Finland’s ICEYE raises €450 million in landmark round for Europe’s dual-use SpaceTech sector

Espoo-based ICEYE, an innovator in sovereign intelligence from space, has raised €450 million in a primary Series F funding round to meet growing demand for space-based intelligence, defence and resilience solutions – valuing the company at over €10 billion.

The round was led by General Atlantic. Additional investors include Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, as well as Nokia, Qatar Investment Authority (QIA) and TCV. Together with a secondary placement, the total Series F funding round exceeds €1 billion.

Rafal Modrzewski, co-founder and CEO of ICEYE, says: “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.”

Justin Hotard, President and CEO of Nokia, adds: “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.”

Founded in 2014, ICEYE is one of the most significant Finnish DeepTech and dual-use companies. A fast-growing global business, ICEYE manufactures and operates small SAR satellites capable of imaging the Earth through cloud cover, day or night.

According to the company, seven governments to date across Europe have procured sovereign satellite systems from ICEYE, making it the leading provider of space-based intelligence.

Today’s Series F follows a period of significant momentum for ICEYE. In 2025, ICEYE scaled growth, profitability, and cash generation simultaneously – crossing over €250 million in revenue, and over €100 million in EBITDA, while building a contracted backlog of over €1.5 billion.

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.

ICEYE also recently delivered a fully operational sovereign space system to the Polish Armed Forces, from contract signing to operational capability in 12 months, reportedly among the fastest sovereign space deployments in history.

Sascha Günther, Managing Director, Head of DACH, and Co-Head of EMEA Technology at General Atlantic, says: “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.”