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M&A

NANOXPLORE

Acquired by

BPIFRANCE / MBDA

FRANCE Hardware & Electronics REV [1m EUR - 100m EUR] 12/2025

Target

NANOXPLORE

Acquirer

BPIFRANCE / MBDA

Context

NanoXplore has successfully closed a €20 million fundraising round led by the European missile manufacturer MBDA and Bpifrance. This operation marks the company's first major institutional capital increase, aimed at accelerating its transition from a space-centric specialist to a diversified defense electronics powerhouse. The strategic rationale for the investors is twofold: securing a sovereign, ITAR-free supply of high-end FPGA components and supporting the company’s ambitious technological roadmap, which includes moving from 28-nanometer to 7-nanometer platforms in collaboration with the ESA and CNES. The funding will be utilized to expand NanoXplore's international footprint, particularly in Germany and Italy, and to potentially fund targeted acquisitions to consolidate the fragmented European microelectronics landscape. By bringing MBDA onto its cap table, NanoXplore gains a strategic anchor client and partner to co-develop next-generation electronic architectures for missiles, radars, and UAVs. This deal is a key component of the "France 2030" plan, reinforcing the continent's ability to produce critical semiconductors independently of American or Asian supply chains in an increasingly tense geopolitical climate.

Target

NanoXplore is a specialized "fabless" semiconductor company that designs high-performance Field Programmable Gate Arrays (FPGAs) for mission-critical applications. The organization's core value proposition lies in its proprietary radiation-hardening technology, which ensures electronic components remain functional in extreme environments for up to 18 years. Its business model focuses on in-house design and engineering, while outsourcing physical production to strategic partners like STMicroelectronics. The company serves as a critical enabler for European technological sovereignty, providing ITAR-free components that bypass US export restrictions. Its technology is integrated into major space programs such as Galileo and Copernicus, as well as satellites manufactured by leading aerospace contractors. The entity is increasingly diversifying its technical roadmap toward the defense sector, targeting applications in radar systems, drones, and avionics.

Ent. Value

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Equity Value

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Multiples Analysis

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
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2024
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Other operations with NANOXPLORE