Finnish synthetic aperture radar (SAR) satellite operator ICEYE has secured more than 1 billion euros ($1.1 billion) in new financing.
Led by General Atlantic, the funding round values the company at over 10 billion euros ($11.5 billion).
Participants include Nokia and the Qatar Investment Authority.
Funding will support expanded satellite production, intelligence services, and space-based surveillance programs.
ICEYE aims to double annual output from 50 to 100 satellites by 2028 as governments increasingly invest in sovereign intelligence capabilities and independent access to satellite imagery for defense and security missions.
The company’s revenue exceeded 250 million euros ($289 million) in 2025, while operating earnings peaked at 100 million euros ($115 million).
“ICEYE has fundamentally redefined Earth observation,” stated Sascha Günther, Managing Director, Head of DACH, and Co-Head of EMEA Technology at General Atlantic.
“The company pioneered the shift to next-generation, agile satellite fleets that deliver greater strategic capability with far greater cost efficiency – and today operates the world’s largest and most advanced SAR constellation on a vertically integrated platform.”
Recent Defense Programs
The funding follows a series of defense contracts, sovereign satellite programs, and constellation expansion efforts that have strengthened ICEYE’s position in the growing market for space-based intelligence.
In May, Poland received the MikroSAR satellite reconnaissance system under a 200-million-euro ($ 231-million) agreement.
The program combines ICEYE’s space segment with ground infrastructure supplied by the Polish defense company Wojskowe Zakłady Łączności.
Cooperation with Ukraine also expanded this year.
A January agreement with Kyiv’s Ministry of Defence increased Ukrainian access to high-resolution SAR imagery, supporting battlefield awareness and intelligence gathering for military operations.
In the same month, ICEYE and California-based Planet Labs signed a multi-year agreement to provide a combined SAR and electro-optical satellite capability for Sweden.
