The European Union has committed $6.2 billion to the project, which will involve 290 satellites across different orbits. Private satellite companies in Europe will pick up the rest of the tab.

The EU's flagship satellite constellation project officially took off Monday, as the bloc signed a concession contract with a European consortium to develop a secure space-based communication system.

The European Union is committing to build a EUR10.6 billion (approx. US$11.13 billion) constellation of satellites that will provide the bloc with encrypted global internet connectivity in a bid to provide a homegrown alternative to Elon Musk's Starlink.