Poland is finalizing a deal on investing in the satellite firm that spotted Russian troops moving toward Ukraine before Moscow’s full-scale invasion, the Financial Times reports. Iceye provided Ukraine with early radar imagery in early 2022 is going to expand production.

Poland takes stake in Iceye, the company that helped Ukraine spot Russian forces

FT says Poland is at the final stages of an agreement to buy equity in Iceye, a Polish-Finnish satellite company whose radar systems helped Ukraine detect Russian troop buildups ahead of the full-scale invasion in February 2022. Iceye’s chief executive Rafał Modrzewski confirmed the deal, which will be made through Poland’s national development bank. He did not disclose the size of the investment.

The satellite firm that spotted Russian troops—now valued at well over $1bn—has already raised $550mn from investors. Modrzewski said the new funding would allow Iceye to rapidly expand production to meet soaring demand for real-time defense imagery. The deal follows Poland’s $230mn purchase in May of up to six Iceye satellites.

Founded in 2014 by Modrzewski and Finnish co-founder Pekka Laurila, Iceye began by providing radar data to Arctic shipping routes. That business collapsed after Western sanctions cut off the Russian market, prompting a pivot to military applications. Iceye’s synthetic aperture radar (SAR) can see through cloud cover and at night—making it indispensable in battlefield conditions where optical satellites fail.

Iceye to ramp up satellite output as demand for defense tech soars

Modrzewski told the Financial Times that Iceye plans to grow its manufacturing capacity from 25 satellites a year to as many as 150. Each satellite costs around $20 million to build.

Iceye has launched 54 so far, with about half operated by national defense forces in countries including the Netherlands, Finland, Brazil, and Portugal. In 2024, Iceye signed a memorandum of cooperation with Ukraine to deepen collaboration. Most launches have taken place from California’s Vandenberg Space Force Base or Florida’s Cape Canaveral, though missions have also originated from India and New Zealand.

Strategic partnerships and global reach

Beyond Poland, Iceye is expanding through international partnerships. It recently created a joint venture with Rheinmetall to manufacture satellites in Germany, aiming to tap into the country’s rising defense budget and connect with its weapons systems.