ICEYE raises €450 million at a valuation above €10 billion to expand radar satellites

ICEYE, a Finnish synthetic-aperture radar (SAR) satellite company, announced a €450 million primary Series F funding round on June 9, 2026 at a valuation of over €10 billion. The round was led by General Atlantic, with a secondary placement lifting the total package beyond €1 billion.

The raise reflects intensifying government and defense demand for Earth-observation data that does not depend on clear skies. ICEYE's SAR satellites image the planet through clouds and darkness in near real time, a capability optical satellites lack and one that has grown more valuable as militaries and intelligence agencies seek persistent, all-weather surveillance.

The investor list reads as a mix of strategic and sovereign capital: alongside General Atlantic, the round drew Finland's state investment company Solidium, Tesi, pension funds Varma and Ilmarinen, Lifeline Ventures, Nokia — joining as a new strategic investor — the Qatar Investment Authority and TCV, the company said. ICEYE said the proceeds will expand its global footprint and deepen its intelligence capabilities for governments and customers.

ICEYE pointed to its traction with governments: seven governments across Europe have procured sovereign satellite systems from the company to date, and it recently delivered a fully operational sovereign system to the Polish Armed Forces in under 12 months. On unaudited 2025 results, ICEYE said it crossed €250 million in revenue and €100 million in EBITDA with a contracted backlog above €1.5 billion, and that production is doubling from 50 satellites a year toward a target of 100 annually by 2028.

The valuation places ICEYE among Europe's more highly valued private space companies, in a defense-tech funding environment that has expanded sharply as governments rearm. The transaction is subject to customary closing conditions and regulatory approvals. Where the constellation goes next — how quickly the fresh capital adds satellites — will determine whether ICEYE can convert that demand into durable government contracts.