Indra's Hispasat, Eutelsat, SES Bag European Union's EUR15.6 Billion IRIS Satellite System Deal

08:30 AM EDT, 08/07/2026 (MT Newswires) -- The SpaceRISE consortium, comprising Indra Sistemas (IDR.MC) majority-owned Hispasat, Eutelsat Communications (ETL.PA), and SES (SESG.PA), reached a deal with the European Commission and the European Space Agency to launch the IRIS constellation and develop and deploy the European secure satellite communications system. Hispasat will serve as the prime contractor for the antenna infrastructure, control systems and ground network interconnection, according to a Friday release. The project's budget is over 1.6 billion euros, and the satellite communications system is expected to be commissioned in 2030. The Spanish information technology and defense systems company Indra Sistemas' 89.68%-owned unit Hispasat will also lead the development of the very-low-Earth-orbit layer. Hispasat's financial participation in the project is estimated to be up to 600 million euros. The overall investment in the IRIS program is expected to reach 15.6 billion euros, of which up to 4 billion euros will be contributed by the members of the consortium, with the remaining amount to be invested by the European Commission, the European Union member states and the European Space Agency.