Investing.com -- Eutelsat shares have soared in recent days, surging more than 90% on Tuesday to €3.80, adding to its 68% gain in Monday's session after closing at €1.199 on Friday.
The stock has now more than tripled in value in just two days as investors bet on rising demand for its OneWeb satellite network.
The rally follows growing speculation that OneWeb, which merged with Eutelsat in 2023, could emerge as a key European alternative to Elon Musk’s Starlink for space-based internet services.
Eutelsat has positioned itself as a major player in Europe’s push for greater autonomy in satellite communications, particularly in light of geopolitical tensions.
Reuters reported that a spokesperson for Eutelsat told them the company remains committed to supporting Ukraine and has “deployed and continues to operate hundreds of terminals across Ukraine and the Black Sea.”
The surge in Eutelsat’s stock comes amid reports that U.S.-European tensions could put Starlink’s dominance at risk in the region, creating an opportunity for OneWeb.
With around 650 low-earth orbit (LEO) satellites, OneWeb remains the second-largest provider in the market after SpaceX’s Starlink.
The stock has declined significantly over the years, with concerns over its debt and the rising competition from Starlink.
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