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On Thursday, the European Commission revealed its intention to finalize a contract with leading space enterprises across Europe by year-end. This initiative aims to establish a broadband Internet network comprising 290 satellites, with an estimated investment exceeding 10 billion euros (approximately $10.9 billion).
The official announcement regarding the contract awarded to IRIS²—short for Infrastructure for Resilience, Interconnectivity and Security by Satellite—did not disclose specific financial terms. However, various European news outlets have reported on the anticipated cost of around 10 billion euros. This decision comes after assessing the final proposals from the SpaceRISE consortium, which includes prominent satellite network operators such as SES, Eutelsat, and Hispasat.
Taking Charge of Connectivity
The IRIS² program is under the management of the European Commission, which serves as the executive body of the European Union. The initiative will also benefit from contributions made by both the European Space Agency and private industry stakeholders in a collaborative public-private partnership model. Initially, it was projected that approximately 60 percent of funding would come from European governments while private industry would contribute about 40 percent; however, detailed information regarding this funding structure was not disclosed on Thursday.
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