Eutelsat expects $11 billion revenue after EU's Starlink rival comes online

Eutelsathas gained prominenceas Europe tries ​to reduce the bloc's reliance on US technology after President Donald Trump's return to office, since it owns One. Web, the only LEO satellite network alternative to SpaceX's(SPCX.O)Starlink.

In a trading ​update, the Paris-based company said its backlog now includes €8.9 billion of revenue ​from designing and building IRIS², to be recognised primarily between 2027 and 2031. That alone ‌is ⁠more than seven times the €1.24 billion of revenue Eutelsatgenerated last year, and lifts its total backlog to €12.1 billion from €3.4 billion at end-June.

The forecast is a major boost for a company aiming to offset its waning video broadcasting business with ​satellite internet services. One. Web has ​more than 600 ⁠satellites and 229 more are planned in a€1 billion expansion.

Eutelsat said it will invest a combined €3.39 billion in shared ​and commercial infrastructure on the IRIS² network between 2027 and ​2034, ⁠in return for access to more than twice One. Web's current bandwidth. Despite the upbeat outlook, first-quarter revenue fell short of expectations.

Revenue from its four operating businesses fell ⁠2.1% like-for-like ​to €278.3 million in the three months to ​end-September. That was below the €291 million average of a company-compiled analyst poll. Eutelsat confirmed its financial targets for ​2026-27 and 2028-29.