer high-speed internet from space. Now Bloomberg is reporting that OneWeb is looking at a possible bankruptcy.

OneWeb, backed by SoftBank, is now just a few days away from launching its first set of satellites. But the company is $3.3 billion in debt and seems to be very concerned about the growing amount of competition from other services like Amazon and SpaceX.

OneWeb is not done though as SoftBank has recently ramped up its efforts in Washington to get approval to provide internet access from more of its satellites.

The main issue for OneWeb is that SpaceX already has over 300 satellites in space and Amazon is dumping money into its internet service. The question now is if OneWeb can beat Amazon to market and hopefully stay close enough to SpaceX to be able to remain competitive. For now, OneWeb is looking at all of their options to keep it in the running.

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