Shares in Franco-British satellite operator Eutelsat pulled back on Friday after soaring nearly 500% this week on the prospect of potentially replacing Starlink in Ukraine.

OneWeb, Project Kuiper, and IRIS2 could all, in time, replace Elon Musk's satellite communications system in Ukraine, but they will struggle to replicate Starlink's coverage and usability.

Talks with European leaders to replace Elon Musk’s Starlink satellite services in Ukraine have “intensified” over the past two weeks, said the chief executive officer of rival Eutelsat Communications.

While it has fewer than one-tenth of Starlink's satellites, Eutelsat is being floated as a potential replacement if Starlink access is cut.

Eutelsat Communications shares experienced extraordinary market movement last week, with the stock surging nearly 500% before experiencing a slight pullback at week's end. This dramatic price action

It was US President Donald Trump’s furious Oval Office clash with his Ukrainian counterpart last Friday that convinced fund manager Hugo Squire it was time to buy bonds in Eutelsat Communications SA.

As the Trump administration pressures Volodymyr Zelensky to engage in peace talks, commanders fear their Starlink battlefield internet could be the next victim.