Space sovereignty intelligence provider ICEYE has raised €450 million ($520 million) in a major Series F funding round led by General Atlantic, valuing it at more than €10 billion ($12 billion). Including the secondary placement, the total financing in this round exceeds 1 billion euros ($1.2 billion).
The company operates the world’s largest synthetic aperture radar (SAR) satellite constellation, which it uses to provide continuous monitoring capabilities to detect and respond to changes anywhere on Earth.
Insurers and reinsurers using the ICEYE satellite constellation are able to obtain real-time building-level intelligence during natural disasters such as hurricanes, floods and wildfires.
Other investors participating in the Series F financing include Solidium, Tesi, Varma, Ilmarin, Lifeline Ventures, with Nokia from Finland, Qatar Investment Authority (QIA) and TCV joining the round as a new strategic investor.
Proceeds from this round of financing will be used to expand ICEYE’s global footprint and deepen its intelligence capabilities.
ICEYE said investor interest demonstrates recognition that sovereign and commercial access to space-based intelligence is critical to national security and resilience around the world.
2025 is a busy year for the company, with revenue exceeding €250 million, EBITDA exceeding €100 million, and the contract backlog expanding to more than €1.5 billion.
Supported by a corresponding launch cadence, the company’s production has now doubled from 50 satellites per year now to a target of 100 satellites per year by 2028 and beyond. To date, seven European governments have purchased sovereign satellite systems from ICEYE.
Rafal Modrzewski, co-founder and CEO of ICEYE, said: “The quality of investors who have chosen to back us at this scale reflects our shared belief. Space sovereignty intelligence is entering a new era, and the window to build it is now. ICEYE has built the world’s most advanced, proven capabilities to meet this need. This funding allows us to deliver 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, added: “ICEYE has fundamentally redefined Earth observation. The company has pioneered the shift to a next-generation fleet of agile satellites, delivering greater strategic capabilities at a higher cost-efficiency and today operates the world’s largest and most advanced SAR constellation on a vertically integrated platform.
“Rafal and the team are transforming breakthrough technologies from innovation to large-scale commercial and operational success, and we believe the structural demand for ICEYE intelligence around the world will continue to accelerate. We are proud to support outstanding builders like ICEYE as they push the boundaries of what is possible.”
Justin Hotard, President and CEO of Nokia, said: “Modern defense increasingly relies on combining trusted connectivity with real-time visibility. Nokia and ICEYE bring complementary strengths to help advance Europe’s defence, resilience and technology sovereignty. This combination will become increasingly important as governments and industry look to build critical systems that are more secure, aware and adaptable.”
