PiggyGPT

Private companiesCovered

ICEYE

Espoo, Finland · Founded 2014

ICEYE builds and operates synthetic aperture radar satellites. It sells imagery from its own constellation and whole satellite systems to governments, including the armed forces of Poland, Finland, the Netherlands, Sweden and Portugal. It supplies the Bundeswehr through a joint venture with Rheinmetall.

Profile

What it builds and who buys it

  • ·ICEYE designs, builds and operates synthetic aperture radar satellites, which image through clouds and at night.ICEYE (company release), Dec 5, 2025
  • ·Its fourth-generation satellite delivers commercial radar imagery at up to 16 cm resolution.ICEYE (company release), Dec 5, 2025
  • ·It sells imagery from its own constellation and sells whole satellite systems to governments that want to operate their own.ICEYE (company page)
  • ·By June 2026 seven governments across Europe had procured sovereign satellite systems from ICEYE.ICEYE (company release), Jun 9, 2026
  • ·It produces 50 satellites a year and targets 100 a year by 2028.ICEYE (company release), Jun 9, 2026
  • ·Poland’s defence ministry signed in May 2025 for three satellites, an option on three more and a mobile ISR platform under its MikroSAR program. The agreement is valued at approximately €200 million.ICEYE (company release), May 14, 2025
  • ·ICEYE handed the system over to the Polish Armed Forces in May 2026, less than 12 months after signing. Military Communications Works No. 1, part of the Polish Armaments Group, delivered the ground segment.ICEYE (company release), May 15, 2026
  • ·The Finnish Defence Forces signed in September 2025 for satellites and ground systems valued at approximately €158 million, options included.ICEYE (company release), Sep 8, 2025
  • ·The Royal Netherlands Air Force is buying four 25 cm resolution satellites, a ground segment and a mobile imagery intelligence hub, plus data from the existing constellation. It is the first operational Dutch military satellite mission.ICEYE (company release), Jun 23, 2025
  • ·Sweden’s Defence Materiel Administration signed a multi-year contract in January 2026 for satellites, data and software that the Swedish Armed Forces will own and operate.ICEYE (company release), Jan 12, 2026
  • ·The Portuguese Air Force bought one satellite in June 2025 and two more in June 2026, bringing its ICEYE-built satellites to four.ICEYE (company release), Jun 17, 2026
  • ·Greece contracted two satellites and their launches in September 2024 for its national satellite program, run with the European Space Agency.ICEYE (company release), Sep 8, 2024
  • ·The Bundeswehr contract, called SPOCK 1, runs from the end of 2025 to the end of 2030 with an extension option. The data will be used primarily to protect the Lithuania Brigade and secure NATO’s eastern flank.ICEYE (joint release with Rheinmetall), Dec 18, 2025
  • ·Production of the joint venture’s satellites in Neuss was scheduled to begin in the third quarter of 2026.ICEYE (joint release with Rheinmetall), Dec 18, 2025
  • ·Rheinmetall has held exclusive rights since September 2024 to market ICEYE’s satellites to military and government users in Germany and Hungary.ICEYE (joint release with Rheinmetall)
  • ·In August 2022 ICEYE signed with the Serhiy Prytula Charity Foundation to give the Government of Ukraine the full capabilities of one satellite already in orbit, plus access to its constellation.ICEYE (company release), Aug 18, 2022
  • ·It supplies radar data to NATO Allied Command Operations under the Alliance Persistent Surveillance from Space initiative, announced in June 2025.ICEYE (company release), Jun 24, 2025
  • ·ICEYE US received an NRO contract in January 2022 to take part in the agency’s evaluation of commercial radar providers.ICEYE (company release), Jan 20, 2022
  • ·In August 2026 the NRO awarded new commercial radar contracts to Capella Space, ICEYE US and Umbra.Breaking Defense, Aug 5, 2026
  • ·For 2025 the company reported unaudited revenue over €250 million, EBITDA over €100 million, cash from operations over €130 million and cash over €350 million.ICEYE (company release)
  • ·It reported a contracted backlog of €1.5 billion at the 2025 results, which it defines as contracted revenue not yet recognized.ICEYE (company release)
  • ·Bloomberg reported the backlog includes deals with the defence forces of Finland, Sweden, Poland, Portugal, Greece and the Netherlands, and supply to the German government with Rheinmetall.Bloomberg (via Insurance Journal), Mar 13, 2026
  • ·It originated a €300 million three-year revolving credit facility from seven banks in May 2026, to back guarantees on customer contracts and as a liquidity backstop.ICEYE (company release), May 21, 2026
  • ·It formed a joint venture with Space42 in December 2024 to manufacture radar satellites in the UAE.ICEYE (company release), Dec 9, 2024
  • ·It has over 1,000 employees.ICEYE (company release)

