Eutelsat OneWeb

APublic (EPA/LSE: ETL)Founded 2012🇫🇷Paris, France

CEO

Jean-Francois Fallacher (Eutelsat Group CEO)

Overview

Eutelsat OneWeb is the LEO connectivity business within Eutelsat Group, operating a globally deployed broadband constellation in ~1,200 km orbit. The business combines a 650+ satellite OneWeb network with Eutelsat's GEO fleet to serve government, enterprise, maritime, aviation, and telecom customers. After completing a EUR 1.5B capital raise in December 2025, Eutelsat moved into the next refresh cycle with 440 follow-on satellites procured, roughly EUR 1B of export-credit backing secured, and a central role in Europe's IRIS2 sovereign constellation program.

Main Products

OneWeb LEO Constellation

Active

Low Earth orbit broadband constellation providing global coverage through a Gen 1 fleet of 654 satellites at roughly 1,200 km altitude. The network delivers 1.1 Tbps of sellable capacity, sub-70 ms latency, and 99%+ availability, and is integrated with Eutelsat's GEO assets for multi-orbit services across government, mobility, enterprise, and telecom markets. The follow-on satellite program now covers 440 Airbus-built spacecraft, adding upgraded onboard processing and hosted-payload options while maintaining service continuity.

Gen 1 is fully deployed and commercially operational. Eutelsat has procured 440 follow-on satellites, with 100 planned by 2027 and the remaining 340 by 2029, alongside additional satellite-network portals, hosted payloads, and a broader 5G-compatible user-terminal rollout.

Satellites in Orbit654

Follow-on Satellites Procured440

Sellable Capacity1.1 Tbps

Latency<70 ms

Network Availability99%+

What's Next

Launch the 440-satellite refresh program

Deploy the already-procured follow-on fleet to maintain continuity and expand capability, with the first 100 satellites targeted by 2027 and the remaining 340 by 2029, alongside hosted-payload deployment.

2027–2029

Scale terminals, portals, and licensing

Expand the ground and user-terminal footprint with additional satellite network portals, broader country licensing, and global deployment of roughly 40,000-50,000 user terminals, transitioning the installed base toward 5G-compatible equipment.

2026–2028

Execute the IRIS2 sovereign constellation program

Work through SpaceRISE on the EU's IRIS2 multi-orbit system, where Eutelsat is a core industrial partner and technical authority for the LEO-enabled architecture.

2030+

Operations & Revenue

StatusActive

The Gen 1 OneWeb network is commercially active worldwide with 650+ LEO satellites and growing contribution across government, aviation, maritime, enterprise, and telecom use cases. Eutelsat has already procured 440 follow-on satellites and says its FY 2026-29 capex roadmap is fully funded.

Revenue Streams

Enterprise Connectivity

LEO broadband services for enterprise customers including maritime (cruise ships, cargo), aviation (in-flight Wi-Fi), energy (offshore platforms), and mining operations.

Government & Defense

Secure connectivity for government and military customers, including participation in the EU IRIS^2 sovereign connectivity program.

Telecom Backhaul

Cellular backhaul connectivity for mobile network operators in rural and underserved regions where fiber is unavailable.

Video Distribution (GEO)

Legacy GEO satellite business providing video broadcasting and distribution services — Eutelsat Group's traditional revenue base.

Key Metrics

Employees

~1,639 (Eutelsat Group headcount)

Est. Annual Revenue

EUR 1.244B (Eutelsat Group FY 2024-25 revenue)

Gen 1 LEO Satellites in Orbit

654

Sellable LEO Capacity

1.1 Tbps

H1 2025-26 LEO Revenue

EUR 110.5M (+59.7% YoY)

Group Backlog

EUR 3.4B

Timeline

2026440 follow-on satellites fully funded and procured

Eutelsat adds a further 340 Airbus-built OneWeb satellites, bringing the refresh orderbook to 440, and secures almost EUR 1 billion of export-credit financing to support procurement and continuity of service.

2025EUR 1.5B capital raise completed

Eutelsat completes a EUR 1.5 billion capital raise through reserved capital increases and a rights issue backed by the French state, UK Government, Bharti, CMA CGM, and FSP to fund its strategic roadmap and deleveraging plan.

2023Global coverage achieved & Eutelsat merger completed

OneWeb completes global coverage and the merger with Eutelsat is finalized, creating the first fully integrated GEO-LEO satellite operator.

2020Bankruptcy and rescue by UK Government & Bharti Global

The UK Government and Bharti Global provide $1 billion of new funding to restart OneWeb and support completion of the constellation after its 2020 bankruptcy process.

2019First 6 satellites launched

OneWeb launches its first 6 demonstration satellites in February 2019, beginning the constellation deployment campaign.

2012Founded as WorldVu Satellites

Greg Wyler founds WorldVu Satellites (later renamed OneWeb) with the vision of providing global internet connectivity through a large LEO satellite constellation.

Funding

Round	Date	Amount	Investors
Early Rounds	2015–2019	$3.4B+	SoftBank ($2.2B), Virgin Group, Qualcomm, Grupo Salinas, Government of Rwanda
Rescue Funding	Jul 2020	$1.0B	UK Government ($500M), Bharti Global ($500M)
Post-Rescue Round	Jan 2021	$400M	SoftBank, Hughes Network Systems
Eutelsat Merger	Sep 2023	All-share merger completed	Eutelsat S.A.
Gen 2 Export Credit Financing	Feb 2026	~EUR 1B	French state-backed export credit
Reserved Capital Increase + Rights Issue	Nov-Dec 2025	EUR 1.5B	French State, Bharti Space, UK Government, CMA CGM Participations, Fonds Strategique de Participations