ICEYE just raised €450M led by General Atlantic at a €10B valuation. Six months ago, it was worth €2.4B — TFN

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In December 2025, ICEYE was valued at €2.4 billion. Today, it has closed a Series F round at over €10 billion.

General Atlantic, which manages more than $118 billion in assets, led the round. The Qatar Investment Authority, Nokia as a strategic investor, and TCV also took part.

The total transaction, including the primary raise and the secondary placement, exceeds €1 billion. The €450 million primary round is one of the largest single venture rounds for a European defence technology company.

In the past six months, ICEYE delivered a €200 million sovereign satellite system to the Polish Armed Forces in less than a year, expanded its constellation to over 70 satellites, surpassed €250 million in revenue, achieved over €100 million in EBITDA, and secured a contracted order backlog above €1.5 billion.