Finnish Satellite Startup Iceye in Talks to Raise €250 Million

Iceye, the Finnish satellite startup tapping into increased defense spending in Europe, is in talks to raise €250 million ($293 million) in a round that may nearly double its previous valuation, according to people familiar with the matter.

A new fundraising round could value Iceye at roughly €5 billion or more, the people said. Some people touted the prospect of a significantly higher figure, suggesting an unusually wide range of possibilities given the industry’s fast growth. The terms of the fundraising round haven’t been finalized and may still change, they said. A representative for the company declined to comment.