Satellites backed by the British taxpayer could be used to replace Elon Musk’s Starlink in Ukraine as the United States withdraws its military support for the country.

OneWeb, the London-based subsidiary of French satellite company Eutelsat, said it was ready to “swiftly deploy” equipment to Ukraine.

Shares in Eutelsat, which is 10pc owned by the UK taxpayer, have risen by 200pc since Friday, on the prospect that the system may replace Starlink, owned by Mr Musk’s SpaceX.

Starlink’s satellite internet system has been a lifeline for Ukrainian soldiers and drone pilots but has been financed partly by the US Department of Defence. Around half of the 42,000 Starlink terminals in Ukraine are paid for by Poland.

A Eutelsat spokesman said the company was already operating in Ukraine and that OneWeb could provide an “alternative”.

“We are actively collaborating with European institutions and business partners to enable the swift deployment of additional user terminals for critical missions and infrastructure,” the company said.

“Our LEO (low Earth orbit) services are already deployed in Ukraine, supporting government and institutional communications. OneWeb solutions can provide an alternative for certain government and defence applications.”

OneWeb was rescued by the UK government in 2020 in a £400m deal championed by Dominic Cummings, former adviser to then prime minister Boris Johnson, but was sold to Eutelsat in 2023, leaving the taxpayer with a small stake in the combined company.

The stake’s value had dwindled to around €65m (£54m) but after the recent share surge is now worth around €170m. OneWeb remains headquartered in the UK under the terms of the sale.