Eutelsat Stocks Soar as OneWeb Strengthens Satellite Coverage in Ukraine

Eutelsat, the French satellite operator, saw its stock price surge following speculation that its OneWeb satellites could replace Elon Musk’s Starlink in Ukraine. On February 27, shares were trading at approximately €1.20. By March 11, they had risen to nearly €8, marking an increase of around 560% according to MarketWatch

Eutelsat confirmed on March 6 that it was in discussions with the European Union to expand internet access in Ukraine, adding to market speculation that its low Earth orbit (LEO) satellites could serve as an alternative to Starlink.

A Eutelsat spokesperson told Reuters that the company is “exchanging with the EU as to how we can contribute to enhancing Ukraine efforts.” The European Union had already been exploring Govsatcom, an EU-led secure satellite communication program, as a possible Starlink alternative.

Eutelsat, which operates 35 geostationary (GEO) satellites, expanded its LEO network to nearly 600 satellites following its 2023 acquisition of Britain’s OneWeb.

OneWeb’s LEO technology is similar to Starlink’s, which consists of roughly 7,000 satellites providing internet access to 125 countries.

The company maintains that it can offer comparable coverage and latency in Europe. “We are actively collaborating with European institutions and business partners to enable the swift deployment of additional user terminals for critical missions and infrastructure,” Eutelsat said in a statement.

Elon Musk stated on March 9 that he would “never” disable Starlink satellite terminals in Ukraine, regardless of his position on the country’s policies.