OneWeb Acquisition, Valuation, Funding & Investors
OneWeb was acquired by Eutelsat for $3.4B in July 2022, a 2.7x multiple on $1.2B of revenue.
OneWeb revenue at acquisition
$1.2B
Last twelve months · Jul 2022
OneWeb revenue multiple at acquisition
2.7x
EV/Revenue · Jul 2022
OneWeb EBITDA multiple at acquisition
3.6x
EV/EBITDA · Jul 2022
About OneWeb
OneWeb is a London-headquartered satellite operator building a low Earth orbit constellation for global broadband. Its network of 648 satellites provides high-speed, low-latency connectivity for maritime, aviation, government, and backhaul services. Launches began in 2019 from Guiana Space Centre, with full constellation deployment targeted for 2024 following acquisition by Eutelsat Group in 2023. OneWeb serves enterprise clients in remote regions, including cruise lines and airlines, with ground stations in 13 countries.
Founded
2012
HQ
LondonWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Usage-based
Revenue
$322M (Dec 2016)
Valuation
$3.4B (Aug 2021)
OneWeb Acquisition
OneWeb was acquired by Eutelsat for $3.4B on 25 July 2022.
The acquisition price implies a 2.7x revenue and 3.6x EBITDA multiple on $1.2B of revenue.
Before the acquisition OneWeb had raised $4.7B across 7 funding rounds.
Eutelsat and OneWeb announced a $3.4 billion all-share merger on July 26, 2022, creating a combined satellite operator with both geostationary (GEO) and low-earth orbit (LEO) capabilities. OneWeb operates a constellation of 648 planned LEO satellites designed to provide global broadband connectivity, while Eutelsat operates 36 GEO satellites. This combination was the logical culmination of their partnership that began with Eutelsat's initial 24% equity investment in OneWeb in April 2021 for $550 million. Under the all-share structure, OneWeb shareholders received 230 million newly issued Eutelsat shares representing 50% of the enlarged company's share capital, valuing OneWeb at $3.4 billion. The UK Government retained its special share investment from OneWeb's 2020 bailout. The transaction closed in H1 2023 and was expected to generate substantial synergies, including approximately €150 million in average annual revenue synergies and €80 million in annual capex savings from optimizing the hybrid GEO/LEO infrastructure. The combined entity, trading as Eutelsat with OneWeb operating its LEO business, positioned the company to address growing global demand for satellite-based connectivity across maritime, aviation, and government sectors.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 25 Jul 2022 | Strategic M&A | $3.4B | 2.7x | 3.6x |
OneWeb Valuation
OneWeb is currently valued at $3.4B, based on its strategic investment round in August 2021.
The $300M round was led by Hanwha Systems.
OneWeb's valuation has grown 1.4x from $2.5B at its strategic investment round in December 2016 to $3.4B in August 2021, across 3 priced rounds.
OneWeb valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Aug 2021 | Strategic investment | $3.4B | - |
| Apr 2021 | Strategic investment | $2.3B | - |
| Dec 2016 | Strategic investment | $2.5B | 7.8x |
OneWeb Revenue
OneWeb's latest recorded revenue is $322M, as of its strategic investment round in December 2016. At a $2.5B valuation, that implies a 7.8x revenue multiple.
OneWeb revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2016 | $322M | $2.5B | 7.8x | Strategic investment |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
OneWeb Funding History
OneWeb has raised a total of $4.7B across 7 funding rounds.
OneWeb's first fundraising round was a $500M Series A in June 2015. The most recent completed round was a $300M strategic investment round in August 2021.
