General Atlantic led the primary funding round. In August, EQT announced that the Scaleup Europe Fund had co-led the financing as its first investment.
Investors also included Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, Nokia, Qatar Investment Authority and TCV.
The distinction between primary and secondary funding is important: the €450 million primary investment provides new capital to ICEYE, while secondary transactions involve the sale of existing shares.
Scaling satellite-based intelligence
ICEYE develops synthetic aperture radar satellites, satellite systems and data services. Radar imaging supports observation in darkness and through cloud cover, making it useful for monitoring conditions when optical imagery is limited.
The company said seven European governments had procured sovereign satellite systems from it. It plans to use the new capital to expand internationally and develop its intelligence capabilities.
ICEYE reported unaudited 2025 revenue above €250 million and a contracted backlog exceeding €1.5 billion.
The transaction demonstrates the scale a Finnish space company can reach by combining satellite engineering, operations and services for international customers.
