Poland Seeks to Acquire Stake in Satellite Company ICEYE

Poland is in advanced talks to acquire a stake in ICEYE, the satellite company that has been supplying Ukraine with crucial images of Russian military sites since 2022.

Rafał Modrzejewski, the company’s CEO, shared this insight with the Financial Times, as reported by Space24.pl.

He noted that Poland is now nearing the final stages of the negotiation process.

ICEYE owns and operates the world’s largest constellation of SAR satellites, providing radar-based Earth observation regardless of weather conditions.

To date, the company has launched 54 satellites into orbit for its own needs and for its clients.

Current reports suggest that Poland plans to acquire a portion of the company’s shares, though the exact investment amount remains undisclosed.

So far, ICEYE has raised $550 million from investors, and its valuation has risen ‘significantly above’ $1 billion.

Poland’s investment will be made through the Bank Gospodarstwa Krajowego.

It’s worth noting that in May 2025, the Polish Armaments Agency signed a contract to supply the military with ICEYE’s observation satellites. The company will deliver at least three satellites, with the option to acquire an additional three.

ICEYE currently manufactures around 25 satellites per year and aims to increase this number to 100 or even 150.

ICEYE in Ukraine

In August 2022, the Serhiy Prytula Charity Foundation purchased a satellite from ICEYE for the needs of Ukraine’s Defense Forces, using ‘people’s’ UAH 600 million.

Under the agreement, the company granted the Ministry of Defense full access to all the capabilities of one of its satellites. In addition to the spacecraft, the Ukrainian Ministry also gained access to images from the entire satellite constellation.