Space intelligence firm ICEYE has completed a Series F funding round with 450 million euros (approximately $670 million CAD) in primary capital. Led by General Atlantic, the deal pushes the valuation of the firm beyond 10 billion euros ($14.9 billion CAD). When combined with secondary share sales, the total transaction exceeds 1 billion euros.
ICEYE currently operates the largest constellation of Synthetic Aperture Radar satellites. This technology uses active radar signals to create high-resolution images of the Earth. It allows observation through dense clouds and in total darkness, offering a clear advantage over traditional optical cameras. Governments and commercial clients rely on this continuous data feed for border security, disaster response, and infrastructure tracking. Canada has been a long-time leader in this technology, starting with its first radar satellite, RADARSAT-1, which launched in 1995.
Prior to this latest round, the firm had raised roughly $730 million USD. The influx of new capital will directly fund an expansion of global manufacturing capabilities. Production targets aim to double output from 50 satellites built per year to 100 annually by 2028. This growth is necessary to fulfill a contracted backlog of orders valued at over 1.5 billion euros.
Rafal Modrzewski, Co-Founder and CEO of ICEYE, emphasized the need of this expansion. “Sovereign intelligence from space is entering a new era and the window to build it is now,” he said. “This funding enables us to accelerate the delivery of new capabilities to governments and customers faster than ever before.”
The momentum the company has brings the inevitable question about an Initial Public Offering (IPO). The company generated over 250 million euros in revenue in 2025 and achieved more than 100 million euros in core profitability. Despite the strong indicators, company executives have not announced any formal plans to take the firm public.
Leadership changes are also shaping the next phase of growth. The company appointed Eric Jensen as global Chief Operating Officer on June 2. Jensen previously led the United States division, where he built partnerships with defence and civil agencies. His new role involves scaling operations worldwide to match the demand for dedicated satellite systems.
The expansion also has direct ties to the Canada’s space sector. ICEYE is currently manufacturing a high-resolution radar satellite for MDA Space and its upcoming CHORUS constellation. Scheduled to launch in late 2026, the two-satellite system will combine wide-area scanning from a Canadian-built satellite with targeted imaging from the ICEYE spacecraft. This partnership will provide maritime and disaster response data to users around the world.