This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
A new funding round for ICEYE is prompting Polish investors to make increasingly ambitious forecasts for the company. Funds and backers who have supported the firm argue that further growth opportunities continue to open up for the European leader in space technology.
ICEYE could reach a valuation of around EUR 30 billion in the near future, according to Adam Niewiński, managing partner at OTB Ventures, one of the company’s investors.
“ICEYE is the first decacorn in Europe in the space & defense tech sector. We have been invested in the company for more than eight years, and I sit on its supervisory board. The recently announced funding round is, of course, a success for ICEYE itself, but also a success for OTB Ventures. I am currently attending the Super Return conference in Berlin, and virtually everyone comes up to congratulate us,” said Niewiński.
On June 9, 2026, the company announced: “ICEYE, a global leader in satellite reconnaissance for security and defense applications, has raised EUR 450 million (USD 520 million) in a primary Series F funding round led by General Atlantic, at a valuation exceeding EUR 10 billion (USD 12 billion). Other investors include Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, Nokia, as well as the Qatar Investment Authority and TCV. Including share sales by existing shareholders, the total value of the Series F financing round exceeded EUR 1 billion.”
They believed in ICEYE when it was just starting out
As Adam Niewiński emphasizes, OTB Ventures, together with a group of its investors (limited partners, LPs), is now among the company’s two largest shareholders.
“We invested in ICEYE in May 2018, when the company was still at a very early stage of development. From the very beginning, we believed both in the space sector and in this specific project, and above all in the team led by Rafał Modrzewski. This shows that consistent execution of a chosen investment strategy can deliver above-average returns,” he adds.
However, the fund does not intend to rush into taking profits.
“There is very strong demand for shares on the secondary market, so we could sell at any time, but there is no need to rush. I believe the company’s value will continue to grow,” Niewiński stresses.
Europe’s decacorn in the space-tech sector
According to the managing partner of OTB Ventures, ICEYE’s achievement of decacorn status in just over a decade should be seen as a growth pace appropriate to the scale and nature of the business.
“ICEYE has achieved a global leadership position in Earth observation. Last year, the company generated more than EUR 250 million in revenue and over EUR 100 million in EBITDA, and both figures continue to grow rapidly. There are very few decacorns in Europe, particularly in the deep tech and space tech sectors. In this respect, ICEYE is a pioneer,” he assesses.
Good to know
ICEYE attracts global capital. Investors bet on security and satellite data
Investors participating in ICEYE’s funding round emphasize that access to satellite reconnaissance data is becoming a critical component of national and economic security. The EUR 450 million raised by the company is intended to support further international expansion and the development of in-house reconnaissance capabilities.
“We are entering a new era in which many actors are building their own independent space-based reconnaissance capabilities, and now is exactly the time to act. ICEYE has the most advanced and proven capability in the world, ready to meet this demand,” says Rafał Modrzewski, co-founder and CEO of ICEYE.
The company has already delivered SAR satellite systems to seven European governments. Its clients also include Poland, which has received its own satellite reconnaissance system under the full control of the Polish Armed Forces. The company notes that a similar cooperation model is currently being developed in other countries across Europe, Asia, and the Middle East.
Nokia has become a new strategic investor in ICEYE. As its CEO Justin Hotard emphasizes, the future of modern defense is based on combining secure communications with access to real-time data and situational awareness.
Financial investors also see long-term growth potential in the company.
“The global demand for ICEYE’s reconnaissance solutions is structural in nature and will continue to accelerate,” says Sascha Günther, Managing Director at General Atlantic for the DACH region and Co-Head of the firm’s technology practice in Europe, the Middle East, and Africa.
The company plans to double its production capacity – from around 50 satellites per year today to 100 satellites annually by 2028.
Different paths to investing in a space-tech breakthrough
Other Polish investors have also been involved in the company’s development. Later funding rounds included participation from Vinci (a fund associated with BGK – the Polish state development bank – ed.), while the shareholder base also features individual investors, including Rafał Brzoska. The founder of InPost joined the project at the end of 2025.
“A new funding round has just been closed at a valuation of USD 2.8 billion to raise capital for faster scaling of a pride of Polish technology – SAR satellites, which are being acquired by successive countries within their defense budgets!” Brzoska wrote at the time on his X profile.
Investor's perspective
Why I remain an ICEYE investor for the long term
As an investor, I approach such ventures with a long-term perspective – I see ICEYE as a company with significant further upside potential, which is why I am not considering an exit in the foreseeable future. On the contrary, I greatly value both the management team and the company’s achievements.
Looking at it through the lens of my entry valuation – at roughly one-quarter of its current value – it is clear that over just 12 months the company has grown fourfold. This illustrates how attractive ICEYE’s prospects are and how substantial its potential remains.
At the same time, ICEYE’s story demonstrates that the Polish and regional innovation financing ecosystem still has room to mature. In recent years the situation has clearly improved, yet many breakthrough early-stage growth projects still need to seek capital and support outside Poland. We need more bold private capital, stronger growth funds, and a greater willingness to finance ambitious technology ventures long before their success becomes obvious to everyone.
Investors from OTB Ventures had a different perspective on Finnish-Polish business.
“Our position in ICEYE is the result of a decision made eight years ago, at a very early stage of the company’s development. It was, in a sense, a bet both on the company’s growth and on the development of the entire market,” emphasizes Adam Niewiński.
