Eutelsat’s Strategic Expansion: Securing Launch Independence and Satellite Scale

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Eutelsat is executing a coordinated strategy to solidify its OneWeb satellite constellation as a leading European force in low-Earth orbit (LEO). Recent high-value contracts for launch services and satellite manufacturing, coupled with a strengthened balance sheet, form the core of this push for greater capability and independence.

In December 2025, Eutelsat bolstered its financial position through a capital increase raising approximately €670 million. This move is part of a larger €1.5 billion financing package designed to fund its ambitious expansion plans. The market response has been positive: Moody's upgraded the company's rating to Ba3 with a stable outlook, while analysts at Deutsche Bank and JPMorgan also issued improved assessments. This enhanced financial flexibility provides crucial resources for upcoming infrastructure and fleet investments.

Dual Contracts for Capacity and Autonomy

The company has announced two significant deals in quick succession, targeting both launch capacity and satellite production.

First, on January 12, 2026, Eutelsat placed a major order with Airbus Defence and Space for 340 additional LEO satellites. This follows an order for 100 satellites from December 2024, bringing the total new batch to 440 units. Production will occur at the Airbus facility in Toulouse, with deliveries scheduled to commence by the end of 2026. These next-generation satellites will feature several technical enhancements, including advanced digital channelizers, improved onboard processing capabilities, an optimized architecture for long-term performance, and extra capacity for hosted payloads. The upgrades are aimed at delivering a more powerful and flexible constellation, particularly for professional and governmental applications.

Second, on January 16, 2026, Eutelsat signed a multi-launch agreement with the French aerospace startup MaiaSpace, a subsidiary of ArianeGroup. Launches are slated to begin in 2027. MaiaSpace is developing a reusable European mini-launcher with a payload capacity of up to 4 tonnes into inclined orbits, a 3.5-meter payload fairing diameter, and an optional "Colibri" kick stage for greater mission flexibility. This agreement is strategically important as it diversifies Eutelsat's launch options, reducing historical dependencies. OneWeb previously relied heavily on Russian Soyuz rockets, a partnership terminated after the start of the Ukraine war in 2022, and has since utilized other providers including SpaceX and ISRO.

Positioning in the Competitive LEO Landscape

OneWeb's CEO, Jean-François Fallacher, has highlighted an expected revenue growth of 80% for 2025. The constellation is firmly focused on the business-to-business (B2B) segment, serving enterprises, government agencies, and critical infrastructure providers. In the global market, OneWeb holds a distinct position: it is currently the only fully operational LEO constellation besides SpaceX's Starlink and is the sole European operator in this segment.

The Broader European Strategic Imperative

The expansion carries significance beyond commercial metrics. The French and British governments are among the largest shareholders, and the project is viewed as a strategic European asset. French President Emmanuel Macron has publicly advocated for a stronger European space strategy to counterbalance the dominance of Starlink. With over 600 satellites orbiting at an altitude of approximately 1,200 kilometers, the OneWeb constellation is considered a vital component for secure governmental and military communications, adding a layer of geopolitical and security importance to its development.

Outlook and Next Steps

Through the Airbus order, the MaiaSpace launch agreement, and its reinforced financial base, Eutelsat is systematically advancing the OneWeb project. The combined efforts aim to deliver greater technological performance, increased launch independence, and a stronger foothold in the professional satellite broadband market. The upcoming quarterly results, scheduled for release on February 13, 2026, will provide the next key data point for evaluating the progress of this strategic initiative.