Satellite communications have entered the NewSpace age, where a tech-investment boom and the emergence of massive non-geostationary constellations are likely to reshuffle the cards between established players and deep-pocketed new entrants. In this report, we review market opportunities in the sector, as well as technological disruptions and the challenges facing incumbents, while extending our coverage to initiate SES and Eutelsat. We initiate Eutelsat with a Sell recommendation, with the acquisition of OneWeb heavily weighing on financials and the risk profile. We initiate SES with a Neutral recommendation: rising LEO initiatives are adding new and credible competition to SES’s low-latency MEO constellation. While expectations from C-band proceeds cannot be ignored in the share price, capital allocation remains uncertain in a context of growing competitive threats.