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Europe’s Ambitions in Space – and How Investors Can Benefit
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Jérôme Allet
Head of Public Distribution for Structured Products Switzerland
UBS Investment Bank
On clear nights, they can be seen with the naked eye: satellites streak across the sky as tiny points of light. Their numbers are growing rapidly. According to the Satellite Industry Association (SIA), more than 4,400 satellites were launched into orbit in 2025 alone, with 296 rocket launches. This brought the number of active satellites worldwide to 14,266. Whether for broadband internet, navigation, television or Earth observation – the satellite industry is a key driver of the global space economy. According to the SIA, this sector accounted for more than USD 300 billion, or 71% of the global space economy, last year.1
US companies dominate this sector. SpaceX, the largest private space company, is set to make a multi-billion-dollar debut on the Nasdaq technology exchange. Founded in 2002 by US billionaire Elon Musk, the company combines a rocket division with a vast satellite network and an AI division.2 But the Old Continent is not just standing by and watching: Europe, too, is actively expanding its position in the space industry. Since 1975, the European Space Agency (ESA) has been pooling the financial and intellectual resources of 23 member states. In 2025, the intergovernmental organisation had a budget of just under EUR 7.7 billion. With these funds, the ESA finances various programmes, conducts research and, together with European industry, drives forward the development of satellite-based technologies and services.3
Prominent customer
One of the ESA’s tasks is to oversee European space transport capabilities. The Ariane 6 plays a key role in this regard. This launch vehicle, standing over 60 metres tall, can carry payloads of up to 21.6 tonnes into low Earth orbit.4 In this respect, it is certainly a match for the Falcon 9 from its US rival SpaceX.5 A prominent client of the European rocket company Arianespace also hails from the United States. On behalf of ‘Amazon Leo’, the Ariane 64 – powered by four engines – launched 32 satellites into low Earth orbit at the end of April. In this way, amazon.com is expanding its broadband internet network from space. This was the second time the Ariane had taken off for the e-commerce giant from the Kourou spaceport in French Guiana. The contract comprises a total of 18 launches.6
Joint initiative
Back to ESA: The agency was also involved in the development and launch of the first stock market index for the European space industry. Together with the European Commission, the stock exchange operator Euronext and the start-up investor Promus Ventures, it launched the Euronext Helios Space Index in early 2023. One aim of this index is to raise the sector’s profile in Europe. At the same time, it is intended to provide investors with a tool for assessing this specific sector of the economy.7
The universe of stocks comprises equities from developed countries that meet certain quantitative criteria, such as average daily trading volume and market capitalisation. From this pool, the ESA identifies companies that benefit particularly strongly from the European space industry. It takes into account both segments of the space industry, “upstream” and “downstream”: the former segment includes companies working, for example, on the development and construction of space systems, launch vehicles and ground stations. “Downstream”, on the other hand, primarily refers to satellite operators and service providers in the fields of communication, navigation and Earth observation. The selected companies are then weighted according to their free-float market capitalisation. As a result, larger-cap and actively traded shares are given a higher weighting in the index.8
A new space giant
The current index selection comprises 38 stocks, including Airbus and Safran a A new space giant s the current heavyweights. The two groups each hold a 50% stake in the Ariane Group.9 But that’s not all: the pair are involved in many other space-related activities. Airbus, for example, has developed and built the European Service Module (ESM) for the “Artemis II” mission on behalf of the ESA. During the flight around the Moon, this capsule provided the astronauts with propulsion, energy, air and water.10
Airbus plans to join forces with two other index members in the future. The group has agreed with Leonardo and Thales to combine their activities in the field of satellite and space systems. The joint venture is expected to employ around 25,000 people across Europe and generate annual revenue of more than EUR 6.5 billion.11 This initiative is further evidence that Europe aims to play a leading role in the space industry and is not standing idly by as SpaceX and others make headway.
The tracker certificate on the Euronext Helios Space Index allows investors to gain exposure to the European space industry through a single instrument (SIX symbol SPACEU). This gives investors access to a basket of selected companies across the space value chain, rather than having to select individual stocks themselves. Please note that there is no capital protection. As with all Structured Products, issuer risk must also be taken into account.
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Jérôme Allet
Head of Public Distribution for Structured Products Switzerland, UBS Investment Bank
Jérôme Allet began his professional career in 2011 as a Graduate Talent at UBS Investment Bank. Since 2017, he has led the “Public Distribution Sales Switzerland” team within the Structured & Solutions Distribution division. In this role, he is responsible for the public distribution of structured products in Switzerland. Since 2018, he has also been responsible for white-label solutions in the leveraged products segment in Europe.
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Sources
1) SIA, press release, May 13, 2026
2) Reuters, media report, May 23, 2026
3) www.esa.int/About_Us/Corporate_news/ESA_facts
4) esa.int/Enabling_Support/Space_Transportation/Launch_vehicles/Ariane_6_overview
5) spacex.com/vehicles/falcon-9
6) Ariane Group, Press Release, April 30, 2026
7) European Commission, News Article, January 31, 2023
8) Euronext, Euronext Helios Space Index, Fact Sheet, March 31, 2026
9) ariane.group/en/governance/
10) airbus.com/en/space/orion-european-service-module/artemis-ii-mission
11) Airbus, press release, October 23, 2025
