🚀 ICEYE Seeking IPO

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The Space Scoop

Week Ended 06.27.2025

Happy Friday! We're back. Did we miss anything? jk

Market Max-Q

Top Stories

1) ICEYE is reportedly eyeing an IPO next year.

• The Finnish operator of the world's largest synthetic aperture radar (SAR) satellite constellation has reportedly held discussions with banks about an initial public offering as soon as next year, with an IPO likely in the next 12 to 36 months.

• This comes on the back of an expectation of doubling sales to to over €200M in 2025. The company has recently secured contracts with the Polish military, Ukrainian government, and NATO to deliver at least 10 SAR satellites.

• ICEYE is benefiting from increased military spending across Europe. The growing demand for its products comes primarily from governments that view space-based intelligence gathering as essential for national security. These countries are also seeking to reduce their reliance on United States providers.

• The CEO noted that nations "that can afford it want to own their own satellites." He also expressed a preference for European IPO, but the fragmented nature of European markets may lead to a US listing.

In Other News

Isar Aerospace Raises €150M

(Co)

The satellite launch service provider announced the investment in a form of a convertible bond, which can later be converted into equity in the company. Proceeds will be used to expand launch capabilities and series production facilities near Munich. The funding was led by Eldridge Industries.

Xona Raises $92M Series B 

(Co)

The California-based startup will use the capital to scale its Pulsar LEO satellite navigation constellation. The round was led by Craft Ventures, with participation from existing investors such as Stellar Ventures, Seraphim Ventures ($SSIT), Toyota Ventures, First Spark, Industrious Ventures, Future Ventures and NGP Capital.

Lux Aeterna Raises $4M Pre-Seed 

(ST)

The Denver-based reusable satellite bus platform startup emerged from stealth mode this week, led by Brian Taylor, a former engineering leader at SpaceX, Project Kuiper and Loft Orbital. Space Capital led the round, with participation from Dynamo Ventures, Mission One Capital, Alumni Ventures, Service Provider Capital and angels.

Chart of the Week

June Top Performers: With one more trading day to go, our leaders for June should be no surprise. Shout to the 🅰️ mob as AST went nearly $20 to $50, or +114%, in one month. Other outperformers included BlackSky +74%, Planet +58% and Rocket Lab +32%. In what was a good month for the Nasdaq, space stock blew it out of the water.

Links

• Sidus ($SIDU) Advances $120M Agreement with Lonestar Data for Cislunar Data Satellite Mission• MDA ($MDA) Awarded $60M for Next Phase of River-Class Destroyer (RCD) Program for Canadian Navy• BlackSky ($BKSY) Wins Four-Year $24M NGA Luno a Facility Operational Monitoring Delivery Order• AST SpaceMobile ($ASTS) Prices Repurchase of Convertible Notes and Direct Offering of Common Stock To Fund Convertible Note Repurchase• Lockheed Martin ($LMT) Declares Q3 Dividend of $3.30 per Share• Planet ($PL) To Host Recent Business Momentum Update• AST SpaceMobile ($ASTS) & Fairwinds Technologies Demonstrate Tactical NTN Connectivity Over Standard Mobile Devices• MDA ($MDA) Reopens Operations at David Florida Laboratory in Ottawa

Opinion

• Intellectual Property Challenges in The Space Economy• Deep Tech Is Driving the Next Frontier In In-Flight Connectivity• A Day in the Life of Rocket Lab ($RKLB) CEO Peter Beck• Rocket Lab ($RKLB): A Growth Gem In The Space Economy's Next Frontier• AST SpaceMobile ($ASTS): A Compelling Buy For Speculative Investors

Earnings Calendar

• $PL: Jul 1 - Business Momentum Update• $HON: Jul 24 - Q2 Earnings Before Market Open

*Company confirmed dates only.