ICEYE, a provider of sovereign intelligence from space, has raised €450 million (USD 520 million) in a primary Series F funding round led by General Atlantic, at a valuation of more than €10 billion (USD 12 billion). Combined with a secondary placement, the total raised from this funding round exceeded €1 billion (USD 1.2 billion).
The company owns the world’s largest synthetic aperture radar (SAR) satellite constellation, which it leverages to deliver continuous monitoring capabilities to detect and respond to changes in any location on Earth.
Insurers and reinsurers that use ICEYE’s satellite constellation are able to access real-time, building-level intelligence during natural disasters such as hurricanes, floods, and wildfires.
Other participating investors in the Series F funding round include Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, as well as Nokia, who joins the funding round as a new strategic investor from Finland, Qatar Investment Authority (QIA), and TCV.
Proceeds from this funding round will be used to expand ICEYE’s global footprint and deepen its intelligence capabilities.
ICEYE said that investor interest signals recognition that sovereign and commercial access to space-based intelligence is essential to national security and resilience globally.
2025 was a busy year for the company, with revenue exceeding €250 million, and over €100 million EBITDA, while the contracted backlog expanded to more than €1.5 billion.
The company’s production is now doubling, from 50 satellites per year today to a target of 100 annually by 2028 and beyond, supported by a matching launch cadence. To date, seven European governments have procured sovereign satellite systems from ICEYE.
Rafal Modrzewski, Co-Founder and Chief Executive Officer, ICEYE, said, “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.”
Sascha Günther, Managing Director, Head of DACH, and Co-Head of EMEA Technology, General Atlantic, added, “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.”
Justin Hotard, President and CEO of Nokia, said, “Modern defence increasingly depends on combining trusted connectivity with real-time visibility. Nokia and ICEYE bring complementary strengths that can help advance Europe’s defence, resilience and technological sovereignty. This combination will become increasingly important as governments and industries look to build more secure, aware and adaptable critical systems.”
