Iceye’s valuation has jumped to 10 billion euro ($12 billion) after a new funding round on Tuesday, led by General Atlantic.
Iceye raised 450 million euro ($520 million) in a primary Series F funding round. The funding also included a secondary placement, for a total of 1 billion euro.
This is the second funding round in just six months for the Finnish satellite company, which builds and operates synthetic aperture radar (SAR) satellites. Iceye previously raised 150 million euro in December at a 2.4 billion euro valuation.
Iceye positioned the raise on the strength of its sovereign deals. It has sold satellites to a number of European nations including the Swedish Armed Forces, Polish Armed Forces, Portuguese Air Force, Royal Netherlands Air Force, Greek National Space Program, and Finnish Defence Forces.
“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,” CEO Rafal Modrzewski commented.
The company plans to use the funds to grow its global footprint and deepen its intelligence capabilities. Iceye reports it reached 250 million euro ($289 million) in revenue in 2025. Its current production capabilities can produce 50 satellites a year, with a target to reach 100 by 2028.
Other investors included Finnish sovereign wealth fund Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, Qatar Investment Authority (QIA) and TCV.
Telecommunications company Nokia, which is headquartered in Finland, also joined the round as a new strategic investor. Nokia President and Justin Hotard noted the companies have strengths that can “advance Europe’s defense, resilience and technological sovereignty.”