Investor's perspective
ICEYE joins the ranks of strategic government suppliers
This is reflected both in recent contracts – most notably with the Polish Ministry of National Defense (MON), worth approximately PLN 860 million (around EUR 200 million), under which Poland has already received four SAR satellites, as well as agreements with Portugal, Finland, the Netherlands, and a project carried out with Rheinmetall for the German Armed Forces (Bundeswehr) – and in the company’s financial results. For 2025, ICEYE reported more than EUR 250 million in revenue and an EUR 1.5 billion contracted backlog.
Further growth at ICEYE will depend primarily on sustained demand for dual-use solutions, the pace of expansion of its satellite constellation, and its ability to secure long-term institutional contracts.
In our view, the company has very strong development prospects and significant further upside potential. It operates in a market whose strategic importance – particularly in the areas of security, satellite reconnaissance, and state resilience – will continue to grow steadily in the coming years.
Success does not require abandoning a Polish base
According to Adam Niewiński, the example of ICEYE and ElevenLabs does not imply that building global technology companies requires relocating operations outside Poland.
“It is possible to create world-class technology companies also in Poland. We have examples of firms developing unique technologies and effectively competing in international markets. ICEYE alone employs more than 100 people in Poland, has an engineering center here, and a center responsible for managing its satellite constellation. The company is consistently expanding its operations in the country as well,” he says.
Space tech is only just gaining momentum
At the same time, the managing partner of OTB Ventures acknowledges that both Polish and international investors have only in recent years begun to fully recognize the potential of the deep tech segment.
“In space tech, the best is still ahead of us. An increasing number of funds are coming to the conclusion that the era of dominance by investments in traditional software, marketplaces, or e-commerce is gradually coming to an end. The future belongs to deep tech, and we are only at the beginning of a long-term growth trend in this area,” concludes Adam Niewiński.
Capital gap is slowing down technology champions
ICEYE’s growth draws attention not only to the company’s own potential, but also to the broader conditions for developing technology firms in Poland. According to market participants, the success of such enterprises depends not only on the quality of the technology, but also on access to capital and support at successive stages of growth.
“The example of ICEYE illustrates well the broader context of innovation development in Poland and the region. Creating innovation and sustaining its development domestically remains a challenge for the entire ecosystem, particularly in capital-intensive sectors such as deep tech and dual-use technologies. We are pleased that ICEYE is now developing dynamically; however, it is worth noting that the company’s beginnings were in Finland,” says Marcin Prusak, Managing Director for Investment and Analysis at BGK.
In his view, the local venture capital market plays a key role at all stages of company development. While the early-stage fund segment is already relatively well developed – largely thanks to EU funding – there is a need to strengthen financing in later growth stages, where a capital gap is currently visible.
“It is essential to increase both the scale and the number of funds investing in Series A, B, and beyond. Innovative companies need not only capital, but an entire ecosystem encompassing expertise, relationships, scaling opportunities, and access to international markets. A more active use of public procurement as a tool to stimulate demand for innovative solutions – particularly in strategic sectors – could also be an important element of support,” adds Marcin Prusak.
Systemic support for innovation is needed
Support for innovation should not be one-off in nature, but systemic – covering the entire lifecycle of companies.
“The key challenge for the Polish market remains the mobilization of private and institutional capital. In this context, initiatives involving BGK are of particular importance. These include investments by funds managed by Vinci from the BGK Group (PLN 1.1 billion / approx. EUR 250 million) and measures outlined in BGK’s new strategy, such as Future Tech Poland, launched by BGK and the EIF (with combined investments of both institutions amounting to PLN 1.5 billion / approx. EUR 345 million) under the Innovate Poland framework, as well as the InnovatePL FoF implemented jointly with PFR Ventures, PFR, and PZU, where BGK is also investing PLN 1 billion / approx. EUR 230 million, and the initial total commitment from all investors stands at PLN 2.5 billion / approx. EUR 575 million. These programs aim not only to finance companies at various stages of development, but above all to build a lasting, stable investment market in the innovation sector, capable of attracting private capital – both domestic and foreign,” comments Marcin Prusak.
Key Takeaways
- ICEYE is strengthening its position as a European leader in space technology and a company of global significance, as confirmed by successive funding rounds and a valuation exceeding EUR 10 billion. Investors note that the company has moved from the stage of a pioneer to a strategic supplier of satellite solutions for governments, with its growth supported by rising contract volumes and international expansion. In the longer term, they see potential for further appreciation of the company’s value to around EUR 30 billion.
- The key driver of ICEYE’s growth is the rising global demand for dual-use technologies and satellite data used in national security. The company is increasingly taking on the role of a strategic supplier to governments, as reflected in long-term contracts, the expansion of its satellite constellation, and plans to double production capacity – iIndicating a sustained long-term growth trend across the entire space-tech sector.
- At the same time, structural challenges remain for the continued development of such companies – particularly the capital gap in later-stage financing and the need for a stronger investment ecosystem. Despite ICEYE’s success, its story shows that sustaining and scaling innovation in Europe and Poland requires stable, multi-stage capital support as well as a more developed technology investment market.
We are publishing this because we considered it important and relevant. For full transparency, we would like to inform readers that the RiO fund, owned by Omena Mensah and Rafał Brzoska, CEO and shareholder of InPost, is an investor in XYZ.