A satellite dish on a terrestrial satellite network at the Eutelsat office in Madeira. Photographer: /Bloomberg via Getty ImagesZed Jameson | Bloomberg via Getty Images Shares in French satellite group Eutelsat soared this week as SpaceX’s Starshield drew criticism after the Ukrainian military’s access to its systems was suddenly restricted. Earlier this week, tensions between the United States and Ukraine rose after kyiv accused Elon Musk’s SpaceX of imposing new restrictions on its military-grade Starlink internet service without warning, slowing connectivity and limiting Ukraine’s ability to defend itself from Russian attacks. Ukrainian President Volodymyr Zelenskyy criticized the United States, saying that “Starlink went dark” in the middle of the night, preventing Ukrainian drones from intercepting Russian strikes and ultimately contributing to civilian deaths. “They knew what they were doing,” Zelenskyy said. “It’s not about attacking. It’s also about defending lives… People died because there wasn’t enough destruction, there weren’t enough interceptors, including the interceptors with Starlink, which didn’t work.” SpaceX CEO Elon Musk responded by placing blame on the US government and said the Starshield systems were under the control of Washington and President Donald Trump. Eutelsat shares rose 19% on Friday and 25% in the last five days following news of Starlink’s difficulties in Ukraine. Stock chart iconStock chart iconEutelsat shares for the last five days. The move in Eutelsat shares this week is further evidence “supporting the sovereign value of European satellite networks,” analysts at Deutsche Bank said in a note on Thursday. Markets saw Eutelsat as “the credible alternative to Starlink” amid the disruption, they added. “While we note that Eutelsat offers a global LEO [Low Earth Orbit] “Eutelsat consolidated with satellite internet provider OneWeb in 2023, seeking to challenge Starlink’s market dominance. However, Eutelsat currently has more than 600 satellites in orbit, while Starlink has more than 6,750, the company’s websites show. Recovery, Infrastructure and Transport Minister Serhiy Derkach told CNBC on Friday that Russia had stepped up attacks on infrastructure “With the United States limiting the use of Starlinks on the battlefield, Russia feels this is the time to try to inflict even more pain and suffering on Ukraine’s civilian infrastructure,” Derkach said. “We are definitely moving into very tough weeks and months and we need the support of our partners now more than ever.” 4 and 12 hours a day.
