Airbus, Leonardo and Thales agree to merge space units into single venture
Airbus Defence and Space · Leonardo · Thales Alenia Space
Airbus, Leonardo and Thales signed an MOU to combine space units into one company with 25,000 staff and EUR 6.5bn revenue.
what happened
Airbus, Leonardo and Thales signed a memorandum of understanding on October 23, 2025 to combine their space businesses into a new, jointly controlled company, per Via Satellite. Airbus will hold 35% of the new venture and Leonardo and Thales 32.5% each; the combination pools Airbus's Space Systems and Space Digital units, Leonardo's Space Division including its stakes in Telespazio and Thales Alenia Space, and Thales's own shares in Thales Alenia Space, Telespazio and Thales SESO (launchers are excluded). The companies project the venture will have about 25,000 employees across Europe, roughly EUR 6.5 billion in pro-forma 2024 revenue, and a backlog covering more than three years of sales, with operations expected to start in 2027 subject to regulatory approvals.
why it matters
The deal would combine three of Europe's largest space primes into a single company competing directly with SpaceX and China, reshaping the continent's satellite-manufacturing landscape at a stroke. Smaller independent suppliers and competitors, including OHB, which sources components from Thales Alenia Space and competes with the merging parties for the same ESA and national-agency contracts, face a materially different competitive field once the venture closes, and the deal still needs EU antitrust clearance.
signal-to-noise
quick facts
- Companies
- Airbus Defence and Space, Leonardo, Thales Alenia Space
- Category
- financial
- Impact
- seismic
- SNR
- 4 / 5
- Event date
- 2025-10-23
- Published
- 2026-07-12 18:12 UTC