And it wasn't for lack of belief. The South Korean conglomerate invested $300m in OneWeb in 2021, before the merger with the French satellite operator. Four years later, it is leaving with $85m in its pocket - and one less seat on the board of directors. Curtain.

What's more, the timing seems to have nothing to do with rumors of an increase in the French state's stake, which could soon own 30% of Eutelsat. The deal must have been in the works long before the rumors began. The prospect of an intrusive public shareholder may be reassuring in terms of solvency, but when it comes to competitiveness and strategic agility, it's another matter entirely. A state-owned satellite operator is rarely a growth engine.

Meanwhile, Eutelsat continues to beg for money to finance the second generation of OneWeb satellites and meet the requirements of the European Union's IRIS² program. It's a nice project that is supposed to be able to compete with Elon Musk's Starlink. Nothing less. But to play in SpaceX's backyard, you need investors who are coming, not leaving.

With a share price of €3, a management team in transition (new CEO, chair position to be filled, board of directors undergoing restructuring), and funding promises that are still very theoretical, we've seen more reassuring flight plans.

The share price is up 33% in 2025 but down 33% over the last month. And down 61% over the last three months. BUT, between the low point on February 24 ($1.152) and the high point on March 6 ($9.295), the share price increased eightfold. Almost enough to make an NFT buyer in lockdown green with envy. It is currently trading at $3.06, after dropping 15% on the Hanwha announcement. A great lottery ticket, in short.