OneWeb funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2021 | Strategic investment | Hanwha Systems (lead) | $300M | $3.4B | OneWeb is a London-based low Earth orbit (LEO) satellite communications company providing global broadband internet connectivity, competing with SpaceX's Starlink. After emerging from Chapter 11 bankruptcy in November 2020 with backing from the UK government and Bharti Global, OneWeb has rapidly expanded its investor base and satellite launches. By August 2021, 254 satellites were in orbit, with plans for a first-generation fleet of 648 to achieve global coverage in 2022, and services starting in northern regions by end of 2021 targeting enterprises, governments, maritime, and remote areas. On August 12, 2021, South Korea's Hanwha Systems announced a $300 million equity investment in OneWeb for an 8.8% stake, valuing the company at approximately $3.4 billion based on the deal terms. This brought OneWeb's total equity raised since November 2020 to $2.7 billion with no debt, fully funding the initial 648-satellite constellation. The investment, subject to regulatory approval and expected to close in H1 2022, adds Hanwha Systems to a consortium including Bharti Enterprises (lead), UK government, Eutelsat, SoftBank, and Hughes Network Systems. Hanwha will gain a board seat and contribute advanced antenna and defense technologies. OneWeb's traction includes launches from Baikonur, Kazakhstan, and partnerships like an MoU with a northern Canada telco and a deal with BT for UK remote areas. Post-investment, launches continued, reaching 358 satellites by October 2021. The funding exceeds needs for global coverage, with potential for next-generation satellites up to 2,000, including medium Earth orbit models. Hanwha aims to leverage the partnership for satellite broadband expansion using its avionics, space, and antenna expertise. |
| Jun 2021 | Strategic investment | Bharti Enterprises (lead) | $500M | - | OneWeb is a UK-headquartered low Earth orbit (LEO) satellite communications company developing a constellation of approximately 650 satellites to provide global broadband connectivity, targeting governments, enterprises, telcos for backhaul, remote installations, aviation, maritime, and eventually consumer ISPs. The company emerged from US Chapter 11 bankruptcy in 2020 after a $1 billion acquisition by the UK government and Bharti Global ($500M each). On June 29, 2021, Bharti Global exercised a call option under the shareholders' agreement to invest an additional $500 million in equity, bringing OneWeb's total post-bankruptcy funding to $2.4 billion with no debt issued. This investment increased Bharti's stake to 38.6%, with the UK government, Eutelsat, and SoftBank each holding 19.3%. The deal was expected to complete in the second half of 2021, subject to regulatory approval, coinciding with preparations for OneWeb's eighth satellite launch on July 1 to enable Arctic coverage down to 50 degrees latitude. Prior to this round, OneWeb had secured investments including $550 million from Eutelsat for a 24% stake in April 2021, $350 million from SoftBank, and $50 million from Hughes Network Systems. The Bharti investment fully funded OneWeb's constellation buildout, supporting commercialization amid successful launch momentum and partnerships like an MoU with BT for hard-to-serve areas. OneWeb positioned itself against competitors like SpaceX's Starlink by focusing initially on enterprise, government, and telco customers rather than direct-to-consumer services. Later developments included additional Series F rounds: $165 million led by Eutelsat, and $300 million led by Hanwha at a $3.4 billion valuation, contributing to total funding of approximately $4.93 billion by October 2021. |
| Apr 2021 | Strategic investment | Eutelsat (lead) | $550M | $2.3B | OneWeb is a low Earth orbit (LEO) satellite constellation provider targeting broadband connectivity for markets including government, cellular backhaul, mobility such as aviation and maritime. On April 27, 2021, Eutelsat invested $550 million in OneWeb, joining the investment consortium alongside the U.K. Government, Bharti Global, and SoftBank, bringing total funding for the first-generation constellation to $1.9 billion, or 80% of the required amount, with $450 million still needed. Eutelsat received approximately 24% equity stake and governance rights similar to major investors, with the deal expected to close in the second half of 2021 pending approvals. OneWeb was progressing operationally, having completed the third launch in its 'Five to 50' program to enable connectivity north of 50 degrees latitude by mid-2021, aiming for global coverage by end-2022 and partial commercial service later in 2021. OneWeb targeted annual revenues of approximately $1 billion in year three or soon thereafter, as stated in the April 2021 announcement. CEO Neil Masterson expressed confidence in securing the remaining funding. Subsequent developments included Eutelsat exercising a call option in October 2021 for $165 million to increase its stake from 17.6% to 22.9%, on the same terms as the initial investment completed in September 2021, making it the second-largest shareholder behind Bharti at 30% after additional investments. OneWeb gained operational traction with a 100% launch success rate, nearly half the constellation in orbit by late 2021, and secured distribution partnerships ahead of partial service entry. |
