mynth
12/2025

NANOXPLORE acquired by BPIFRANCE & MBDA

FRANCE Hardware & Electronics / Electronic Components / Chips & Processors REV 5M - 25M EUR

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.

NANOXPLORE, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).

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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

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
2024

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REFERENCES

Revenue range: 5M - 25M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of NANOXPLORE by BPIFRANCE / MBDA are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: nanoxplore

Acquirer: bpifrance / mbda