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OneWeb, a company that was trying to compete with Elon Musk’s Starlink, filed for bankruptcy after launching only 74 of its planned 648 satellites.

The would-be global ISP said in a statement that it was been in the process of securing financing to see it through launching the rest of its satellites, but negotiations were derailed by the COVID-19 pandemic.

They released a statement staying, “While the Company was close to obtaining financing, the process did not progress because of the financial impact and market turbulence related to the spread of COVID-19”.

OneWeb laid off most of its workforce and now plans to sell itself through the bankruptcy process. Both Facebook and Amazon have announced that they are wanting to launch their own Satellite Internet Service Providers, so they could both be potential buyers.

Because nothing is currently happening with OneWeb’s global ISP project, SpaceX’s Starlink is Earth’s only orbiting broadband system, and the company is planning to get over 1,000 satellites into space by the end of 2020.

The current pandemic also has Starlink a bit held up, as a flight date for the upcoming Starlink 6 mission has yet to be determined.

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