ICEYE Raises €450M Series F at €10 Billion Valuation

ICEYE has raised €450 million in a Series F funding round led by General Atlantic, valuing the company at more than €10 billion. Including a concurrent secondary share sale, the total financing exceeds €1 billion.

The round attracted a mix of financial and strategic investors, including Solidium Oy, Tesi, Varma, Ilmarinen, Lifeline Ventures, Nokia, Qatar Investment Authority (QIA), and TCV.

ICEYE specializes in synthetic aperture radar (SAR) satellites and has supplied sovereign satellite systems to seven European governments to date.

The company said the new capital will be used to expand its global presence, increase production capacity, and further develop its intelligence offerings for government and commercial customers.

CEO and co-founder Rafal Modrzewski said the funding reflects growing demand for sovereign intelligence from space and will allow ICEYE to accelerate the deployment of new capabilities.

General Atlantic's Sascha Guenther highlighted the company's position in Earth observation and noted the increasing global demand for satellite-based intelligence services.

Nokia joined the round as a new strategic investor. CEO Justin Hotard said the partnership brings together secure communications and real-time Earth observation capabilities, which are becoming increasingly important for defense, resilience, and critical infrastructure applications.

The funding follows a year of significant growth for ICEYE. In 2025, the company reported more than €250 million in revenue and over €100 million in EBITDA, while building a contracted backlog exceeding €1.5 billion.

ICEYE also plans to double satellite production from 50 spacecraft annually today to 100 per year by 2028.

Image Credits: ICEYE