OneWeb is looking to raise around £3 billion to expand its constellation with second-generation satellites that could support navigation.

The British firm is part-owned by the UK government and currently has 428 satellites in low Earth orbit (LEO) at around 1,200km. By the end of 2023, OneWeb aims to have increased the size of its constellation to 648.

OneWeb is already able to provide speeds exceeding 100Mbps and with sub-100ms latency. While impressive, OneWeb can’t...