ICEYE Crosses €10B Valuation With New €1B Series F to Scale Sovereign Intelligence in Space

Congratulations to entire ICEYE team on their new €1B Series F at a €10B+ valuation. Promus Ventures has been a proud investor since our first check in 2018.

Some of the metrics that Helsinki-based ICEYE is hitting are impressive:

• Crossing €250M in revenue and €100M EBITDA in 2025
• Contracted backlog of €1.5B
• 72 satellites in operation
• On track to build 100 satellites annually by 2028
• Customers include the defense ministries of Finland, Netherlands, Spain, Portugal and others
• €200M contract from Poland last month for an autonomous space-based intelligence system

The ICEYE story has been retold in a myriad of articles and posts over the past several years (including our thoughts from their Series D back in 2022). So we are going after this portfolio round announcement from a slightly different angle.

Our humblebrag is just this: it was clear to us in 2018 when we met with Rafal and Pekka in Helsinki that they were building a SAR satellite platform different from their competitors. They went about their business and never promised more than they could deliver. We had more than one investor tell us that ICEYE couldn’t scale a sizable business out of Helsinki. The team was not without its challenges and setbacks, of course, but they were always laser-focused on building scalable satellites and processes, and were level-headed and steady through all seasons.

Regardless of what any founder or investor will say, no one knows at the very early stage if a company will be able to deliver on its vision. Oh sure, in the rearview mirror everyone has 20/20 vision. But the simple core of the ICEYE story is a gifted and hard-working team that kept rowing through the tough currents.

Today, the team has built a tremendous company with exceptionally strong demand from sovereign governments and customers around the world. It has been a privilege for Promus Ventures to be on this journey with them from their early days.

Onward, ICEYE.