Founders and leadership

Prospects, after the October 2026 Nokia partnership

Prepared by PiggyGPT, as of Oct 12, 2026

  • ·Defence ministries buying whole satellite systems are the core of the business. The largest contract on file is the Bundeswehr’s, at approximately €1.7 billion gross, held by a joint venture in which Rheinmetall has the majority.ICEYE (joint release with Rheinmetall), Dec 18, 2025
  • ·The company reported 2025 revenue over €250 million and said it expects growth in 2026 at a rate similar to 2025’s doubling. Bloomberg reported a target of more than €1 billion in revenue in 2027.Bloomberg (via Insurance Journal), Mar 13, 2026
  • ·The €1.5 billion backlog is contracted revenue not yet recognized. It is not on file as revenue.ICEYE (company release)
  • ·The company stated a €2.4 billion valuation at the December 2025 Series E and over €10 billion at the June 2026 Series F. Clarity shows a $50.00 estimate.
  • ·On a listing, the chief executive walked back an IPO timeline in March 2026 and told CNBC in August 2026 that a Nasdaq listing is not ruled out, with no decision on when or where.CNBC, Aug 11, 2026
  • ·For the acquisition read, the ties on file are Rheinmetall’s majority of the joint venture, Nokia’s Series F stake and satellite communications partnership, and BAE Systems’ Series D stake. None has reported interest in a deal. The posture is watch.

A summary of what the figures on this page add up to, prepared by PiggyGPT from the record on file and its cited sources. Not the Street's view, and not advice.

Funding

Last valuation

$12B

Post-money, Series FICEYE (company release), Jun 9, 2026

Last round or tender

$520Mraised

Series FICEYE (company release), Jun 9, 2026

EUR 450 million (USD 520 million) of primary funding led by General Atlantic, with Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, Nokia, Qatar Investment Authority and TCV. The European Commission’s Scaleup Europe Fund, managed by EQT, later announced it co-led the round. With a secondary placement the round exceeds EUR 1 billion. The company stated the valuation as over EUR 10 billion (USD 12 billion), a floor; the dollar figure is recorded. The release made the transaction subject to customary closing conditions and regulatory approvals.

Latest revenue figure

$294M

Annual revenue, reported, Dec 31, 2025Space Intel Report, Mar 12, 2026

Valuation to revenue

40.8x

$12B (Jun 9, 2026) over $294M (Dec 31, 2025)

