Spacecoin’s parent company, Space Network, has signed a binding $50 million pre-order agreement with HQ Company to expand satellite connectivity services in the Philippines. The deal brings Space Network’s announced commercial pre-orders to $150 million alongside its earlier Vietnam agreement, as the company plans to expand its low-Earth orbit (LEO) constellation to approximately 230 satellites by 2029.
Spacecoin Philippines Deal Adds $50M in Pre-Orders
According to the September 29 announcement , Space Network will provide its Freeport satellite network access, hardware, software and engineering support under the agreement. HQ Company will handle local sales, customer acquisition, spectrum authorizations and operations in the Philippines. The arrangement separates satellite infrastructure development from local market deployment.
The agreement is described as a binding pre-order, rather than revenue already earned from commercial services. Space Network plans to begin commercial operations as its constellation expands, with the Philippines deal providing a commercial commitment ahead of that rollout. The financial value ultimately realized will depend on deployment, service delivery and the terms of the agreement.
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Space Network Targets 230 Satellites by 2029
Space Network currently has four LEO satellites in orbit and plans to expand its constellation to approximately 230 satellites by 2029. The company intends to use the larger network to support Freeport, its satellite connectivity service for local operators. The planned expansion is a substantial increase in infrastructure compared with its current operating constellation.
The Freeport model allows local partners to build connectivity businesses using Space Network’s satellite and ground infrastructure instead of developing their own satellite network.
HQ Company will be responsible for local commercial operations, while Space Network supplies the underlying technology. This structure could help the company enter additional markets through regional partners, although actual coverage and service capacity will depend on the constellation’s deployment and regulatory clearances.
Spacecoin Vietnam Deal Brings Pre-Orders to $150M
The Philippines agreement follows Space Network’s previously announced $100 million deal with Vietnam’s DETI Technology. Together, the two agreements represent $150 million in announced commercial pre-orders within approximately four months. The contracts provide an indication of commercial interest in Space Network’s planned satellite infrastructure, but they should not be treated as completed sales or guaranteed revenue.
The expansion is linked to Spacecoin, the blockchain-based decentralized physical infrastructure network (DePIN) developed around satellite connectivity.
Spacecoin’s official website describes its goal of combining LEO satellites and blockchain technology to provide connectivity in areas underserved by conventional infrastructure. The commercial agreements could provide deployment opportunities for that model, while the network’s actual adoption will depend on service availability, affordability and local partnerships.
Philippines Connectivity Market Depends on Local Approvals
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 to deploy. Space Network’s agreement with HQ Company is structured to use a local operator to connect its satellite infrastructure with customers and regional requirements.
Regulatory approvals remain a key part of the rollout. The Philippines’ Board of Investments has previously outlined reforms allowing full foreign ownership of satellite internet services, while spectrum authorizations and other applicable requirements remain relevant. HQ Company’s responsibility for local authorizations will therefore be important as Space Network works toward commercial service by 2029.
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