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- ICEYE
ICEYE Revenue, Valuation, Funding & Investors
ICEYE is valued at $12B as of June 2026, a 40.3x multiple on its last reported $289M revenue.
Last ICEYE valuation
$12B
Series F · Jun 2026
Last ICEYE funding round
$524M
Series F · Jun 2026
ICEYE revenue
$289M
Series F · Jun 2026
Key investors in ICEYE
Seraphim Space IT
True Ventures
Lifeline Ventures
Tesi
Space Capital
Solidium
About ICEYE
ICEYE is a Polish/Finland-headquartered satellite operator managing the largest synthetic aperture radar constellation for Earth observation. Its smallsats deliver all-weather radar imagery for flood detection, insurance damage assessment, oil spill monitoring, and ship tracking. Clients in government, reinsurance, and defense sectors task satellites for data capture within hours. Founded in 2014, ICEYE builds and launches radar spacecraft from sites in Finland and the United States.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2B & B2G
Revenue model
Subscription, Usage-based
Revenue
$289M (Jun 2026)
Valuation
$12B (Jun 2026)
ICEYE Valuation
ICEYE is currently valued at $12B, based on its Series F in June 2026.
The $524M round was led by General Atlantic, with participation from Lifeline Ventures, Qatar Investment Authority, Tesi, TCV, Varma Mutual Pension Insurance Company and 3 other investors.
ICEYE's valuation has grown 4.2x from $2.8B at its Series E in April 2024 to $12B in June 2026, across 4 priced rounds.
ICEYE valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jun 2026 | Series F | $12B | 40.3x |
| Dec 2025 | Series E | $2.8B | 9.6x |
| Dec 2025 | Secondary | $2.8B | 9.6x |
| Apr 2024 | Series E | $2.8B | 9.6x |
ICEYE Revenue
ICEYE's latest recorded revenue is $289M, as of its Series F in June 2026. At a $12B valuation, that implies a 40.3x revenue multiple.
Revenue grew from $288M in April 2024 to $289M in June 2026, while the revenue multiple moved from 9.6x to 40.3x.
ICEYE revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jun 2026 | $289M | $12B | 40.3x | Series F |
| Dec 2025 | $288M | $2.8B | 9.6x | Series E |
| Dec 2025 | $288M | $2.8B | 9.6x | Secondary |
| Apr 2024 | $288M | $2.8B | 9.6x | Series E |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
ICEYE Funding History
ICEYE has raised a total of $1.2B across 12 funding rounds, plus 1 secondary share sale.
ICEYE's first fundraising round was a $3M Series A in November 2015. The most recent completed round was a $524M Series F in June 2026.
ICEYE funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2026 | Series F | General Atlantic (lead); Lifeline Ventures; Qatar Investment Authority; Tesi; TCV; Varma Mutual Pension Insurance Company; Nokia; Solidium; Ilmarinen Mutual Pension Insurance Company | $524M | $12B | General Atlantic led ICEYE’s June 2026 Series F fundraising, with ICEYE raising EUR 450 million in primary capital at a valuation of over EUR 10 billion. The broader transaction, including a secondary share sale, exceeded EUR 1 billion. Additional investors included Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, Nokia, Qatar Investment Authority, and TCV; the round was expected to close in Q3 2026 subject to regulatory approvals. The financing was framed as support for sovereign and commercial space-based intelligence capabilities, with proceeds intended to expand satellite production and ICEYE’s global footprint. ICEYE is a Finnish synthetic aperture radar satellite company and had previously raised capital at a materially lower valuation earlier in 2026, indicating a sharp re-rating in investor demand. The company is headquartered in Helsinki/Espoo, Finland, and operates in Earth observation and defense-related intelligence infrastructure. |
| Dec 2025 | Series E | General Catalyst (lead); Lifeline Ventures; Tesi; RIO ASI; Bpifrance; Keva; Varma Mutual Pension Insurance Company; Solidium; Ilmarinen Mutual Pension Insurance Company; Peter Sarlin; Vinci4D.AI; A.P. Moller Holding | $176M | $2.8B | ICEYE, a Helsinki-based leader in synthetic aperture radar (SAR) satellite systems founded in 2014, provides microSAR satellites and subscription services for imaging data, enabling on-demand Earth observation for governments, defense forces, and organizations managing risk. The company has launched 62 satellites to date, including 22 in 2025, and plans to scale production to one satellite per week starting in 2026 to deliver sovereign space capabilities at industrial scale. On December 5, 2025, ICEYE closed a Series E funding round of €150 million in new primary funding led by General Catalyst, plus a €50 million secondary placement involving early investors, achieving a post-money valuation of €2.4 billion (USD 2.8 billion). Participants included A.P. Moller Holding, Bpifrance, Ilmarinen, Keva, Lifeline Ventures, Peter Sarlin, RIO (RiO Family Office), Solidium, Tesi, Varma Mutual Pension Insurance Company, and Vinci (BGK Group), reflecting strong pan-European support. This follows a prior $158 million raise in 2024 with significant involvement from Solidium. The new capital will accelerate expansion of ICEYE's SAR constellation, next-generation sensing capabilities, and data intelligence services, emphasizing sovereign satellite systems for European nations and allies. ICEYE has sold satellites to entities like the Polish Armed Forces, Portuguese Air Force, Royal Netherlands Air Force, Greek National Space Program, Finnish Defence Forces, and secured a SAR data agreement with NATO Allied Command Operations, positioning it as a key player in defense and security applications. CEO Rafal Modrzewski noted the funding supports greater control over space-based intelligence, while General Catalyst's Jeannette zu Fürstenberg highlighted ICEYE's role in sovereign missions for border security and turnkey satellite deployments. Cofounder Pekka Laurila emphasized the defense tech narrative's value amid Europe's security needs, with an IPO considered possible within 12-36 months; the company is reportedly profitable per Bloomberg. |
