Spacecoin Parent Secures $50M Philippines Satellite Deal as Constellation Expansion Plans Take Shape
Space Network, parent company of Spacecoin, has secured a $50 million pre-order agreement with HQ Company to expand its satellite connectivity services in the Philippines. This deal brings the total commercial pre-orders announced by Space Network to $150 million, following an earlier $100 million deal with Vietnam's DETI Technology. The company plans to deploy approximately 230 low-Earth orbit (LEO) satellites by 2029.
The agreement separates satellite infrastructure development from local market deployment, with HQ Company handling sales, customer acquisition, spectrum authorizations, and operations in the Philippines. Space Network will provide its Freeport satellite network access, hardware, software, and engineering support under the deal. The financial value of this pre-order will depend on deployment, service delivery, and the terms of the agreement.
The expansion is linked to Spacecoin's goal of combining LEO satellites and blockchain technology to provide connectivity in areas underserved by conventional infrastructure. The Philippines' geography creates challenges for conventional broadband infrastructure, particularly across remote islands and areas vulnerable to natural disasters. Satellite connectivity can provide an alternative where fiber and terrestrial networks are difficult.
Regulatory approvals remain a key part of the rollout, with the Philippines' Board of Investments having previously outlined reforms allowing full foreign ownership of satellite internet services. HQ Company's responsibility for local authorizations will be important as Space Network works toward commercial service by 2029.