OHB: Record Backlog Meets Defense-Tech Ambition as KIRK Pact Drives 13% Surge

OHB SE jumps 13% after announcing AI defence tie-up with Helsing for orbital surveillance; record backlog of €3.35B supports growth narrative.

Bremen-based space and defence group OHB SE posted one of its sharpest single-day gains in recent memory on Thursday, with shares leaping 13.24 percent in Xetra trading to close at €633.00. The catalyst? A strategic tie-up with artificial intelligence defence specialist Helsing that aims to embed real-time data processing directly into orbital platforms — a move that positions OHB as much more than a satellite manufacturer.

The KIRK project, a consortium led by OHB and Helsing, envisions a space-based surveillance system where AI software processes intelligence in orbit rather than after transmission to ground stations. European governments are scrambling for sovereign space infrastructure independent of US giants or commercial constellations like Starlink, and OHB’s role as system integrator taps directly into that political tailwind. No contract value has been disclosed for KIRK, leaving investors to bet on future revenue streams — a gamble amplified by the group’s narrow free float of roughly 8 percent, which magnifies price swings on positive news. Eutelsat also racked up double-digit gains in sympathy.

The timing is fortuitous, because OHB’s operational engine is already revving on all cylinders. The order backlog hit a record €3.35 billion in the first quarter, powered by a €248 million contract for the EPS-Sterna satellite programme. Revenue climbed 15 percent, and operating profit improved to €16.8 million. Management has set an ambitious target: total output should break €2 billion by 2028. Those numbers give the KIRK speculation a solid foundation.

Away from the defence narrative, OHB is expanding its civilian footprint. In Bristol, subsidiary OHB Space UK is building one of England’s most advanced cleanrooms, with plans to grow its engineering team from 14 to more than 100 over the next five years. A first win came with the ESA’s EnVision Venus science mission, where the test campaign alone injects around €24 million. Meanwhile, OHB and Dassault Aviation are jointly developing the VORTEX-S multi-purpose spacecraft, a reusable vehicle designed for autonomous orbital missions and station resupply. A demonstrator could fly as early as 2028 — a timeline that underscores the long-cycle nature of space programmes.

Complementing KIRK, OHB is working on concepts for a secure satellite internet network, envisaged as a European counterweight to private constellations. The company is blending industrial manufacturing with specialised software services, a combination that resonates in the current defence environment. Yet the ultimate test for today’s valuation lies in how quickly strategic alliances translate into binding orders.

Shareholders will cast their votes on a €0.60 per share dividend at the annual general meeting in Bremen on June 8, 2026. The next hard operational checkpoint comes on August 6, when the group publishes its regular quarterly results. For now, the market is pricing in a future that blends a record backlog with a high-stakes bet on AI-powered space defence.