Eutelsat expects services using capacity tied to the European Union’s IRIS² satellite network to generate more than €10 billion in revenue over 2032–2040, according to its Oct. 29 announcement. Reuters put the estimate at $11.1 billion, but the company stated it in euros and described it as revenue over the full period, not an annual target.
Eutelsat will invest €2.23 billion in shared IRIS² infrastructure and €1.16 billion in its own commercial infrastructure between 2027 and 2034. In return, Eutelsat said it expects access to more than twice OneWeb’s current capacity.
Eutelsat will lead the project’s low Earth orbit (LEO) segment, comprising 330 satellites. The European Commission describes the expanded IRIS² constellation as 348 satellites in total: 330 in higher LEO and 18 in medium Earth orbit. The Commission schedules first launches for 2029, while Eutelsat expects its commercial Ku-LEO constellation to be fully operational by mid-2032.
Eutelsat’s total backlog stood at €12.1 billion at Sept. 30, 2026, including €8.9 billion in IRIS² design and construction work. Eutelsat expects to recognize most of that construction revenue between 2027 and 2031, ahead of the later services-revenue period.
The long-range projection comes as Eutelsat’s existing businesses move in different directions. In the quarter ended Sept. 30, revenue from its four operating verticals fell 2.1% like-for-like to €278.3 million; Video revenue dropped 17.8% to €110 million, while LEO revenue increased 30.1% to €70.9 million. Reuters reported the operating-vertical figure was below its company-compiled analyst poll average of €291 million.
Eutelsat lists its next first-half results for Feb. 12, 2027. Its IRIS² revenue figure remains a company estimate, subject to deployment and other risks identified in the announcement.
