Finland’s ICEYE hits a €10bn valuation, quadrupling in six months as Europe scrambles for its own spy satellites
Six months ago, ICEYE was worth €2.4bn. Today it is worth more than €10bn. Few numbers capture Europe’s defence-tech boom as bluntly as that.
The Finnish satellite company has raised €450mn in a Series F round led by General Atlantic, valuing it at over €10bn ($11.5bn), a fourfold jump since December. Counting a secondary sale for existing shareholders, the deal totals around €1bn, one of the largest venture rounds yet for a European defence-tech firm.
New backers include Nokia, which joined as a strategic investor, the Qatar Investment Authority, TCV, and a clutch of Finnish state and pension funds.
ICEYE operates the world’s largest constellation of synthetic-aperture radar satellites, more than 70 of them, which can see through cloud, smoke, and darknessto image the ground day or night. That capability has made it indispensable in Ukraine, where its data has tracked Russian military movements since 2022, and it is...
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