Rafal Modrzewski, co-founder and CEO of Finnish-Polish space technology company ICEYE, stated that Russia's full-scale invasion of Ukraine in 2022 was a "watershed moment" for the space industry, prompting countries to reconsider their reliance on intelligence in conflicts and race to expand their spy satellite fleets. He noted that Europe, Japan, India, and Brazil are significantly expanding their satellite fleets, and the market size has "suddenly expanded tenfold." According to a European Space Agency report released last month, European countries' space spending is set to increase by 12% to 13.5 billion euros in 2025, primarily driven by increased defense spending in countries like Germany. ICEYE completed a funding round in June, securing 450 million euros in new capital and achieving a valuation exceeding 10 billion euros.