| Jan 2021 | Undisclosed stage | SoftBank Group (lead); Hughes Network Systems | $400M | - | OneWeb, a low-Earth orbit (LEO) satellite constellation company aimed at providing global broadband internet connectivity, secured a $400 million funding round on January 15, 2021, from SoftBank Group and Hughes Network Systems, with SoftBank taking a director seat on the board. This infusion brought OneWeb's available funding to $1.4 billion, sufficient to support deployment of its first-generation fleet of 648 satellites but short of the full constellation by mid-2022, with chairman Sunil Mittal estimating an additional $1 billion needed. Post-round, OneWeb accelerated satellite launches, deploying its sixth batch of 36 satellites in April 2021, reaching 182 in orbit, followed by a seventh batch in May bringing the total to 218, positioning it as the second-largest LEO fleet behind Starlink. In April 2021, Eutelsat invested £400 million for a 24% equity stake (later adjusted to 19.3% after Bharti increases), becoming a major shareholder alongside the UK Government and Bharti Global, with a total commitment of $550 million closing in H2 2021. OneWeb expanded through acquisitions like TrustComm in May 2021, rebranded as OneWeb Technologies for government distribution. Further funding followed: $500 million from Bharti Global in June 2021, increasing its stake to 38.6%, and $300 million from Hanwha Systems in August 2021 for an 8.8% share, enhancing Asian market presence and satellite tech synergies. By October 2021, 358 satellites were launched, targeting 648 by 2022 for global coverage. |
| Mar 2019 | Undisclosed stage | SoftBank Group (lead); Government of Rwanda; Qualcomm; Grupo Salinas | $1.3B | - | - |
| Dec 2016 | Strategic investment | SoftBank Group (lead) | $1.2B | $2.5B | OneWeb, a startup developing a constellation of low-Earth orbit satellites to provide global broadband internet access, announced a $1.2 billion funding round on December 19, 2016, led by SoftBank with $1 billion, and $200 million from existing investors including Airbus, Bharti Enterprises, Coca-Cola, Hughes, Intelsat, MDA, and Virgin. The post-money valuation reached $2.5 billion, with SoftBank poised to own 40% stake. Funds will support a high-volume satellite production facility in Exploration Park, Florida, producing 15 satellites per week starting in 2018, aiming for network operations by 2019-2022 to connect unconnected schools and bridge the digital divide by 2027. |
| Jun 2015 | Series A | Qualcomm; Totalplay; Intelsat; Bharti Enterprises; Coca-Cola Founders; Hughes; Virgin Group; Airbus | $500M | - | OneWeb, founded by Greg Wyler and based in Britain’s Channel Islands, is developing a constellation of low Earth orbit satellites to provide global broadband internet access, aiming to bridge the digital divide by delivering affordable high-speed connectivity to unconnected regions, schools, and underserved areas. The company plans to deploy satellites in 20 orbital planes at 1,200 km altitude for worldwide coverage, competing with initiatives like SpaceX, Google’s Project Loon, and Facebook’s Internet.org. On June 25-26, 2015, OneWeb raised $500 million from a consortium of investors including Airbus, Bharti Enterprises, Coca-Cola Founders, Hughes, Intelsat, Qualcomm, Totalplay, and Virgin Group to advance development of spacecraft, ground terminals, and the overall system. This funding supported the announcement of the largest commercial rocket procurement in history, including contracts for over 65 launches: 21 Soyuz from Arianespace and 39 from Virgin Galactic’s LauncherOne. The capital positions OneWeb to attract further investment needed for full system deployment, targeting operational reality by 2019. OneWeb's board features prominent figures like Richard Branson (Virgin), Thomas Enders (Airbus), Sunil Mittal (Bharti Enterprises), and Paul Jacobs (Qualcomm), underscoring strong industry backing. The company had previously raised up to $2 billion from similar investors and has commitments from commercial operators in over 50 countries. Subsequent rounds followed, including $550 million from Eutelsat in 2015, $1.25 billion in new capital later, and a $1.2 billion raise led by SoftBank in December 2016 with existing investors. |
Who has invested in OneWeb?
14 investors have backed OneWeb across its funding rounds, including SoftBank Group, Qualcomm, Bharti Enterprises, Virgin Group, Airbus and Hanwha Systems.
Lead investors include Hanwha Systems, Bharti Enterprises, Eutelsat and SoftBank Group.
OneWeb Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Tokyo | 3 | Lead | Dec 2016 | |
 San Jose, CA | 2 | Participant | Jun 2015 | |
 New Delhi | 2 | Lead | Jun 2015 | |
 Kigali | 1 | Participant | Mar 2019 | |
 Seoul | 1 | Lead | Aug 2021 | |
 Mexico | 1 | Participant | Jun 2015 | |
| Washington, DC | 1 | Participant | Jun 2015 | |
| Mexico City | 1 | Participant | Mar 2019 | |
| Milwaukee, WI | 1 | Participant | Jan 2021 | |
| Atlanta, GA | 1 | Participant | Jun 2015 | |
 Paris | 1 | Lead | Apr 2021 | |
| Milwaukee, WI | 1 | Participant | Jun 2015 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by OneWeb
OneWeb has acquired 1 company to date.
