Poland’s New Space sector is ceasing to be the domain of visionaries and is becoming a viable, high-margin business, as evidenced by the scheduled 27 March debut of Scanway, a Wrocław-based company, on the WSE’s Main Market .
Scanway’s history on the public market is a rare example of the momentum that investors look for in the deep tech segment. In just eighteen months since its debut on the NewConnect in October 2023, the company’s capitalisation has grown from PLN 58 million to more than half a billion. This pace reflects not only the stock market boom, but above all the fundamental change in operational scale. In the first two months of this year alone, Scanway’s share turnover accounted for a quarter of the liquidity of the entire small trading floor, making the move to the main market a natural evolutionary step.
The timing of the entry into the broader stock market coincides with record prosperity in the European space sector. Figures from the European Space Policy Institute show that private investment in the industry on the Old Continent rose by 56 per cent to €1.5 billion in 2024. Scanway, which specialises in optical systems for Earth observation, is at the heart of this trend. The key challenge for the company is no longer to prove that it can send instruments into orbit, but to scale up production from one-off projects to the serial delivery of optical payloads in an industrial model.
The financial results for 2025 confirm this trajectory. Revenues of PLN 24.3 million represent almost double year-on-year growth, and the order book (backlog) has swollen to PLN 54 million. A solid financial cushion, bolstered by last year’s entry into the shareholding of TFI PZU, gives the board comfort in implementing its strategy for 2026-2028. The goal is ambitious: to become one of the largest optical integrators in Europe, capable of producing a dozen advanced systems per year.
For foreign counterparties, presence on the WSE Main Market is a certificate of corporate maturity. In the space industry, where project cycles last for years and errors run into millions of euros, credibility is as important a currency as innovation. Jędrzej Kowalewski, Scanway’s CEO, emphasises that the move to the main trading floor is expected to facilitate the building of relationships with global players, for whom reporting standards and share liquidity are key criteria in choosing a partner.
Scanway’s debut on 27 March will be a test not only for the company itself, but also for the Warsaw Stock Exchange. The question is whether the WSE will manage to attract more similar entities, creating a hub on the Vistula for space technology, which is increasingly seen not as exotic, but as a critical infrastructure of the modern economy. Scanway’s success suggests that the foundations for such a scenario have already been laid.
– The move to the WSE Main Market is a historic moment for Scanway. It represents the culmination of more than two years of operating as a public company on the NewConnect market, implementing the best standards in corporate governance, investor relations, and meeting the expectations of investors who wanted to know and understand Scanway’s business model and the specifics of a Polish space company with global aspirations. I am pleased that our activities have been positively received by investors, and the business successes achieved have given reasons to satisfy shareholders. We have thus built a solid foundation for further growth and scaling of operations. Today we are ready for the next stage of development – as a Polish company listed on the Main Market of the Warsaw Stock Exchange, we want to actively shape the global New Space industry, building long-term value for shareholders,” comments Jędrzej Kowalewski, Scanway S.A. CEO.
