Airbus, Thales, Leonardo Merge Satellites to Rival SpaceX

Published 1 day ago

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Above: Part of the Milky Way seen in Brandenburg, Germany, in August 2025. Image copyright: Patrick Pleul/picture alliance/Getty Images

The Spin

Narrative A

This European satellite merger creates a powerful $11.6 billion competitor that will revolutionize space manufacturing and secure Europe's technological independence. The combined entity employs 25,000 workers and generates massive economies of scale to compete globally. Europe's new smart factories and advanced production capabilities position this venture to capture significant market share.

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Narrative B

This move exudes desperation. While SpaceX launched 134 missions last year, Europe managed three. Now Airbus, Leonardo and Thales — companies that have already shed 3,000 jobs — hire Goldman Sachs for merger advice they've aptly dubbed "Project Bromo," which, fittingly, means "bad smell." They're pooling failure against a rival who's already won, hoping bureaucracy and consultants can conjure innovation they've systematically failed to achieve.

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