Poland Eyes Investment in Satellite Firm Supporting Ukraine – FT
Poland is reportedly in advanced talks to acquire a stake in ICEYE, the satellite company that has played a crucial role in assisting Ukraine with military intelligence during its war against Russia.
The Gaze reports this, referring to Financial Times.
ICEYE, a Finnish-Polish company known for its synthetic aperture radar (SAR) satellites, provided Ukraine with critical imagery of Russian troop movements ahead of the full-scale invasion in February 2022.
The firm signed a cooperation memorandum with Kyiv last year to deepen defense collaboration.
Speaking to FT, ICEYE’s CEO, Rafał Modrzewski, confirmed that the Polish government is close to finalizing the investment deal, though he did not disclose the size or value of the stake.
He noted that the planned investment would complement the $550 million already raised from private investors.
Founded in 2014 by Modrzewski and Finnish entrepreneur Pekka Laurila, ICEYE initially focused on delivering satellite images for Arctic shipping operations.
Since Russia’s invasion of Ukraine, however, it has rapidly evolved into a key provider of tactical satellite intelligence for defense purposes. According to Modrzewski, the company's valuation has now exceeded $1 billion.
In May 2025, Poland’s Ministry of Defense purchased six ICEYE satellites for $230 million, further strengthening the nation’s sovereign surveillance capabilities.
Modrzewski revealed that the company plans to quadruple its satellite production capacity in the coming years to meet rising demand from both European allies and Ukraine.
Earlier this year, ICEYE also partnered with German defense giant Rheinmetall to jointly support Ukraine’s drone and satellite integration.
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