ICEYE raises €450M at $10.5B valuation, becoming Finland's third decacorn
Finnish satellite radar company Iceye has raised €450M in its latest funding round, pushing its valuation to $10.5B. The round drew heavyweight backers including Nokia, Qatar Investment Authority (QIA), TCV, Finnish state investment firms Solidium and Tesi, pension funds Varma and Ilmarinen, and early backer Lifeline Ventures.
Iceye is now Finland's third decacorn — a startup valued above $10B — joining health tech firm Oura and gaming giant Supercell.
Iceye hit strong financial milestones in 2025, surpassing €250M in revenue and €100M in EBITDA. The company is growing profitably, a rare feat in the capital-heavy space sector.
Nokia joined as a new strategic investor, citing the increasing importance of combining reliable connectivity with real-time situational awareness for modern defence. Nokia chief executive officer Justin Hotard said the partnership can "help advance Europe's defence, resilience, and technological sovereignty" — a message that resonates as European governments ramp up security spending.
Iceye plans to double its satellite production from 50 to 100 per year by 2028. Scaling hardware manufacturing at that pace brings supply chain and execution risk. The company also relies heavily on defence and government contracts, making it vulnerable to shifts in political priorities or procurement cycles.
Iceye's investor mix — spanning a sovereign wealth fund (QIA), a US growth equity giant (TCV), Finnish state vehicles, and a corporate strategic backer in Nokia — illustrates how dual-use space companies are attracting capital from across the risk spectrum. The round's size and the $10.5B valuation also mark a step change for Nordic deep tech, placing a late-growth-stage satellite radar firm alongside consumer hits like Oura and Supercell in Finland's decacorn club.
Read more: Tivi
Image: ICEYE SAR satellite, Defensie Nederland, CC BY-SA 4.0 via Wikimedia Commons.