| Dec 2025 | Secondary | - | $59M | $2.8B | ICEYE is a Finnish company specializing in synthetic aperture radar (SAR) satellites, providing persistent monitoring and sovereign intelligence services for defense, intelligence, environmental monitoring, insurance, and emergency management. It operates the world's largest SAR satellite constellation with over 60 satellites launched by late 2025 and sells imaging data subscriptions with unmatched revisit times in any weather. In December 2025, ICEYE raised €150 million in a Series E funding round led by General Catalyst, plus €50 million in secondary transactions, at a €2.4 billion valuation. This brought total capital raised to over €600 million. The transaction occurred amid surging defense demand, highlighted by a €1.7 billion contract with the German Armed Forces through its Rheinmetall joint venture and a €1.5 billion contracted backlog. ICEYE reported 2025 revenue exceeding €250 million, more than doubling from 2024 and surpassing projections by 25%, with EBITDA over €100 million and operating cash flow over €130 million. The company projects similar growth rates into 2026 and 2027, targeting over €1 billion in revenue by 2027, supported by scaling satellite production to one per week. Prior fundraising included €40 million from Vinci S.A. in August 2025 and a Series D round of $136 million in February 2022 led by Seraphim Space. ICEYE, founded in 2014 with over 1,000 employees globally, is profitable with €350 million in cash and considers an IPO but prioritizes executing its backlog. |
| Aug 2025 | Series A | Vinci (lead) | $11M | - | - |
| Dec 2024 | Series E | Plio; Seraphim Space IT; Christo Georgiev; BlackRock; Solidium | $65M | - | ICEYE, a global leader in synthetic aperture radar (SAR) satellite operations, announced on December 18, 2024, a $65M extension to its existing growth funding round, originally $93M in April 2024, bringing the 2024 total raised to $158M and overall funding over $500M. The extension included participation from Solidium Oy, BlackRock (noted as Blackrock Enhanced), Seraphim, Plio Limited, and Christo Georgiev, consisting of a mix of debt and equity to expand its SAR satellite constellation, ISR platform, and related systems. ICEYE operates internationally with over 700 employees across offices in Finland, Poland, Spain, the UK, Australia, Japan, UAE, Greece, and the US, focusing on Earth observation, persistent monitoring, and natural catastrophe solutions. The funding supports ICEYE's growth in response to demand in global defense and ISR markets, with CFO Susan Repo highlighting unwavering momentum and enhanced capabilities. Solidium CEO Reima Rytsölä emphasized alignment with their strategy to grow ICEYE into a nationally significant Finnish company fostering a new technology cluster. Citigroup acted as the exclusive private placement agent. |
| Apr 2024 | Series E | Solidium (lead); Christo Georgiev; Move Capital; Blackwells Capital | $93M | $2.8B | - |
| Feb 2022 | Series D | Seraphim Space IT (lead); Chione; Promus Ventures; C16 Ventures; National Security Strategic Investment Fund; Kajima Ventures; BAE Systems; Space Capital; OTB Ventures; True Ventures; Molten Ventures; Services Group of America | $136M | - | ICEYE, a Finnish synthetic aperture radar (SAR) imaging startup, raised $136 million in a Series D funding round on February 3, 2022, led by Seraphim Space, bringing total funding to $304 million. New strategic investors included BAE Systems and Kajima Ventures, alongside existing participants such as Molten Ventures, OTB Ventures, True Ventures, C16 Ventures, Chione, Services Group of America, National Security Strategic Investment Fund, Space Capital, and Promus Ventures. The round supports expansion of ICEYE's SAR satellite constellation, then at 16 satellites, with plans for up to 10 more launches in 2022, and growth in Natural Catastrophe (NatCat) insights, analytics, and global operations including a new U.S. manufacturing facility in Irvine, California. ICEYE specializes in remote sensing capable of imaging Earth through cloud cover and obstacles, appealing to defense, energy, and government customers like ExxonMobil, the European Space Agency, and the U.S. National Reconnaissance Office, with which it signed an evaluation contract in January 2022. The U.S. subsidiary enables national defense contracting. Originally founded in Helsinki, ICEYE operates the world's largest SAR satellite constellation at the time. |
| Dec 2021 | Undisclosed stage | Seraphim Space IT (lead) | $26M | - | - |