Post-money valuation by round

$0$2B$4B$6B$8B$10B$12B$14B20252026$12B Series F
DateRoundRaisedPost-money
Jun 9, 2026Series FEUR 450 million (USD 520 million) of primary funding led by General Atlantic, with Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, Nokia, Qatar Investment Authority and TCV. The European Commission’s Scaleup Europe Fund, managed by EQT, later announced it co-led the round. With a secondary placement the round exceeds EUR 1 billion. The company stated the valuation as over EUR 10 billion (USD 12 billion), a floor; the dollar figure is recorded. The release made the transaction subject to customary closing conditions and regulatory approvals.$520M$12.00B
Dec 5, 2025Series E€150 million of new funding and a €50 million secondary placement, led by General Catalyst with A.P. Moller Holding, Bpifrance, Vinci (BGK Group), RiO Family Office, Solidium, Ilmarinen, European Tech Collective, Keva, Lifeline Ventures, Tesi, Varma and Peter Sarlin. The funding is not converted to US dollars. The company stated the valuation as €2.4 billion (USD 2.8 billion), the dollar figure recorded here.—$2.80B
Dec 18, 2024Growth extension$65 million from funds managed by Solidium, BlackRock, Seraphim, Plio Limited and Christo Georgiev, as a mix of debt and equity. The split was not stated, so no primary figure is recorded. The company put 2024’s total at $158 million and total raised at over $500 million. No valuation was stated.——
Apr 17, 2024Growth roundAnnounced as a definitive agreement for an oversubscribed growth round, led by Solidium, the Finnish sovereign wealth fund, with Move Capital Fund I, Blackwells Capital, Christo Georgiev and existing investors. The company put total raised at $438 million after it. No valuation was stated.$93M—
Feb 3, 2022Series DLed by Seraphim Space, with BAE Systems and Kajima Ventures as new strategic investors. Molten Ventures, OTB Ventures, True Ventures, the UK’s National Security Strategic Investment Fund and others participated. The company put total financing at $304 million after it. No valuation was stated.$136M—
Sep 22, 2020Series CLed by True Ventures, with a significant additional investment by OTB Ventures, and Tesi, Draper Esprit, DNX Ventures, Draper Associates, Seraphim Capital, Promus Ventures and Space Angels returning. New Space Capital, Luxembourg Future Fund and the European Investment Fund joined. The company put total financing at $152 million after it. No valuation was stated.$87M—
May 24, 2018Series BLed by True Ventures, with Draper Nexus, Draper Associates, Seraphim Capital and Space Angels returning and OTB, Tesi, Draper Esprit and Promus Ventures new. The company put total funding at $53 million after it, including government financing from Finland and the EU. No valuation was stated.$34M—
Sep 25, 2017Funding roundUnnamed by the company: $1.2 million led by Seraphim Capital, a month after the Draper Nexus round. No valuation was stated.$1M—
Aug 23, 2017Funding roundUnnamed by the company. Announced as $13 million of new funding, including an $8.5 million round led by Draper Nexus with True Ventures, Lifeline Ventures, Space Angels and Draper Associates. The rest came from Tekes, the Finnish innovation funding agency, in an amount not stated. The $8.5 million round is the figure recorded here. No valuation was stated.$9M—
Nov 12, 2015Series ALed by True Ventures, with Lifeline Ventures and Founder.org. The company had secured €2.5 million of R&D funding from the EU’s Horizon 2020 SME Instrument two months earlier, which is not equity and is not recorded. No valuation was stated.$3M—

Primary capital across the rounds on file: $883M

Revenue

Annual revenue. Each figure as the source stated it.

$0$50M$100M$150M$200M$250M$300M$350M20252026$294M
As ofFigureMeasure
Dec 31, 2025$294MreportedAnnual revenueThe company stated unaudited 2025 revenue as over €250 million. Space Intel Report gave it as $294 million, the figure recorded here. Via Satellite gave $289 million. The €1.5 billion contracted backlog is not revenue.
Dec 31, 2023$100MAnnual revenueStated as over $100 million for 2023; the figure recorded is that floor.

Secondary venues

  • Clarity (formerly Hiive)public page seen Oct 12, 2026

    Clarity Price $50.00, as of Oct 12, 2026

    Clarity calls the figure a model-derived indicative estimate calculated daily. The page dates it no further than a "last updated" line reading August 28, 2026. The page shows +72.41% all time.

  • Caplightpublic page seen Oct 12, 2026

    No price on the public page.

    No public MarketPrice. The page says no recent secondary market data is available and shows a $12 billion estimated valuation. Historical pricing is behind a sign-up.

