Japanese technology giant Softbank has written down the value of its stake in British satellite maker OneWeb by £380m, the Telegraph can reveal.
OneWeb, which is backed by Softbank, Airbus and Sir Richard Branson’s Virgin Group, has burned through billions in investor cash for its plans to launch a web of hundreds of low-orbit satellites.
Softbank took an impairment loss on its stake in OneWeb earlier this year, while some early investors have lost as much as half of the value of their stakes, a source said.
Founded in 2012, OneWeb is one of Britain’s technology “unicorns”, a start-up valued at more than $1bn.
It hopes to launch hundreds of satellites to improve mobile and internet connections…
This not good news for OneWeb who seem to be having problems getting spacecraft launched.