Eutelsat’s 111.73% Climb: SpaceX IPO Hopes and a 600-Satellite LEO Reshuffle Ignite Investors

The speculative buzz around a potential SpaceX initial public offering has sent Eutelsat shares into orbit, overshadowing the satellite operator’s own strategic overhaul. The stock has more than doubled since the start of 2026, rising 111.73% in just under five months. That blistering run has pushed the price to €3.79 on Thursday, a 22.57% jump from the previous session, and within 5% of the 52?week high of €4.03.

The rally picked up speed earlier in the week, with the shares gaining 5.13% on Tuesday to €2.99 and briefly touching an intraday gain of 9%. By Thursday, another surge of 16% — reported by some market participants — lifted the stock to €3.60 before it extended further. The weekly gain now stands at roughly 20%, easily outpacing the SBF 120’s 0.75% rise on Tuesday.

Behind the buying frenzy is the belief that a SpaceX IPO would re?rate the entire satellite sector. Eutelsat, formed in 2023 through the merger with OneWeb, is seen as a direct beneficiary of any uplift in investor appetite for space?based communications. Yet the catalyst remains purely speculative; no concrete listing plans have been confirmed.

Should investors sell immediately? Or is it worth buying Eutelsat?

Beneath the hype, the company is executing a significant business transformation. Faced with a steady decline in its traditional TV?broadcast revenue, Eutelsat has pivoted toward its low?earth?orbit fleet. It now operates more than 600 LEO satellites while still broadcasting 6,500 television channels via its legacy geostationary constellation. The shift is gaining traction: third?quarter revenue reached €293 million, and management has reaffirmed its full?year financial targets.

Despite the share price explosion, analysts remain cautious. The consensus from ten covering analysts rates the stock a “Hold,” with an average price target of €2.49 — implying a roughly 20% downside from Thursday’s close. The market, they argue, has already priced in much of the operational turnaround and the SpaceX narrative.

Technical indicators present a mixed picture. The relative strength index of 36.8 suggests the stock is in oversold territory despite the rally, while the 50?day moving average is overshot by more than 50%. The one?month performance stands at 40%, but the 12?month gain is a more modest 11.31%, underscoring how recent the acceleration has been.

The company, which employs over 1,600 people, is focused on strengthening its balance sheet. Its MSCI ESG rating remains at BBB. For now, the combination of a speculative catalyst and a credible strategic pivot has created a powerful tailwind. But sustainable gains, as analysts caution, will require more than just SpaceX daydreams.

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