Eutelsat commits €3.39 billion to Europe’s IRIS² satellite network

Eutelsat said on 29 October that it will invest €3.39 billion in shared and commercial infrastructure for IRIS², the European Union’s planned satellite communications network, between 2027 and 2034. In return, the Paris-based operator expects access to more than twice OneWeb’s current bandwidth—the amount of data its network can carry—as Reuters reported via CNA.

IRIS² design-and-construction work has lifted Eutelsat’s backlog, or booked future revenue, to €12.1 billion from €3.4 billion at end-June. That gives the company a larger pipeline of work as it seeks to offset declining video-broadcasting business with satellite internet services.

Spending, booked work and forecasts

The investment commitment, construction backlog and commercial-services forecast have different meanings and cover different periods.

Building on OneWeb as broadcasting declines

Eutelsat completed its merger with OneWeb in September 2023. Its satellite internet subsidiary competes with SpaceX’s Starlink and has more than 600 satellites, with another 229 planned in a €1 billion expansion.

Eutelsat’s first-quarter results show the company’s immediate trading position. Revenue from its four operating businesses fell 2.1% year on year on a like-for-like basis in the three months to end-September and missed analyst expectations.

Eutelsat reaffirmed its financial targets for 2026–27 and 2028–29.

From agreements to launches and services

Eutelsat will lead IRIS²’s low-Earth-orbit segment, the satellites operating closer to Earth. The European Space Agency (ESA) said in its 7 August 2026 update that the main constellation will contain 348 satellites: 330 in low Earth orbit and 18 in higher, medium Earth orbit. The figure of 330 therefore describes Eutelsat’s segment, not the whole network.

IRIS² is the EU’s planned alternative to SpaceX’s Starlink satellite internet service. Within SpaceRISE, Eutelsat leads the low-Earth-orbit component, while SES leads development of the medium-Earth-orbit satellites.

The European Commission signed a 12-year concession on 16 December 2024 with SpaceRISE, the consortium of Eutelsat, SES and Hispasat, to design, build, deploy and operate IRIS². The Commission and SpaceRISE then signed an implementation agreement on 7 August 2026, moving the programme into deployment with ESA support. ESA oversees technical development, checks that the system meets its requirements and validates its performance in orbit.

ESA’s August update identified the work ahead: finalising the detailed satellite-system design, preparing satellite and secure ground-infrastructure construction, and securing launch services. ESA says the operational network is intended to provide secure, continuous communications for government users, defence and security forces, and emergency services, including during critical operations. It also envisages connectivity for citizens in remote areas or during crises.

The schedule described on 29 October puts the first satellite launches in 2029 and initial services from 2030. Those milestones come before the 2032–2040 period covered by Eutelsat’s commercial-revenue forecast.