Defense Tech Signals · Capital vs. Contracts Open-source analysis · public data only Data as of Nov 8, 2026 · obligations refresh every other Monday
NatSec100 #42

ICEYE

Recipient: ICEYE NORTH AMERICA INC.; ICEYE US, INC · UEI ERKHKDE6WKT7, LVR2DCPMU7M3

About $87 raised for every $1 obligated. 94% of it came through prime contracts.

Capital raised
$1.1B
Federal obligations, FY2020–FY2026
$12.7M
Raised per $1 obligated
86.6×
Latest valuation
$12.0B
Series F, Jun 2026 (>€10B)

Obligations by fiscal year

$M
0 FY20 0 FY21 0.2 FY22 1.6 FY23 0.7 FY24 2.2 FY25 7.9 FY26

Prime contracts Other Transactions Subawards FY2027 so far: $0.1M (not in totals)

Contract mix

Prime contracts
$12.0M
Other Transactions
$0
Subawards
$0.7M

Notes

Funding
Approximate primary; Series F >€1B incl. secondary
Obligations
U.S. arm only; most ICEYE revenue is non-U.S. governments

Cite this: Defense Tech Signals, "Capital vs. Contracts: ICEYE," data as of 2026-11-08, https://data.defensetechsignals.com/c/iceye/.

Coverage: prime contracts, IDVs and grants (USAspending), direct Other Transactions (FPDS) and subawards received, FY2020–FY2026. Not included: consortium OTs, FY 2027 so far, loans and classified work. Capital raised: Compiled from announcements and press (Oct 2026). Obligations last refreshed 11/5/2026.