UK looks to challenge Elon Musk's Starlink after winning bid for bankrupt satellite company OneWeb

The U.K. has pledged to invest $500 million in bankrupt satellite-broadband company OneWeb.

Like Starlink, OneWeb is aiming to establish a satellite network that can beam high-speed, low latency internet to Earth. The $1 billion-plus rescue bid was made through a consortium involving India's Bharti Global, which through Bharti Airtel, is the third-largest mobile operator in the world, with over 425 million customers.

"The deal underlines the scale of Britain's ambitions on the global stage," said Sharma. "Our access to a global fleet of satellites has the potential to connect millions of people worldwide to broadband, many for the first time, and the deal presents the opportunity to further develop our strong advanced manufacturing base right here in the U.K."

Investing £500m into a bankrupt company because Britain can’t use the EU’s Galileo system anymore is peak Brexit.

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