One and a half years following the European Commission's announcement in December 2024 regarding the development of the Iris2 communication satellite system, negotiations for what is widely seen as the EU's answer to 'Starlink' have reached a successful conclusion. On August 7, 2026 (local time), the European Commission inked an implementation pact with the SpaceRISE consortium, which will be tasked with the system's design and operational management. In a departure from the initial blueprint, an extra 66 low-Earth orbit satellites have been incorporated, expanding the primary constellation to a total of 348 satellites. This includes 330 satellites in low-Earth orbit and 18 in medium-Earth orbit. The financial outlay for the project has escalated to €15.6 billion, with funding sourced from the European Commission, the European Space Agency, and private investors. The overarching goal of this system is to bolster the autonomy and security of the EU's communication infrastructure, with service provision anticipated to commence in the early days of 2030.