French satellite group Eutelsat shares surged 16.5% Friday and 25% over the past five days as markets viewed the company as a credible Starlink alternative. The rally followed tensions between the U.S. and Ukraine after Kyiv accused Elon Musk’s SpaceX of imposing restrictions on its military-grade Starlink service without warning, curbing Ukraine’s ability to defend against Russian attacks. Ukrainian President Volodymyr Zelenskyy criticized the U.S., saying Starlink was switched off overnight, preventing Ukrainian drones from intercepting Russian attacks and contributing to civilian deaths. SpaceX CEO Elon Musk responded by shifting blame to the U.S. government and President Donald Trump. Eutelsat operates over 600 satellites compared to Starlink’s more than 6,750, with analysts noting the company lacks the scale to match its American competitor.
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