Finnish Earth observation data provider and Synthetic Aperture Radar (SAR) satellite manufacturer ICEYE has secured a €300 million, three-year revolving credit facility (RCF). The company intends to use the facility to issue guarantees for customer contracts, support its continued growth, and provide a liquidity backstop.
In December 2025, ICEYE closed a €150 million Series E funding round led by US-based venture capital firm General Catalyst. The raise came less than a year after the company completed a $65 million extension to its existing growth funding round. When asked why the company needed such a large raise less than 12 months after its last, Damon Olloman, Vice President of Missions for the UK and Canada at ICEYE, told European Spaceflight that it was about “strategic acceleration.”
“We are using this capital to front-load the production of our satellite systems, allowing us to deliver proven sovereign systems to our customers with unmatched quality and speed,” said Olloman.
The recently announced credit facility will support the strategic acceleration of the company’s growth, which, according to Olloman, included doubling its business in 2025, reaching over €250 million in revenue, with an order backlog of €1.5 billion. ICEYE is, however, a private company, meaning neither its revenue figures nor its order backlog are subject to independent audit.
“2025 was a defining year for ICEYE as we scaled revenue, profitability, and cash generation simultaneously,” said ICEYE Global Head of Treasury John Lauria. “The RCF origination reflects continued confidence in ICEYE’s business and demonstrates our ability to access diverse sources of capital to support rapid global growth.”
An RCF acts as a flexible credit line, allowing a company to borrow, repay, and borrow again, much like a credit card, but on a much larger scale. According to the company, its €300 million, three-year RCF is backed by a syndicate of seven banks. While the 21 May press release named two of the banks, Citi and Danske Bank, which served as the syndicate’s lead arrangers, it did not identify the other five, explaining simply that they comprise Nordic, regional, and global relationship banking partners.
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