Iceye doubles sales, considers IPO, Modrzewski appeals

Modrzewski declined to comment to Bloomberg about talks with bankers or specific plans to list the company on the stock exchange. He said an IPO is likely within the next 12 months to three years , adding that Iceye would likely raise additional funding first.

Geopolitical uncertainty drives demand for weapons technology

Europeans are increasing their defense spending at their biggest pace since the Cold War . The reasons for this policy are mixed: Russia’s war in Ukraine, on NATO’s eastern flank; the U.S. joining Israel in attacking Iran; and uncertainty about President Donald Trump’s commitment to the transatlantic alliance. This has led to a surge in interest from arms manufacturers, drone makers, and startups developing military-grade technology on the continent.

Investors are looking to capitalize on the boom in arms sales. Global private equity deals in aerospace and defense have surged 1,700% to $19.4 billion this year, according to Bloomberg .

Last week, the French government and other investors agreed to invest €1.35 billion in Eutelsat Communications to build a satellite network that could serve as an alternative to Elon Musk's Starlink .

Iceye builds synthetic aperture radar satellites that are designed to provide high-resolution, real-time images of landscapes and objects on the ground. The company has signed agreements in the U.S., the UAE, and Japan .

Rafał Modrzewski , CEO of Iceye, said most of the recent demand has come from Europe.

In May, the Polish military agreed to buy three Iceye satellites in a deal worth about €200 million . Iceye has contracts with the Ukrainian government and German defense contractor Rheinmetall AG to provide satellite imagery to the Ukrainian armed forces. The startup has also signed deals this year with NATO, the Royal Netherlands Air Force and the Portuguese Air Force.

To date, Iceye has launched 48 satellites for the company and its customers. Modrzewski said it is currently building 25 more.

Modrzewski sees Iceye listed in Europe, not the US

Modrzewski said he would prefer Iceye to list in Europe and called for reforms that would make that more likely, such as the creation of a single capital market. Fragmented European markets have forced many technology companies to switch to U.S. stock exchanges.

Iceye has raised more than $500 million from investors including BlackRock Inc., Seraphim Space Investment Trust Plc and OTB Ventures, a Polish investment firm backed by the NATO Technology Fund.