Introduction
This article was flagged for fact-checking due to growing concerns around the French government’s significant investment in satellite operator Eutelsat. With the French state now holding nearly 30% of the company’s capital and voting rights, readers want to know whether Eutelsat can remain commercially and geopolitically independent. Additionally, the piece makes multiple high-impact claims—ranging from Eutelsat’s market position to its strategic military partnerships—that merit verification.
Historical Context
Eutelsat is a legacy European satellite operator, traditionally active in television broadcasting and data services via geostationary satellites. In 2023, it merged with OneWeb, a firm operating in the Low Earth Orbit (LEO) segment, in an effort to compete with emerging global players like SpaceX’s Starlink. The push toward LEO satellites has become increasingly strategic in recent years, especially for military and secure communications. Governments, particularly in Europe, have begun viewing satellite independence as essential for national and regional security.
Claim #1: “The French state will become Eutelsat’s biggest shareholder… holding 29.99% of capital and voting rights.”
This claim is accurate. As part of the €1.35 billion ($1.55 billion) capital raise supported by the French government, statements from both Eutelsat and the French Ministry of Finance confirm that the government will acquire a 29.99% stake in both capital and voting rights. This level of investment is just below the 30% threshold that would legally trigger a mandatory takeover offer under French financial market rules. While the state is technically avoiding a full controlling stake, its influence is undeniably heightened.
Claim #2: “Eutelsat became the world’s third largest satellite operator in terms of revenues” after merging with OneWeb.
This claim is mostly correct but requires additional context. Following the 2023 merger between Eutelsat and OneWeb, the newly combined entity significantly increased its footprint in both GEO and LEO satellite operations. According to data from Euroconsult and industry reports, this puts Eutelsat/OneWeb behind only SES and Intelsat in terms of revenue. However, whether it ranks definitively third depends on how certain revenues are categorized—especially when comparing government contracts versus commercial revenues. Still, the merger has boosted Eutelsat’s profile significantly in the global market.
Claim #3: “Earlier this year, the firm was rumoured to be in the running to replace Starlink in the embattled Ukraine.”
This claim lacks direct evidence and is largely speculative. While it is true that Starlink has played a critical role in Ukraine’s military communications during the war with Russia, there has been no verified report confirming serious negotiations between Ukraine and Eutelsat for full replacement of Starlink services. The CNBC article itself attributes the claim to rumors and does not cite an official source. Furthermore, as of June 2025, Starlink remains operational in Ukraine, and official comments from both the U.S. and Ukrainian governments have denied any current plans to end that relationship.
Claim #4: “Eutelsat is positioned to play a strategic role… fully aligned with European Union and NATO objectives for strategic autonomy.”
This is partially accurate but not a confirmed position by the EU or NATO. The statement reflects Eutelsat’s own press release and is aspirational in nature. While the EU does back strategic autonomy in satellite capability—as seen in programs like IRIS²—the designation of Eutelsat as a pillar of this policy is not formalized. NATO has not publicly named Eutelsat as a strategic operator. The statement should be interpreted more as a projection of strategic ambition rather than a declaration of current operational alignment by international bodies.
Conclusion
The article contains several factual assertions that, on the whole, hold up under scrutiny. The French government’s escalating stake in Eutelsat is confirmed and signals a clear geopolitical interest in satellite independence. However, claims regarding operational independence are somewhat optimistic given the potential influence of a near-30% government shareholder. Other assertions, such as Eutelsat’s global rank and alignment with NATO and EU goals, are partially accurate but would benefit from clearer sourcing and less ambitious framing. Speculative elements—like replacing Starlink in Ukraine—should be distinguished more clearly from verified facts. While CNBC’s reporting broadly reflects the current developments, readers should be aware of where speculation begins and confirmation ends. The article generally leans toward reinforcing Eutelsat’s strategic importance, which could introduce subtle bias in positioning the company as an uncontested European alternative to global players.
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Link to Original Article
You can read the full article here: CNBC Article on Eutelsat
