Shares of the Franco-British satellite group have more than tripled in value over the past two days, adding over 1 billion euros ($1.05 billion) to their market capitalisation.
The rally follows Friday's clash between Ukrainian President Volodymyr Zelenskiy and U.S. President Donald Trump that raised to question Starlink's future in Ukraine.
Since then, leaders from major European economies have agreed to ramp up defence spending and the European Commission proposed a 800 billion euro defence plan for the region.
A White House official said anonymously on Monday that Trump would pause all military aid to Ukraine, paving the way for Europe to step up its efforts in supplying the country.
"We are exchanging with the EU as to how we can contribute to enhancing Ukraine efforts," a Eutelsat spokesperson told Reuters, adding the company also has geostationary (GEO) satellite capacity suitable for some applications there.
The EU had reportedly already been talking with Ukraine about Govsatcom as a possible Starlink alternative.
Eutelsat runs 35 GEO satellites and has expanded its low earth orbit (LEO) network to up to 600 satellites after its acquisition of Britain's OneWeb in 2023.
OneWeb's LEOs are the same as those used by Space X's Starlink, whose fleet of about 7,000 satellites provides internet access to 125 countries.
Eutelsat says it offers the same capabilities as Starlink in terms of coverage and latency in Europe.
"We are actively collaborating with European institutions and business partners to enable the swift deployment of additional user terminals for critical missions and infrastructure," it added.
The company had on Monday doubled down on its commitment to boosting Europe's satellite autonomy and providing internet access to Ukraine.
"Yesterday's remarks by Eutelsat ... highlights Eutelsat's importance for European defence capabilities," ING analyst Jan Frederik Slijkerman said.
Until recently, the prospects of the European satellite industry were questioned due to strong U.S. competition, despite a strong commitment by the European Commission towards the planned IRIS² satellite constellation, Slijkerman added.
($1 = 0.9481 euros)