Last acquisition by OneWeb was on May 10th 2021. OneWeb acquired TrustComm for $12M.
Latest Acquisitions by OneWeb
| Description | TrustComm is a provider of secure satellite communications solutions for land, sea, and air applications worldwide. Headquartered in Columbia, Maryland, the company delivers COMSATCOM services via its global network compliant with ISO 9001:2015 standards. TrustComm supports U.S. Department of Defense contracts and commercial maritime fleets with encrypted voice and data links. Founded in 2004, it leverages Inmarsat and Intelsat partnerships for reliable coverage. |
| HQ Country | |
| HQ City | Stamford, CT |
| Deal Date | 10 May 2021 |
| Valuation | $12M |
| EV/Revenue | |
| EV/EBITDA | |
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OneWeb Competitors
OneWeb competitors include listed companies like Geovis, SKY Perfect JSAT Corp, Space42 and OHB, and private ones like ICEYE and HyperSat.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Espoo | Private | $289M | $115M | $12B | 40.3x | |
 China | Publicly listed | $399M | $44M | $3.6B | 8.4x | |
| Japan | Publicly listed | $820M | $313M | $3.8B | 4.1x | |
| New York City, NY | Private | - | - | $3B | - | |
 UAE | Publicly listed | $577M | $88M | $2.8B | 3.4x | |
 Germany | Publicly listed | $1.4B | $141M | $4.2B | 2.3x |
OneWeb Public Comps
OneWeb is no longer listed, but its public comps include HFCL, Array Digital Infrastructure, China Comservice, Geovis, SKY Perfect JSAT Corp, DigitalBridge Group, Axiata Group, Huber+Suhner, NetLink NBN and IHS Towers.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $514M | $76M | 6.9x | 5.9x | 46.7x | 31.3x | |||
| $163M | - | 24.4x | 20.1x | - | - | |||
| $22B | $793M | 0.1x | 0.1x | 2.4x | 2.5x | |||
| $399M | $44M | 9.8x | 8.4x | 87.8x | - | |||
| $820M | $313M | 4.2x | 4.1x | 11.1x | 10.2x | |||
| $71M | $30M | 54.5x | 41.4x | 129.6x | - | |||
| $2.9B | $1.5B | 2.8x | 2.8x | 5.4x | 5.7x | |||
| $1.1B | $153M | 3.5x | 3.1x | 24.1x | 20.2x | |||
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Common questions about OneWeb
| When was OneWeb founded? | OneWeb was founded in 2012. |
| Where is OneWeb headquartered? | OneWeb is headquartered in London, United Kingdom. |
| Is OneWeb publicly listed? | No, OneWeb was acquired by Eutelsat in July 2022. |
| Who acquired OneWeb? | OneWeb was acquired by Eutelsat in July 2022. |
| How much was OneWeb acquired for? | OneWeb was acquired for $3.4B in July 2022, a 2.7x revenue multiple. |
| What is OneWeb's valuation? | OneWeb was last valued at $3.4B in its strategic investment round in August 2021. |
| How much funding has OneWeb raised? | OneWeb has raised $4.7B across 7 funding rounds. |
| What was OneWeb's last funding round? | OneWeb's last funding round was a $300M strategic investment round in August 2021, led by Hanwha Systems. |
| Who are OneWeb's investors? | OneWeb's investors include SoftBank Group, Qualcomm, Bharti Enterprises, Government of Rwanda, Hanwha Systems, Totalplay, Intelsat, Grupo Salinas, Hughes Network Systems, Coca-Cola Founders and 4 others. |
| What is OneWeb's revenue? | OneWeb's latest recorded revenue is $322M (December 2016). |
| What is OneWeb's revenue multiple? | OneWeb's latest valuation implies a 7.8x revenue multiple ($2.5B valuation on $322M of revenue). |
| Which companies are comparable to OneWeb? | Companies comparable to OneWeb include ICEYE, Geovis, SKY Perfect JSAT Corp, HyperSat, Space42 and OHB. |
| How many companies has OneWeb acquired? | OneWeb has acquired 1 company, including TrustComm. |
| What was the largest acquisition by OneWeb? | The $12M acquisition of TrustComm in May 2021 is the largest acquisition OneWeb has made to date. |
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