| Sep 2020 | Series C | True Ventures (lead); Promus Ventures; European Investment Fund; Seraphim Space IT; Space Capital; DNX Ventures; NewSpace Capital; OTB Ventures; Tesi; Molten Ventures; The Luxembourg Future Fund; Draper Associates | $87M | - | ICEYE is a Finnish synthetic-aperture radar (SAR) satellite data provider founded in 2015 by Rafal Modrzewski and Pekka Laurila. The company designs, manufactures, and operates its own constellation of SAR imaging satellites in-house, providing real-time information services primarily for maritime industry needs, as well as government and commercial customers globally. ICEYE achieved notable technical milestones including record-setting 0.25 meter resolution for small SAR satellites and a record five-minute turnaround from data downlink to processed imagery delivery. In September 2020, ICEYE closed a $87 million Series C funding round led by returning investor True Ventures, with substantial participation from OTB Ventures and additional support from Luxembourg Future Fund, Finnish Industry Investment (Tesi), Draper Esprit, DNX Ventures, Draper Associates, Seraphim Space, Promus Ventures, Space Angels, and New Space Capital. The European Investment Bank participated through its InnovFin For Equity program. This round brought total funding to $152 million since the company's founding. The proceeds were allocated to accelerating the SAR satellite constellation expansion—with plans to launch four additional satellites in 2020 and eight more in 2021, targeting a 12-satellite constellation with four-times-daily global revisit capability by 2021—and establishing spacecraft manufacturing operations in the United States to enhance manufacturing timelines. |
| May 2018 | Series B | True Ventures (lead); Promus Ventures; Seraphim Space IT; Space Capital; DNX Ventures; OTB Ventures; Tesi; Dylan Taylor; Molten Ventures; Draper Associates | $34M | - | ICEYE, a Helsinki-based Earth observation company founded in 2015 by Rafal Modrzewski and Pekka Laurila, provides synthetic-aperture radar (SAR) data and custom analytics services, primarily for maritime, disaster management, insurance, finance, security, and intelligence sectors. The company leverages commercial space technology to deliver real-time imaging data, even through clouds or darkness, using small SAR satellites under 100kg. In January 2018, ICEYE achieved a milestone by launching ICEYE-X1, the first such satellite. On May 24, 2018, ICEYE announced a $34 million Series B funding round led by True Ventures, with participation from returning investors Draper Nexus Ventures (or Draper Network VC funds), Draper Associates, Seraphim Capital (or Seraphim Space), Space Angels (or Space Capital), and new investors Draper Esprit (Molten Ventures), Promus Ventures, OTB Ventures, and Finnish Industry Investment Ltd (Tesi or Tesi Ventures). This brought total funding to $53 million, including prior $16 million in venture and government financing from Finland and EU Horizon 2020. The proceeds will expand custom analytics for growing customers, advance SAR satellite technology, and fund launches, targeting two more satellites in 2018 and nine total by end of 2019 to build a SAR constellation. |
| Sep 2017 | Seed | Seraphim Space IT (lead) | $1M | - | - |
| Aug 2017 | Series A | DNX Ventures (lead); Lifeline Ventures; Space Capital; Starlight Ventures; True Ventures; Business Finland; Draper Associates | $13M | - | ICEYE, a Finnish startup developing synthetic-aperture radar (SAR) sensors and microsatellites for earth observation data, raised $13 million in a funding round in August 2017. The round was led by Draper Nexus (DNX Ventures) with participation from True Ventures, Draper Associates, Lifeline Ventures, Space Angels, and Finnish Funding Agency for Innovations (Tekes, now Business Finland). This brought ICEYE's total funding to $13 million at the time. ICEYE's SAR technology provides reliable geodata imaging even in darkness or clouds, with response times of a few hours, targeting industries like maritime, disaster management, security, and intelligence. The company planned to use the funds to scale manufacturing of SAR technology and launch the first three microsatellites within 12 months to deliver data to customers. A prior $1.2 million round led by Seraphim Capital occurred in September 2017, shortly after this August raise. |
| Nov 2015 | Series A | True Ventures (lead); Lifeline Ventures; FOUNDER.org; Dylan Taylor; Jyri Engestrom | $3M | - | ICEYE, a Finnish space technology startup founded in 2014, develops synthetic aperture radar (SAR) microsatellites for Earth observation, initially targeting applications like ice monitoring, forest fires, floods, search and rescue, and agriculture. The company announced a $2.8 million Series A funding round on November 12, 2015, led by True Ventures, with participation from Lifeline Ventures and FOUNDER.org. This followed €2.5 million in R&D funding secured in September 2015 from the EU's Horizon 2020 SME Instrument. The funding supports the design and build of ICEYE's first radar-based microsatellites, with plans for a prototype launch targeted for 2017 and eventual scaling to a full constellation for near-real-time information services. Investors highlighted the enormous need for ICEYE's capabilities in providing critical real-time data unavailable from current technologies. True Ventures, a Silicon Valley firm with over $1 billion under management, focuses on early-stage tech startups. Early market focus included ice tracking as a niche lacking practical SAR information, with initial customers from this domain, though business was already global. ICEYE aimed to leverage both U.S. and European investor resources for growth. |
Who has invested in ICEYE?
