Eutelsat raises cash to fund OneWeb Gen-2 and Europe's IRIS² sovereign constellation
€960M equity raise, €2.3B for 440 OneWeb follow-ons, €10.6B IRIS² concession, but services slip to 2030
Summary
Eutelsat is raising money to fund Europe's sovereign-connectivity bet. It raised €960M in equity, the first of three planned transactions to cut debt and unlock export-credit financing, to back roughly €2.3B of 440 OneWeb Gen-1 follow-on satellites (deploying from late 2026) and €2.1B of LEOs for IRIS² (Infrastructure for Resilience, Interconnectivity and Security by Satellite). The €10.6B IRIS² concession, 60% EU public funds, 40% from the SpaceRISE consortium led by Eutelsat with SES and Hispasat, covers 264 LEO + 18 MEO satellites, but government services now slip to 2030. The push is framed against Starlink dependence and Russian jamming; analysts question the economics.
By the numbers
- €960M, first equity raise; first of three debt-cutting transactions.
- €2.3B, for 440 OneWeb Gen-1 follow-on satellites (deploy from late 2026).
- €10.6B, IRIS² concession (60% EU public / 40% consortium).
- 264 LEO + 18 MEO, IRIS² satellites; initial gov services slip to 2030.
Why it matters
Europe wants to not depend on a US billionaire for strategic connectivity, but sovereignty is expensive and late. Whether Eutelsat can finance OneWeb Gen-2 and IRIS² without state bailout decides if Europe has its own constellation answer or remains a Starlink customer.
What to watch
- The next two Eutelsat transactions and export-credit terms.
- Whether IRIS² holds to its 2030 service date or slips further.
- OneWeb Gen-2 first launches from late 2026.