Iceye, the Finnish satellite startup reshaping Earth observation for defense and intelligence, is preparing for a public debut as global geopolitical tensions fuel a surge in demand for space-based surveillance.

The company expects to double its 2025 revenue to over €200 million ($230 million), driven by escalating military spending across Europe and increasing desire among governments to secure independent satellite capabilities. The surge is underpinned by the war in Ukraine, growing instability in the Middle East, and renewed uncertainty about U.S. foreign policy commitments under President Donald Trump.

Founded in 2014, Iceye has become a critical player in Europe’s satellite intelligence ecosystem, offering real-time, high-resolution imaging via its synthetic aperture radar (SAR) satellites. With 48 satellites already in orbit and 25 more under construction, Iceye is quickly scaling to meet a market hungry for tactical, sovereign space infrastructure.

“Countries that can afford it want to own their own satellites,” said CEO Rafal Modrzewski in an interview, noting that the demand spike is especially strong within Europe.

IPO in Sight

Iceye is currently in talks with banks and could pursue an initial public offering (IPO) as early as 2026, though CEO Modrzewski emphasized that a listing is most likely within the next 12 to 36 months and would be preceded by additional financing.

While not disclosing specifics, Modrzewski stated a preference for listing in Europe rather than the U.S., and advocated for reforms in European capital markets to make IPOs on the continent more attractive to high-growth tech firms.

“It would be more fantastic for European companies to IPO in Europe,” he said.

Growing Military Portfolio

Iceye’s rapidly expanding client list includes:

• Polish Ministry of Defense — Three satellites for approximately €200 million
  
• Ukrainian Government — Support for military intelligence via satellite imaging
  
• Rheinmetall AG (Germany) — Coordination to aid Ukraine’s armed forces
  
• NATO, Royal Netherlands Air Force, and Portuguese Air Force — New contracts in 2025
  
• Ongoing partnerships with governments and firms in the U.S., UAE, and Japan
  

The company’s satellite imagery capabilities are seen as a strategic alternative to U.S.-based providers and services like SpaceX’s Starlink, especially as Europe seeks technological sovereignty in the face of mounting global security threats.

A Hot Market for Defense Tech

Iceye’s trajectory aligns with a broader boom in the defense and aerospace sector. According to Bloomberg, global private equity deals in aerospace and defense have skyrocketed 1,700% in 2025 to $19.4 billion, as investors race to back firms contributing to Europe’s rearmament push.

This month, Eutelsat Communications SA secured a €1.35 billion investment from the French government and partners to build a European satellite constellation — another sign of growing efforts to challenge U.S. tech dominance in strategic domains.

Backed by Major Investors

Iceye has raised over $500 million to date from a consortium of major backers, including:

• BlackRock Inc.
  
• Seraphim Space Investment Trust Plc
  
• OTB Ventures, a Polish VC firm supported by the NATO Innovation Fund
  

As the global appetite for military-grade Earth observation grows, Iceye is well-positioned to lead — not just as a commercial satellite operator, but as a symbol of Europe’s evolving defense posture in the modern geopolitical landscape.