Core Viewpoint - Airbus, Leonardo, and Thales are forming a joint venture to create a leading European player in the space industry, aiming to compete with SpaceX's Starlink and enhance Europe's technological sovereignty [1][6][13] Company and Industry Summary - The joint venture will develop a comprehensive portfolio of technologies and services, excluding space launchers [2] - The new entity is projected to generate mid-triple-digit million euros in annual synergies within five years and will employ 25,000 people across Europe [3] - Airbus will hold a 35% stake, contributing its Space Systems and Space Digital businesses, while Leonardo and Thales will each hold 32.5% [4] - Leonardo will contribute its entire Space division, including stakes in Telespazio and Thales Alenia Space, while Thales will add its stake in Thales Alenia Space and its Thales SESO operation [5] - The joint venture is seen as a pivotal milestone for Europe's space industry, allowing for a stronger and more competitive presence in the global market [6] - The initiative is part of a broader European effort to establish a domestic alternative to Starlink, which currently dominates the satellite broadband sector [7][11] - French President Emmanuel Macron has supported the idea of a European satellite champion, emphasizing the importance of space in international power dynamics [9] - The joint venture is viewed as a significant step towards re-establishing Europe's space industry as a global force, addressing previous fragmentation among smaller companies [13]