Eutelsat $ETL (-12,38%) , Starlink’s rival and the second-largest low-earth orbit (LEO) satellite operator, has surged over 150% recently as Europe ramps up defense spending and looks for alternatives to reduce reliance on Starlink.
With U.S. aid to Ukraine on hold, European politicians are pushing for independent satellite solutions, sparking interest in Eutelsat’s OneWeb and the EU-backed Iris2 project. The €150B EU defense loan proposal could provide funding to expand these networks.
Starlink remains the dominant player, but geopolitical shifts are accelerating Europe’s push for backup options.