Eutelsat Shares Rise Amid Concerns Over Starlink Restrictions in Ukraine
Shares of Eutelsat, often referred to as Europe's answer to SpaceX, surged by nearly 18% on Friday amid growing concerns over restrictions placed on SpaceX’s military-grade Starshield service used by Ukrainian forces. The Ukrainian government accused Elon Musk and the U.S. administration of limiting access without warning, which reportedly hindered Ukraine’s defense capabilities against Russian attacks. Eutelsat has been consolidating its position in recent years through a 2023 merger with OneWeb to challenge Starlink's dominance. Despite having over 600 satellites compared to Starlink’s more than 6,750, Eutelsat is being viewed as an alternative by investors and analysts during this period of geopolitical uncertainty. Deutsche Bank noted the rise in Eutelsat shares reflects a growing appreciation for European satellite independence. However, they also cautioned that while Eutelsat offers global LEO coverage, it lacks Starlink’s terminal scale.
Topics: defense European markets geopolitics satellite