ICEYE is no longer just a unicorn – It’s now a decacorn

When a start-up company's value exceeds one billion dollars, it is called a unicorn. When investors value the company at over 10 billion, it becomes a "decacorn".

Finnish space company ICEYE has reached this threshold during its latest funding round, becoming the third Finnish company to do so after Oura and Supercell.

ICEYE announced on June 9 that it had raised new capital of €450 million in a funding round led by General Atlantic. Investors valued the company at €10.5 billion in this round.

According to the company, the new capital will help enhance its intelligence capabilities — an area that has recently become a rapidly growing business segment not only for ICEYE but for many other companies in the space sector.

In total, seven European countries have purchased their own national satellite system from ICEYE, and many others also buy the company’s observations for defense purposes.

The company is currently highly profitable. Last year, ICEYE’s revenue was €250 million and its EBITDA was €100 million. The company has €1.5 billion worth of orders in its backlog.

To meet demand, ICEYE plans to double its production. While around 50 satellites will be completed this year (roughly one per week), the goal is to manufacture 100 satellites per year starting from 2028.