OneWeb files for bankruptcy protection

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With about seventy satellites launched and its next financing round unresolved as the pandemic disrupted capital markets, OneWeb filed for Chapter 11 protection in the United States. It is the sharpest available demonstration of the constellation model's central financial hazard: the network earns nothing until it is close to complete, so the entire capital requirement must be raised in advance of any revenue, and a single failed round can end the business with functioning satellites already in orbit.

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