ICEYE Raises €450 Million in Series F Funding Round

Helsinki, Finland – ICEYE, the world’s leading provi­der of sove­reign intel­li­gence from space, has raised €450 million in a Series F funding round led by Gene­ral Atlan­tic, at a valua­tion of over 10 billion euros. — Other inves­tors include Soli­dium, Tesi, Varma, Ilma­ri­nen, Life­line Ventures, and Nokia from Finland, as well as the Qatar Invest­ment Autho­rity (QIA) and TCV. — Toge­ther with a secon­dary offe­ring, the total fund­rai­sing round exceeds 1 billion euros. 

The breadth of the inves­tor group reflects the reco­gni­tion that sove­reign and commer­cial access to space-based infor­ma­tion is essen­tial to natio­nal secu­rity and resi­li­ence worldwide.

To date, seven govern­ments across Europe have procu­red sove­reign satel­lite systems from ICEYE, making it the leading provi­der of space-based intel­li­gence. The proceeds from this funding round will drive the expan­sion of ICEYE’s global presence and deepen its intel­li­gence capa­bi­li­ties, enab­ling the company to meet growing demand and deli­ver sove­reign intel­li­gence systems and data to govern­ments and custo­mers on a new scale. 

Rafal Modrzew­ski, co-foun­­der and CEO of ICEYE, said: “The cali­ber of the inves­tors who have chosen to support us on this scale reflects a shared convic­tion. Satel­lite intel­li­gence is ente­ring a new era, and now is the time to build it. ICEYE has built the world’s most advan­ced and proven capa­bi­lity to meet this demand. This funding will enable 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 at Gene­ral Atlan­tic, said: “ICEYE has funda­men­tally rede­fi­ned Earth obser­va­tion. The company pionee­red the tran­si­tion to next-gene­ra­­tion agile satel­lite fleets that offer 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 driving ground­brea­king tech­no­lo­gies from inno­va­tion to large-scale commer­cial and opera­tio­nal success, and we are confi­dent that the global struc­tu­ral demand for ICEYE’s data will conti­nue to grow. We are proud to support remar­kable inno­va­tors like ICEYE as they push the boun­da­ries of what is possible.”

Nokia is joining the funding round as a new stra­te­gic inves­tor. Justin Hotard, Presi­dent and CEO of Nokia, said: “Modern defense incre­asingly depends on the combi­na­tion of trus­ted connec­ti­vity and real-time visi­bi­lity. Nokia and ICEYE bring comple­men­tary strengths that can help advance Europe’s defense, resi­li­ence, and tech­no­lo­gi­cal sove­reig­nty. This combi­na­tion is beco­ming incre­asingly important as govern­ments and indus­tries seek to build safer, more aware, and more adap­ta­ble criti­cal systems.”

This Series F round follows a period of signi­fi­cant momen­tum for ICEYE. In 2025, ICEYE simul­ta­neously scaled its growth, profi­ta­bi­lity, and cash generation—exceeding 250 million euros in reve­nue and 100 million euros in EBITDA, while buil­ding a contract back­log of over 1.5 billion euros. Produc­tion is curr­ently doubling, from 50 satel­li­tes per year today to a target of 100 per year by 2028 and beyond, supported by a corre­spon­ding launch cadence. 

Every sove­reign system that uses ICEYE not only streng­thens the nation that opera­tes it, but also a broa­der intel­li­gence network. ICEYE recently deli­vered a fully opera­tio­nal sove­reign space system to the Polish Armed Forces—one of the fastest sove­reign space deploy­ments in history, taking just 12 months from contract signing to opera­tio­nal readi­ness. This model is now being repli­ca­ted across Europe, the Middle East, and Asia, and the pace is accelerating. 

The tran­sac­tion is subject to the usual closing condi­ti­ons and regu­la­tory approvals.

About ICEYE

ICEYE is the worl­d’s leading provi­der of sove­reign intel­li­gence from space. We offer conti­nuous moni­to­ring capa­bi­li­ties to detect and respond to chan­ges anywhere on Earth. 

ICEYE opera­tes the world’s largest and most advan­ced SAR (Synthe­tic Aper­ture Radar) satel­lite constel­la­tion. We provide our custo­mers with infor­ma­tion of unmat­ched quality, latency, and repea­ta­bi­lity in all weather condi­ti­ons, day and night. For govern­ments that choose to operate their own constel­la­tion, we provide this proven capa­bi­lity as a sove­reign system. Constel­la­ti­ons built by ICEYE serve custo­mers in the fields of defense and intel­li­gence, envi­ron­men­tal moni­to­ring, insu­rance, and emer­gency manage­ment. We enable rapid decis­­ion-making that contri­bu­tes to a safer future. 

Origi­nally a Euro­pean company, foun­ded in Finland. ICEYE opera­tes world­wide with over 1,000 employees. — iceye.com/joinus

About Gene­ral Atlantic

Gene­ral Atlan­tic is a leading global inves­tor with more than four and a half deca­des of expe­ri­ence provi­ding capi­tal and stra­te­gic support to over 885 compa­nies throug­hout its history. Foun­ded in 1980, Gene­ral Atlan­tic remains a commit­ted part­ner to visio­nary foun­ders and inves­tors who seek to build dyna­mic compa­nies and create long-term value. Guided by the belief that entre­pre­neurs can be incre­di­ble agents of trans­for­ma­tive change, the firm combi­nes a colla­bo­ra­tive global approach, indus­­try-speci­­fic exper­tise, a long-term invest­ment hori­zon, and a deep under­stan­ding of growth drivers to colla­bo­rate with and scale inno­va­tive compa­nies around the world. The firm lever­a­ges its pati­ent capi­tal, opera­tio­nal exper­tise, and global plat­form to support a diver­si­fied invest­ment port­fo­lio that encom­pas­ses growth equity, credit, the energy tran­si­tion, and sustainable infra­struc­ture stra­te­gies. As of March 31, 2026, Gene­ral Atlan­tic had appro­xi­m­ately $126 billion in assets under manage­ment across all stra­te­gies, with more than 900 profes­sio­nals in 20 count­ries across five regi­ons. — www.generalatlantic.com.