Capital Flows into Earth Observation
Where is money going in Earth observation in 2025–2026, and what are funders paying for?
Chapter summary
After a weak period in 2022–2024, when publicly listed EO companies fell far below their listing values, capital returned in 2025–2026 to companies with defence and sovereign exposure.
Key takeaways
- 1
The largest private round was ICEYE's in June 2026 (€450 million of new money and over €1 billion in total transactions at a valuation above €10 billion, led by General Atlantic).
- 2
Public operators funded growth from cash and backlog: Planet held about $865 million of cash and short-term investments in mid-2026 and BlackSky $244 million.
- 3
Government grants (Business Finland's €28.3 million to ICEYE) and defence contracts act as non-dilutive capital.
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