2025-10-08 11:12
publication
2025-10-08 11:12
ICEYE – a Polish-Finnish start-up producing microsatellites is considering obtaining new financing at a valuation of approximately USD 2.5 billion (approximately PLN 10 billion). According to the Financial Times, investors came forward on their own as the market races to take part in the European arms boom.
According to the Financial Times, the ICEYE start-up has recently received proposals from investors interested in its shares and is considering raising new capital. According to the British daily, which cited information from people familiar with the matter, the fate of the agreement has not yet been decided.
If new investors actually come on board, a valuation of USD 2.5 billion would mean a major quantum leap in the development of the Polish-Finnish company. So far, ICEYE has raised $550 million, which, according to its CEO Rafał Modrzewski, gave the company a valuation “well above” $1 billion.
The potential round of financing comes several months after a block of shares in the company worth over PLN 40 million was purchased by the Polish state fund Vinci, owned by Bank Gospodarstwa Krajowego.
Polish-Finnish provider of photos from space
The company, founded in 2014 by Pole Rafał Modrzewski and Finn Pekka Laurila, owns and operates the world's largest constellation of observation microsatellites equipped with synthetic aperture radar (SAR).
Initially, the company was intended to provide radar images of drifting ice to shipping companies in the Arctic. Her photos are also used to combat the effects of disasters such as floods or forest fires.
After the outbreak of the war in Ukraine, the company established itself as a leading supplier of satellite imagery for military intelligence. It also sells its satellites directly to specific countries. They are used by, among others: Netherlands, Finland, Brazil and Portugal.
ICEYE satellite capabilities
Since 2018, ICEYE has placed 54 satellites in Earth orbit, both for its own constellation and for its clients. The production cost of one is approximately $20 million. The company's constellation allows for monitoring the Earth around the clock, providing radar data in almost real time, with the ability to perform another imaging every 90 minutes, regardless of weather conditions.
The Polish-Finnish company currently employs over 700 people and has branches in 7 countries. The list of its investors so far includes, among others: the world's largest asset manager – BlackRock, venture capital companies OTB Ventures and Seraphim Space Investment Trust, as well as state entities, including: European Investment Bank and the Finnish fund Solidium Oy. In 2023, the start-up generated $100 million in revenue.
Prepared by MM
