ICEYE, the Finnish operator of the world's largest synthetic aperture radar (SAR) satellite constellation, raises more than €1 billion in a Series F funding round, in a deal with potential read-across for the catastrophe and parametric risk market that captives increasingly use.
The primary round of €450 million (US$520 million) is led by General Atlantic and values the company at over €10 billion (US$12 billion). Including a secondary placement, the total round exceeds €1 billion. Additional investors include Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures and Nokia from Finland, alongside the Qatar Investment Authority and TCV.
While ICEYE's primary growth is in sovereign and defence intelligence, its SAR constellation also serves the insurance sector, where high-resolution, all-weather satellite data supports catastrophe monitoring and parametric risk models. The company says its constellations serve customers across defence and intelligence, environmental monitoring, insurance and emergency management.
The proceeds will fund expansion of ICEYE's global footprint and deepen its intelligence capabilities. The company says production is doubling from 50 satellites a year to a target of 100 annually by 2028. In 2025 it crossed €250 million in revenue and €100 million in EBITDA, with a contracted backlog of more than €1.5 billion.
"The quality of investors who have chosen to back us at this scale reflects a shared belief," says Rafal Modrzewski, co-founder and CEO of ICEYE. "Sovereign intelligence from space is entering a new era and the window to build it is now. This funding enables us to accelerate the delivery of new capabilities to governments and customers faster than ever before."
The transaction is subject to customary closing conditions and regulatory approvals.
