EU Signs €10.6 Billion IRIS² Satellite Deal for 300 Satellites, 61% Public Funding, to Begin Operations in 2030

Dec 16, 2024, 11:11 AM

On December 16, 2024, the European Union signed a significant contract to establish the IRIS² satellite network, a project valued at €10.6 billion. This initiative aims to create a multi-orbit constellation of approximately 300 satellites designed to provide secure and high-speed internet connectivity, positioning itself as a competitor to Elon Musk's Starlink. The project is funded with 61% public investment and is expected to begin operations in 2030. The signing of the contracts took place in Brussels, marking a pivotal moment in Europe's efforts to enhance its satellite communication capabilities and reduce reliance on foreign technology.