The company announced a €450 million primary funding round today led by General Atlantic. Combined with a secondary share sale, the transaction exceeded €1 billion. Investors include Solidium, Tesi, Varma, Ilmarinen, Nokia, Lifeline Ventures, Qatar Investment Authority, and TCV.
According to Tesi, the round values Iceye at €10.5 billion, making it Finland's third decacorn after Supercell and Oura. Tesi described the transaction as one of the largest growth funding rounds ever completed by a Finnish company.
The valuation reflects growing demand for technologies that give governments direct access to intelligence and surveillance capabilities. Iceye operates the world's largest synthetic aperture radar satellite constellation, producing imagery regardless of weather conditions or time of day.
Seven governments have procured sovereign satellite systems from Iceye, according to the company. Earlier this year, it delivered a fully operational space intelligence system to the Polish Armed Forces within 12 months of contract signing. The company says it is now replicating the model across Europe, the Middle East, and Asia.
The business has also reached a scale rarely seen among European space companies. Iceye reported more than €250 million in revenue and over €100 million in EBITDA in 2025, alongside a contracted backlog exceeding €1.5 billion. Satellite production is expected to double from 50 units annually today to 100 by 2028.
The funding round also leaves Finland with a meaningful stake in one of its most strategically important technology companies. According to Tesi, the state investment company will own around 7% of Iceye following the transaction. Through Tesi and Solidium, the Finnish state will control roughly 12%, while Finnish institutional investors collectively hold around 17%.
For Finland, the milestone extends a short list of globally significant technology companies founded in the country. For Europe, it highlights how quickly space-based intelligence has moved from a specialist capability to part of the continent's broader security infrastructure.
