ICEYE announced a Series F financing exceeding €1 billion, including a €450 million primary round led by General Atlantic, valuing the space intelligence company at more than €10 billion. The financing underscores growing demand for sovereign space-based intelligence capabilities among governments and commercial customers worldwide.
Additional investors participating in the round include Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, Nokia, Qatar Investment Authority and TCV. The proceeds will support the expansion of ICEYE’s global operations and further enhance its intelligence capabilities as the company scales production and delivers sovereign satellite systems to governments.
To date, seven European governments have procured sovereign satellite systems from ICEYE, establishing the company as a leader in space-based intelligence. In 2025, ICEYE surpassed €250 million in revenue and generated more than €100 million in EBITDA while building a contracted backlog exceeding €1.5 billion. The company plans to double satellite production from 50 satellites annually today to 100 satellites per year by 2028.
ICEYE recently delivered a fully operational sovereign space system to the Polish Armed Forces within 12 months of contract signing, one of the fastest sovereign space deployments on record. The company said the model is now being replicated across Europe, the Middle East, and Asia.
The transaction remains subject to customary closing conditions and regulatory approvals.
KEY QUOTES:
“The quality of investors who have chosen to back us at this scale reflects a shared belief. Sovereign intelligence from space is entering a new era and the window to build it is now. ICEYE has built the world’s most advanced, proven capability to meet that demand. This funding enables us to accelerate the delivery of new capabilities to governments and customers faster than ever before.”
Rafal Modrzewski, Co-Founder and CEO of ICEYE
“ICEYE has fundamentally redefined Earth observation. The company pioneered the shift to next-generation, agile satellite fleets that deliver greater strategic capability with far greater cost efficiency and today operates the world’s largest and most advanced SAR constellation on a vertically integrated platform. Rafal and the team are taking breakthrough technology from innovation to commercial and operational success at scale, and we believe global structural demand for ICEYE’s intelligence will continue to accelerate. We are proud to back remarkable builders like ICEYE as they push the boundaries of what’s possible.”
Sascha Günther, Managing Director, Head of DACH, and Co-Head of EMEA Technology at General Atlantic
“Modern defense increasingly depends on combining trusted connectivity with real-time visibility. Nokia and ICEYE bring complementary strengths that can help advance Europe’s defense, resilience and technological sovereignty. This combination will become increasingly important as governments and industries look to build more secure, aware and adaptable critical systems.”
Justin Hotard, President and CEO of Nokia
