Russia's full-scale invasion of Ukraine in 2022 marked a "pivotal moment" for the space industry, ICEYE co-founder and CEO Rafal Modrzewski told CNBC on Tuesday. Europe, as well as Japan, India and Brazil, are now looking to substantially expand their satellite fleets, he said. The market has "suddenly tenfolded in size," Modrzewski said, adding that countries increasingly view the technology as critical to securing their sovereignty. We would have loved to be able to list in Europe, but of course there are other considerations," Modrzewski said. Modrzewski described the fragmentation of Europe's stock exchanges as "a bit of a silly situation" and said he would like to see "one big, highly liquid European Stock Exchange."