Finnish satellite company ICEYE has announced a Series F funding round exceeding €1 billion ($1.2 billion), as demand for sovereign space-based intelligence continues to grow among governments and defense customers.
The round includes €450 million ($520 million) in primary funding, led by General Atlantic, and a secondary placement that brings the total to more than €1 billion. ICEYE said the transaction values the company at over €10 billion ($12 billion).
The investor group includes Finnish state investment company Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, Nokia, Qatar Investment Authority (QIA), and TCV.
The transaction remains subject to customary closing conditions and regulatory approvals.
Finnish telecommunications and network infrastructure company Nokia, which joined the round as a strategic investor, linked its participation to an identified need for secure connectivity and real-time situational awareness in Europe.
“Nokia and ICEYE bring complementary strengths that can help advance Europe’s defense, resilience and technological sovereignty,” Justin Hotard, President and CEO of Nokia, said. “This combination will become increasingly important as governments and industries look to build more secure, aware and adaptable critical systems.”
Funding for sovereign space systems
ICEYE said the funding will support the expansion of its global footprint, sovereign satellite systems, and data services for government customers.
The Helsinki-headquartered company builds and operates SAR satellites, which can collect imagery at night and through cloud cover, smoke, fog, and poor weather conditions. The capability is used for defense, intelligence, border surveillance, maritime monitoring, and emergency response missions.
ICEYE has increasingly focused on sovereign space-based intelligence, offering governments access to its own constellation as well as dedicated satellite systems that can be operated nationally. The company said seven European governments have procured sovereign satellite systems from ICEYE to date.
In May 2026, ICEYE handed over the four-satellite POLSARIS SAR constellation to Poland, less than 12 months after contract signing. The system gives the Polish Armed Forces an independent radar satellite reconnaissance capability.
The company has also supported Ukraine since 2022. In January 2026, Ukraine expanded its partnership with ICEYE to broaden access to high-resolution SAR imagery for tactical decision-making.
In 2025, ICEYE reported more than €250 million in revenue, over €100 million in EBITDA, and a contracted backlog exceeding €1.5 billion, based on unaudited financial results. The company said it is also increasing satellite production capacity, from 50 satellites per year today to a target of 100 annually by 2028 and beyond.