OHB Rockets 8.7% on Bundeswehr 'German Starlink' Venture as Asteroid Camera Deal Confirms Dual Trajectory
11.06.2026 - 17:15:46 | boerse-global.de
Shares in the Bremen-based space and defence group surged 8.7% to €400 on Wednesday after OHB and Rheinmetall formally launched a joint venture to bid for what could be Germany's biggest-ever space programme. The newly formed OHB Rheinmetall Space Networks GmbH, registered in Bremen with the go-ahead from the Federal Cartel Office, aims to build a secure satellite communications network for the Bundeswehr in low Earth orbit — a domestic answer to Starlink.
The project, dubbed SATCOMBw, calls for up to 200 satellites and carries an estimated price tag of €10 billion. Under the terms of the partnership, OHB will manufacture the satellites while Rheinmetall handles the ground segment and troop equipment. Airbus has also joined the consortium and agreed to cooperate in the space segment, though the precise scope of that alliance remains under wraps. A final contract award is not expected before early 2027.
While investors cheered the defence tie-up, OHB's Italian arm had already been making headlines at the same ILA Berlin air show. OHB Italia signed a contract to build the HAMLET hyperspectral camera, which will serve as the core instrument for the ESA-JAXA RAMSES mission. The camera is designed to analyse the surface of the asteroid Apophis in the infrared spectrum during its near-Earth flyby in April 2029 — a mission squarely aimed at planetary defence.
Should investors sell immediately? Or is it worth buying OHB SE?
The operational backdrop for both initiatives looks robust. At the end of March, OHB reported a record order backlog of €3.35 billion, the bulk of it in the Space Systems segment. First-quarter total revenue rose 15% year on year, while adjusted EBITDA reached €27.3 million. Net profit nearly tripled to roughly €10 million, and the adjusted operating result jumped 63%.
That momentum has already been priced in to some extent. Even before Wednesday's rally, the stock had more than doubled year to date. The latest surge pushed the 2025 gain to 229%, making OHB one of Germany's best-performing equities this year. Yet the shares remain well below the record high of €688 set in May. The subsequent correction saw the price fall by nearly half, and the stock had been testing its 50-day moving average at €364.49 before the JV announcement provided a fresh catalyst.
The SATCOMBw decision remains the key long-term trigger. With the JV now legally established and antitrust clearance secured, OHB and Rheinmetall must still sway the Bundeswehr. If the contract is awarded as anticipated, it would catapult the Bremen space group into an entirely new league — but investors will have to wait until at least early 2027 for the final verdict.
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