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ICEYE has also completed a secondary placement of about $58 million, valuing the company at $2.8 billion.
Two of the initial satellites will be assembled and tested in Japan, with preparations already underway between IHI and ICEYE.
ICEYE plans to scale up to an average production rate of one satellite per week starting next year.
ICEYE operates 54 SAR satellites, making it the largest commercial synthetic aperture radar constellation globally.
IHI has signed a contract with ICEYE to build an Earth observation satellite constellation for security and commercial use.
ICEYE's fourth-generation platform delivers the world’s highest-fidelity commercial SAR imagery of up to 16 cm.
ICEYE secured approximately $174 million in new funding, led by General Catalyst.
The SAR technology used by ICEYE allows satellites to view the planet through clouds, smoke, dust, and fog at all hours of the day and night.
ICEYE has signed agreements with the Finnish Defence Forces, Portuguese Air Force, and Polish Armed Forces.
The German Armed Forces awarded a €1.7 billion contract to Rheinmetall and ICEYE for the delivery of space-based reconnaissance data.
Rheinmetall and ICEYE received a contract to provide space-based reconnaissance data to the German Federal Armed Forces on December 18, 2025.
ICEYE has received interest from other European ministries of defense for sovereign SAR services.
The total value of the Rheinmetall and ICEYE contract is approximately 1.7 billion euros.
Under the contract, Rheinmetall ICEYE Space Solutions will provide the Bundeswehr with a very high number of images per day through the end of 2030.
ICEYE and Rheinmetall will begin production of SAR satellites at their facility in Neuss, Germany, in the third quarter of 2026.
Rheinmetall ICEYE Space Solutions closed a five-year, €1.7 billion contract with the German Bundeswehr to supply SAR data from a new sovereign-built constellation.
On 7 November 2025, Rheinmetall and ICEYE announced a joint venture.
ICEYE and Rheinmetall have formed a joint venture known as Rheinmetall ICEYE Space Solutions.
ICEYE’s satellites can collect radar imagery with a resolution down to 16 centimeters.
The satellite constellation will remain the property of Rheinmetall Iceye Space Solutions.