Additional investors include Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures and Nokia from Finland, as well as Qatar Investment Authority and TCV. Together with a secondary placement, the total Series F funding round exceeds €1 billion.
ICEYE said the breadth of the investor group reflects recognition that sovereign and commercial access to space-based intelligence is becoming essential to national security and resilience worldwide. The company describes itself as the world leader in sovereign intelligence from space.
Seven governments across Europe have so far procured sovereign satellite systems from ICEYE. The company said this makes it a leading provider of space-based intelligence.
Proceeds from the funding round will be used to expand ICEYE’s global footprint and deepen its intelligence capabilities. The company said the investment will help it meet growing demand and deliver sovereign intelligence systems and data to governments and customers at a new scale.
“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,” said Rafal Modrzewski, Co-Founder and CEO of ICEYE.
General Atlantic said ICEYE had changed the Earth observation market through agile satellite fleets and a vertically integrated platform. The company said ICEYE operates the world’s largest and most advanced synthetic aperture radar constellation.
“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,” said Sascha Günther, Managing Director, Head of DACH, and Co-Head of EMEA Technology at General Atlantic.
Nokia joined the round as a new strategic investor. The company said the combination of trusted connectivity and real-time visibility is becoming increasingly important for modern defence.
“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,” said Justin Hotard, President and CEO of Nokia.
ICEYE said the funding follows a period of significant momentum. In 2025, the company crossed more than €250 million in revenue and more than €100 million in EBITDA, while building a contracted backlog of more than €1.5 billion.
Production is now set to double from 50 satellites per year today to a target of 100 annually by 2028 and beyond. ICEYE said this will be supported by a matching launch cadence.
The company said every sovereign system it deploys strengthens both the nation operating it and a wider intelligence network. ICEYE recently delivered a fully operational sovereign space system to the Polish Armed Forces within 12 months from contract signing to operational capability.
ICEYE said that deployment was among the fastest sovereign space deployments in history. The company said the model is now being replicated across Europe, the Middle East and Asia, with the pace accelerating.
