Eutelsat SA, a French satellite operator providing satellite-based communication services, announced a €1.35 billion funding round. The company operates a network of geostationary orbit (GEO) satellites and a low-Earth orbit (LEO) satellite network, OneWeb, which is the second largest LEO network after SpaceX's Starlink.
The round was led by the French government, which contributed €717 million. Participating investors included Bharti Space, CMA CGM, and Fonds Strategique de Participations. These investors will collectively own over 60% of Eutelsat upon closing. Discussions are ongoing regarding potential participation from the UK government, which currently holds a 10.9% stake in Eutelsat following the 2023 merger with OneWeb. The merger brought OneWeb's network of 654 LEO satellites into Eutelsat's portfolio. Eutelsat plans to deploy at least 440 new satellites as part of its upgrade initiative, with Airbus SE contracted to deliver 100 new satellites starting in late 2026. The total cost of the upgrade project is estimated to reach €2.2 billion. Eutelsat reported a €3.7 billion revenue backlog, largely from internet connectivity deals.
The global satellite internet market is projected to experience significant growth in the coming years. Eutelsat's funding round aims to position the company for a larger share of this expanding market.
Key competitors include SpaceX, with its Starlink constellation offering global broadband internet access via LEO satellites, and OneWeb, which was acquired by Eutelsat and also provides LEO satellite internet services. These companies compete primarily on coverage, latency, and pricing.
The funding will support growth initiatives, primarily focused on upgrading the OneWeb constellation to enhance its competitiveness with Starlink.
