# Who are Thales's customers? Who does Thales earn revenue from?
Canonical: https://valuechain.wiki/thales · Facet: customers · Updated: 2026-07-12T04:14:15.994+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Thales's confirmed revenue counterparties include Iridium Communications, SES S.A., Boeing plus 3 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 6 revenue edges, backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).

### Iridium Communications (high)  → /iridium.md
- metric: Count 81기 · 2017~2019 배치 · Iridium NEXT prime contract
- note: Its satellite arm Thales Alenia Space was system prime contractor for Iridium's NEXT constellation of 81 LEO communications satellites (66 operational plus 15 spares), deployed 2017-2019.
- [confirms] Thales Alenia Space (EN, ir, published 2018-07-25) https://www.thalesaleniaspace.com/en/press-releases/iridium-next-constellation-66-operational-satellites-will-make-history: "Thales Alenia Space, the system prime contractor for Iridium NEXT, is in charge of engineering, integration and in-orbit validation of all 81 Iridium NEXT satellites (66 operational plus 15 spares)."

### Leonardo (high)  → /leonardo.md
- metric: Market share 33% · 현재 · Thales Alenia Space stake
- note: Leonardo forms the Space Alliance with Thales, co-owning Thales Alenia Space (Leonardo 33%) and Telespazio (Leonardo 67%), and combines space assets with Thales under Project Bromo.
- [confirms] Telespazio (EN, ir, published 2026-07-05) https://www.telespazio.com/en/company/profile: "Telespazio is a joint venture owned 67% by Leonardo and 33% by Thales."

### French State (high)
- metric: Market share 26.06% · 2025-11 · ordinary shares
- note: The French State is the largest shareholder with about 26% (26.06%), with Dassault Aviation at 26.05% forming a joint governance.
- [confirms] Atalayar (EN, news, published 2025-11-17) https://www.atalayar.com/en/articulo/new-technologies-innovation/thales-frances-technological-giant-in-defence-aerospace-and-cybersecurity/20251117100919220485.html: "The French State is Thales' main shareholder with a 26.06% stake, almost on a par with Dassault Aviation's 26.05%."

### SES S.A. (high)  → /ses.md
- metric: Count 20기 · 2013~2019 발사 · O3b first generation build
- note: Thales Alenia Space built SES's first-generation O3b MEO constellation of 20 satellites as prime contractor (launched 2013-2019). The next-generation O3b mPOWER is built by Boeing.
- [confirms] Thales Alenia Space (EN, ir, published 2019-05-06) https://www.thalesaleniaspace.com/en/news/thales-alenia-space-satellite-2019: "The O3b satellites were built by Thales Alenia Space as prime contractor for SES; the O3b constellation now counts 20 satellites in MEO."

### French government (Ministry of Armed Forces) (high)
- note: The French government and Ministry of Armed Forces are the largest customer of the Defence segment (€12,234M in 2025). The precise government share of revenue is not disclosed.
- [confirms] Thales (EN, filing, published 2026-03-03) https://www.thalesgroup.com/sites/default/files/2026-03/Thales%20_-_FY_2025_-_Slideshow_-%20_03_March_2026_1.pdf: "2025 Defence sales of €12,234M with record defence order intake of €15,128M, driven by French and European government demand."

### European governments (high)
- note: European governments are buyers of air defence, radar and avionics. In 2025 the SAMP/T NG air defence system won its first export with the Danish MoD, with Thales supplying over 50% of the system.
- [confirms] Thales (EN, filing, published 2026-03-03) https://www.thalesgroup.com/sites/default/files/2026-03/Thales%20_-_FY_2025_-_Slideshow_-%20_03_March_2026_1.pdf: "The SAMP/T NG air defence system was selected by the Danish MoD in 2025 (first export). Thales supplies over 50% of the system (GroundFire 300 radar, C2) and about 10% of the missile (Aster 30 B1NT seekers)."

### 에어버스 (mid)  → /airbus.md
- metric: Ownership stake 35% · MOU 2025-10-23 · Airbus's intended stake in the merged satellite JV (not yet closed)
- note: On October 23, 2025 Airbus signed an MOU (code-named Project Bromo) to merge its satellite business with Thales and Leonardo. Modelled on MBDA and headquartered in Toulouse, the combined group would hold ~25,000 staff and ~€6.5B annual revenue, owned 35% Airbus / 32.5% Leonardo / 32.5% Thales. On June 24, 2026 the CEOs pressed the European Commission to approve it, but the parties have not yet formally filed and a decision is not expected before H2 2027 (status: not yet closed).
- [confirms] SpaceNews (EN, news, published 2025-10-23) https://spacenews.com/airbus-leonardo-and-thales-agree-to-combine-space-businesses/: "Airbus, Leonardo and Thales jointly announced October 23 that they had signed a memorandum of understanding (MOU) to create a joint venture that will merge many of their space activities into a single company."

### Boeing (mid)  → /boeing.md
- note: Thales also supplies avionics and in-flight systems (such as IFE) to Boeing aircraft.
- [mentions] AeroTime (EN, news, published 2026-03-03) https://www.aerotime.aero/articles/thales-2025-results-defense-avionics-sales-22b: "The avionics business grew across civil and military domains, with Thales supplying avionics to major airframers including Airbus and Boeing."

### Airbus (mid)  → /airbus.md
- note: Thales supplies avionics to Airbus commercial and military aircraft.
- [mentions] AeroTime (EN, news, published 2026-03-03) https://www.aerotime.aero/articles/thales-2025-results-defense-avionics-sales-22b: "2025 Aerospace sales of €5,910M with double-digit avionics growth; avionics is supplied to airframers including Airbus."

Reverse side: https://valuechain.wiki/thales/suppliers.md · Ripple: https://valuechain.wiki/thales/ripple.md

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