Airbus SE has engaged Goldman Sachs to explore the creation of a new European space and satellite company aimed at competing with Elon Musk’s SpaceX.

The initiative involves collaboration with French aerospace firm Thales and Italy’s Leonardo SpA, currently in the exploratory phase without a finalized service portfolio.

Leonardo has also enlisted Bank of America for this venture, known as Project Bromo.

This move signifies a serious step toward consolidating resources in Europe’s aerospace sector.

The urgency to compete with SpaceX has intensified, especially following recent political developments.