Shares of Hungarian telecommunications company 4iG Nyrt. reached their highest point in over two years following a meeting between its chairman, Gellért Jaszai, and billionaire Elon Musk, Bloomberg reports.
The meeting, which also included Hungarian Foreign Minister Péter Szijjártó and Prime Minister Viktor Orbán, has ignited speculation about future collaborations between 4iG and Musk’s companies.
The meeting, details of which were released in a company statement Tuesday, saw discussions focusing on 4iG’s satellite program, HUSAT, as well as potential partnerships in artificial intelligence and broader Hungarian-American technological cooperation. The statement described the meeting as exploring “prospects for artificial intelligence development, as well as opportunities for enhanced Hungarian–American cooperation in commercial and technological fields.”
The news sent 4iG’s stock price surging. Shares jumped as much as 9.1%, reaching their highest level since August 2022, before settling at a 7.4% increase, closing at 870 forint ($2.21 USD). This values the company at approximately 262 billion forint ($670 million USD).
4iG, a company that has rapidly expanded with the backing of state contracts, subsidized bonds, and loans, has become a significant player in the Hungarian tech landscape. Prime Minister Orbán has publicly lauded the company as a “national champion.” Its recent ventures include a joint defense venture with Germany’s Rheinmetall AG and expansion into satellite and drone manufacturing.
Jaszai described the meeting with Musk as “the first important step” in a potentially fruitful partnership. The HUSAT program, unveiled in November, aims to deploy a geostationary telecommunication satellite and eight low Earth orbit observation satellites by 2032.