44 investors have backed ICEYE across its funding rounds, including Seraphim Space IT, True Ventures, Lifeline Ventures, Tesi, Space Capital and Solidium.
Lead investors include General Atlantic, General Catalyst, Vinci, Solidium, Seraphim Space IT and 2 other investors.
ICEYE Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 6 | Lead | Sep 2017 | ||
| 5 | Lead | Nov 2015 | ||
| 4 | Participant | Nov 2015 | ||
| 4 | Participant | Aug 2017 | ||
| 4 | Participant | May 2018 | ||
| 4 | Lead | Apr 2024 | ||
| 3 | Participant | May 2018 | ||
| 3 | Lead | Aug 2017 | ||
| 3 | Participant | May 2018 | ||
| 3 | Participant | May 2018 | ||
| 3 | Participant | Aug 2017 | ||
| 2 | Participant | Apr 2024 | ||
| 2 | Participant | Nov 2015 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialICEYE Competitors
ICEYE competitors include listed companies like Globalstar, Viasat, China Satellite and AST SpaceMobile, and private ones like HawkEye 360 and Plume Design.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $245M | - | ||
| Publicly listed | $273M | $126M | $11B | 37.9x | ||
| Publicly listed | $4.6B | $1.6B | $10B | 3.2x | ||
| Publicly listed | $394M | $263M | $15B | - | ||
| Publicly listed | $71M | ($419M) | $19B | 148.3x | ||
| Private | - | - | $2.6B | - |
ICEYE Public Comps
ICEYE is still privately-owned, but its public comps include Globalstar, Indus Towers, China Spacesat, Viasat, KT, TIM Brasil, FiberHome, Dycom Industries, China Satellite and MasTec.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $273M | $126M | 39.2x | 37.9x | 85.2x | 77.4x | |||
| $3.4B | $1.9B | 3.4x | 3.3x | 6.0x | 6.0x | |||
| $910M | $56M | 11.3x | 10.0x | 183.0x | 134.8x | |||
| $4.6B | $1.6B | 3.3x | 3.2x | 9.5x | 9.9x | |||
| $21B | $4.7B | 0.7x | 0.8x | 3.2x | 3.5x | |||
| $5.2B | $2.5B | 2.2x | 2.1x | 4.5x | 4.2x | |||
| $3.7B | $273M | 2.7x | 2.4x | 37.1x | 22.7x | |||
| $5.5B | $704M | 2.0x | 1.7x | 16.1x | 11.8x | |||
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Common questions about ICEYE
| When was ICEYE founded? | ICEYE was founded in 2014. |
| Where is ICEYE headquartered? | ICEYE is headquartered in Espoo, Finland. |
| Is ICEYE publicly listed? | No, ICEYE is a private, VC-backed company. |
| What is ICEYE's valuation? | ICEYE was last valued at $12B in its Series F in June 2026. |
| How much funding has ICEYE raised? | ICEYE has raised $1.2B across 12 funding rounds. |
| What was ICEYE's last funding round? | ICEYE's last funding round was a $524M Series F in June 2026, led by General Atlantic. |
| Who are ICEYE's investors? | ICEYE's investors include Seraphim Space IT, True Ventures, Lifeline Ventures, Space Capital, Tesi, Solidium, Promus Ventures, DNX Ventures, OTB Ventures, Molten Ventures and 34 others. |
| What is ICEYE's revenue? | ICEYE's latest recorded revenue is $289M (June 2026). |
| What is ICEYE's revenue multiple? | ICEYE's latest valuation implies a 40.3x revenue multiple ($12B valuation on $289M of revenue). |
| Which companies are comparable to ICEYE? | Companies comparable to ICEYE include HawkEye 360, Globalstar, Viasat, China Satellite, AST SpaceMobile and Plume Design. |
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