  • Jarsypublic page seen Oct 12, 2026

    No price on the public page.

    A tokenized pre-IPO platform. The public page names ICEYE Oy, shows a $12 billion latest valuation and no token or share price, and says its valuations may not represent a price at which anyone can transact.

A venue is listed when its public page named the company on the date shown. A price is the figure that page showed, under the venue’s own name for it and dated as the venue dated it; it is a level the venue publishes, not a trade. Nothing is recorded from behind a login.

Reads

Acquisition: Watch

A cited tie to a plausible buyer: a strategic partner, an investor stake, a tender offer, a stated appetite. Nothing reported.

Prepared by PiggyGPT, as of Oct 12, 2026

Signals

  • Feb 3, 2022BAE Systems joined ICEYE’s $136 million Series D as a new strategic investor.ICEYE (company release), Feb 3, 2022
  • Sep 7, 2022ICEYE agreed to supply the radar satellite technology for Azalea, BAE Systems’ four-satellite multi-sensor cluster.ICEYE (company release), Sep 7, 2022
  • Apr 17, 2024Solidium, the Finnish sovereign wealth fund, led a $93 million growth round and took a board seat. Its chief executive said ICEYE has a clear potential to grow into a nationally significant listed company.ICEYE (company release), Apr 17, 2024
  • Mar 5, 2025ICEYE and Saab signed a memorandum of understanding to integrate ICEYE’s space-based radar data into Saab’s command and control systems.ICEYE (company release), Mar 5, 2025
  • Nov 7, 2025Rheinmetall and ICEYE completed their joint venture, Rheinmetall ICEYE Space Solutions in Neuss. Rheinmetall holds 60 percent and ICEYE 40 percent.ICEYE (joint release with Rheinmetall), Nov 7, 2025
  • Dec 18, 2025The Bundeswehr’s procurement office commissioned the joint venture to supply radar reconnaissance from an exclusive constellation, under a contract valued at approximately €1.7 billion gross.ICEYE (joint release with Rheinmetall), Dec 18, 2025
  • Jan 29, 2026Space Intel Report reported that chief executive Rafal Modrzewski said ICEYE has no immediate plans for an IPO.Space Intel Report, Jan 29, 2026
  • Mar 13, 2026Bloomberg reported that Modrzewski, who in June 2025 had signaled an IPO within 12 to 36 months, walked back those comments. He said an IPO is not a target in itself for the business.Bloomberg (via Insurance Journal), Mar 13, 2026
  • Jun 9, 2026Nokia joined the EUR 450 million Series F as a new strategic investor.ICEYE (company release), Jun 9, 2026
  • Aug 11, 2026CNBC reported that Modrzewski is not ruling out an eventual listing on the U.S. Nasdaq but has not decided when or where it could go public.CNBC, Aug 11, 2026
  • Oct 1, 2026ICEYE and Nokia announced a partnership to develop sovereign broadband satellite communications systems for governments, with the first satellites expected to launch in 2028.ICEYE (joint release with Nokia), Oct 1, 2026

Named counterparties

  • RheinmetallHolds 60 percent of Rheinmetall ICEYE Space Solutions, the joint venture behind the Bundeswehr reconnaissance contract. No stake in ICEYE itself or interest in a deal has been reported.ICEYE (joint release with Rheinmetall), Nov 7, 2025
  • NokiaA strategic investor in the Series F and a partner on sovereign satellite communications. No interest in a deal has been reported.ICEYE (joint release with Nokia), Oct 1, 2026
  • BAE SystemsA strategic investor in the 2022 Series D and a customer for the Azalea cluster’s radar satellite. No interest in a deal has been reported.ICEYE (company release), Feb 3, 2022

Counterparties are named for a cited reason: a partnership, an investment, or a stated appetite. Naming is not a forecast.

A summary of what the figures on this page add up to, prepared by PiggyGPT from the record on file and its cited sources. Not the Street's view, and not advice.

Sources

Researched Oct 12, 2026