Eutelsat, often described as Europe's answer to SpaceX's Starlink, is set to close the week with a 25% gain in its share price. The jump follows concerns over limits placed on Starshield, SpaceX's military-grade satellite service, in Ukraine. Investors are betting that European governments and militaries will look for alternatives to US-owned infrastructure.
Deutsche Bank analysts said the market reaction is evidence supporting the sovereign value of European satellite networks. They noted that Eutelsat is viewed as the credible Starlink alternative amid the disruption. However, they also pointed out that while Eutelsat operates a global low Earth orbit constellation, it lacks the scale to offer the number of terminals that Starlink can provide.
The analysts expect the shares to give up some of the gains once the immediate geopolitical premium fades. The episode underscores a broader shift toward strategic autonomy in space, but also the gap between European ambition and American scale.