AdvertisementAdvertisementBusiness07 Aug 2026 04:52PM (Updated: 07 Aug 2026 04:54PM) Bookmark Bookmark WhatsApp Telegram Facebook Twitter Email LinkedInAdd CNA as a trusted source to help Google better understand and surface our content in search results.Read a summary of this article on FAST.Get bite-sized news via a newcards interface. Give it a try.Click here to return to FAST Tap here to return to FASTFAST Aug 7 : Spanish defence company Indra said on Friday its majority-owned satellite operator Hispasat was named prime contractor for antennas, control systems and ground links in the European Union's IRIS2 secure satellite network, with a budget of over €1.6 billion ($1.74 billion).The operator, 89.68 per cent owned by Indra, will also lead a Low Earth Orbit layer for direct-to-device and Internet of Things connectivity, with up to €600 million committed.KEY DETAILS• The award comes after talks between the European Commission, European Space Agency and SpaceRISE, a consortium formed of Eutelsat, SES, and Hispasat.Show MoreShow Less• The IRIS2 constellation is set to enter service in 2030, with total investment at €15.6 billion, including €4 billion from SpaceRISE.• Hispasat's role in the IRIS2 network adds to Indra's gain from surging European military spending in Europe, with EU outlays projected to rise to €454 billion in 2026 from €418 billion last year.Source: ReutersNewsletterWeek in ReviewSubscribe to our Chief Editor’s Week in ReviewOur chief editor shares analysis and picks of the week's biggest news every Saturday.Sign up for our newslettersGet our pick of top stories and thought-provoking articles in your inboxSubscribe hereGet the CNA appStay updated with notifications for breaking news and our best storiesDownload hereGet WhatsApp alertsJoin our channel for the top reads for the day on your preferred chat appJoin hereAlso worth readingContent is loading...Expand to read the full storyGet bite-sized news via a newcards interface. Give it a try.Click here to return to FAST Tap here to return to FASTFAST