European Satellite Operators: FCC reveals the upper C-band numbers: $5.6bn for SES, $504m for Eutelsat

Research evidence excerpt

European Satellite Operators: FCC reveals the upper C-band numbers: $5.6bn for SES, $504m for Eutelsat

28 July 2026

European Telecom Services

European Satellite Operators: FCC reveals the upper C-band

numbers: $5.6bn for SES, $504m for EutelsatMIDCAPS

The FCC adopted its Report and Order on the upper C-band (FCC 26-46) on 24 July, confirming Aleksander Peterc

+33 1 57 29 45 25 the reallocation of 160 MHz (3.98-4.16 GHz) for a flexible-use auction to be completed by

aleksander.peterc@bernsteinsg.com 4 July 2027. The order disclosed the previously redacted incentive payments for satellite

operators, awarding $5.6bn to SES (89% of the industry pool) and $504m to Eutelsat (8%),

with payments linked to transition milestones in December 2030 and June 2031. In this note,

we assess the ruling against our prior expectations and quantify the valuation implications for

SES and Eutelsat.

Band size and timetable broadly as expected. The confirmed 160 MHz auction and

transition deadlines are closely aligned with the central scenario we outlined ahead of the

decision. The main new information is therefore not the spectrum or timetable, but the

publication of the incentive-payment amounts, which had remained redacted until the final

order was released.

The FCC award is slightly better than expected for SES on quantum, but the PT impact

is modestly negative once timing is considered. SES’s $5.6bn award is around 15%

above the value implied by the Intelsat CVR price we used as a proxy in our previous valuation

work. However, the FCC has now specified a 2030-31 payment schedule, allowing us to

calculate an explicit NPV at our 30 June 2027 valuation horizon. Incorporating the confirmed

payment timeline reduces the value of the windfall in our DCF framework, resulting in a PT