By Gianluca Lo Nostro and Michal Aleksandrowicz (Reuters) -Shares in Eutelsat surged more than 60% on Tuesday, extending their gains after rising 68% a day before, as recent geopolitical developments raised the prospect of OneWeb satellites replacing Elon Musk's Starlink in Ukraine.

French satellite communications operator Eutelsat is in talks with European governments about expanding its services in Ukraine. The company could become an alternative to Starlink, the Financial Times reports.

Shares in Eutelsat surged as much as 123% to 4.50 euro before settling at a 70% gain, driven by investor confidence that European leaders will increase military support for Ukraine.

Shares in Eutelsat surged more than 120% early on Tuesday, extending gains after rising 68% on Monday, as investors bet on OneWeb satellites to be the European alternative to Starlink in Ukraine.

Eutelsat, the owner of OneWeb, a rival to Starlink, said on Tuesday that it was “actively collaborating with European institutions and business partners”, adding that it had equipment that could be “deployed swiftly in Ukraine to connect the most critical missions and infrastructures”.

Franco-British satellite operator Eutelsat is committed to delivering services to strengthen Europe's autonomy in space-based connectivity as it continues to supply internet access to war-torn Ukraine,

Franco-British satellite operator Eutelsat said on Monday it was committed to boosting Europe's autonomy in space-based connectivity and supplying internet access to war-torn Ukraine.