OneWeb / Eutelsat

What it is

OneWeb / Eutelsat is a Paris-headquartered combined geostationary-orbit (GEO) and low-Earth-orbit (LEO) satellite operator formed in September 2023 by the merger of France's Eutelsat, a legacy GEO incumbent, and OneWeb, a UK-registered LEO broadband constellation company. The combined group operates 648 LEO satellites at 1,200 km altitude alongside Eutelsat's GEO fleet, making it the largest Western alternative to SpaceX's Starlink and the primary vehicle for Europe's sovereign-connectivity strategy. Customers are enterprise, government, maritime, and aviation broadband buyers who require global or high-latitude coverage.

History

OneWeb was founded as WorldVu by American entrepreneur Greg Wyler in 2012 with the aim of delivering LEO broadband globally. The company launched its first six prototype satellites in February 2019. Expansion stalled when Japan's SoftBank Group, the lead investor, withdrew funding during the COVID-19 pandemic, forcing OneWeb into Chapter 11 bankruptcy in the US in March 2020 after deploying only 74 of a planned 648 satellites.

The UK government and India's Bharti Global, controlled by billionaire Sunil Mittal, jointly rescued the company in July 2020, each committing US$500M for roughly equal equity stakes. The UK's motivation included recapturing sovereign satellite capability after losing access to encrypted signals from the EU's Galileo navigation network, a consequence of the UK leaving the EU in January 2020. The UK retains a golden share giving it veto rights over future ownership changes. OneWeb emerged from bankruptcy in November 2020 and resumed launches.

Japan's SoftBank and Hughes Network Systems added US$400M in January 2021; Bharti Global contributed a further US$500M in June 2021. Launch operations initially relied on Russian Soyuz rockets via Arianespace; after Russia's February 2022 invasion of Ukraine grounded the Soyuz programme, OneWeb pivoted entirely to SpaceX Falcon 9. The 648-satellite Gen-1 constellation reached completion in 2023. In September 2023, Eutelsat completed the all-stock merger with OneWeb, valued at approximately US$3.4B; the combined group is based in Paris, with OneWeb operations centred in London.

Current state

As of mid-2026, OneWeb is the second-largest Western LEO broadband constellation by satellite count. OneWeb segment revenue grew 59.7% in the six months ending December 2025, though it remains far smaller than Starlink. The legacy Eutelsat GEO business continues to contract as broadcast and enterprise customers migrate to fibre and streaming services.

In March 2026, Eutelsat raised €960M in equity, the first of three planned debt-reduction transactions to unlock export-credit financing for a €2.3B OneWeb Gen-2 programme covering 440 follow-on satellites deploying from late 2026, and a €2.1B Eutelsat contribution to Europe's IRIS² sovereign constellation. The group's net debt-to-EBITDA ratio is expected to close financial year 2025-26 at approximately 2.7×.

The 2026 Eutelsat capital raise is the financing backbone for IRIS² (Infrastructure for Resilience, Interconnectivity and Security by Satellite), an EU project awarded as a €10.6B concession: 60% EU and ESA public funds, 40% from the SpaceRISE consortium of Eutelsat, SES, and Hispasat. The constellation will span 264 LEO and 18 MEO satellites. Initial government services are targeted for 2030.

Relationships

The UK government holds a golden share and was a founding institutional backer after the 2020 rescue. India's Bharti Global remains a significant shareholder. The European Commission and ESA are the contracting authorities for IRIS². France's government-linked institutions hold major stakes in the legacy Eutelsat entity, reflecting its origins as a European intergovernmental body. Luxembourg's SES and Spain's Hispasat are co-members of the SpaceRISE consortium. SpaceX's Starlink is the primary commercial rival on LEO broadband and government connectivity contracts.

What to watch

IRIS² first launches are targeted for 2029, with initial government services in 2030; any slip extends Europe's reliance on Starlink for sovereign connectivity. OneWeb Gen-2 first launches are planned from late 2026, and deployment cadence will determine competitive positioning against Starlink's growing lead. The two remaining Eutelsat debt-reduction transactions, and whether export-credit agencies approve financing terms, determine whether the Gen-2 build reaches completion. The GEO revenue erosion rate sets the runway: the faster legacy cash flow declines, the sooner Eutelsat must find additional capital to carry the LEO build.