Helsinki, Finland. ICEYE, the world leader in sovereign intelligence from space, has raised EUR 450 million (USD 520 million) in a primary Series F funding round led by General Atlantic, at a valuation of over EUR 10 billion (USD 12 billion).
Additional investors include Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, as well as Nokia, from Finland, Qatar Investment Authority (QIA) and TCV. Together with a secondary placement, the total Series F funding round exceeds EUR 1 billion.
The breadth of the investor group signals recognition that sovereign and commercial access to space-based intelligence is essential to national security and resilience worldwide.
Seven governments to date across Europe have procured sovereign satellite systems from ICEYE, making it the leading provider of space-based intelligence. Proceeds from the funding round will drive the expansion of ICEYE’s global footprint and deepen its intelligence capabilities, positioning the company to meet growing demand and deliver sovereign intelligence systems and data to governments and customers at a new scale.
Rafal Modrzewski, Co-Founder and CEO of 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 at General Atlantic, said, “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.”
Nokia joins the funding round as a new strategic investor. 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.”
This Series F follows a period of significant momentum for ICEYE. In 2025, ICEYE scaled growth, profitability, and cash generation simultaneously – crossing over EUR 250 million in revenue, and over EUR 100 million in EBITDA, while building a contracted backlog of over EUR 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.
Every sovereign system ICEYE deploys strengthens not only the nation that operates it but a broader network of intelligence. ICEYE recently delivered a fully operational sovereign space system to the Polish Armed Forces, from contract signing to operational capability in 12 months, among the fastest sovereign space deployments in history. The model is now being replicated across Europe, the Middle East and Asia, and the pace is accelerating.
The transaction is subject to customary closing conditions and regulatory approvals.
