Helsing Hits $18B, Becomes Europe’s Top Startup.
Europe’s defence AI market is moving fast. Munich-based Helsing is close to raising $1.2 billion at an $18 billion valuation. The round is led by Dragoneer Investment Group and co-led by Lightspeed Venture Partners, an existing backer. If confirmed, it will become the largest funding round ever raised by a German startup.
A year ago, in June 2025, Spotify founder Daniel Ek’s investment firm Prima Materia led a €600 million Series D round, which valued Helsing at approximately €12 billion. The new raise marks a nearly 30% increase in dollar terms. The round was reportedly oversubscribed multiple times. In addition, roughly 80% of the company remains European-owned. That matters in an era of growing scrutiny over foreign control of defence assets.
Helsing Defence Tech $18 Billion Valuation
Helsing builds AI software and autonomous drone systems for military applications. Its flagship HX-2 loitering munition operates in contested environments where GPS and communications face jamming. That capability is rare and technically demanding. In February 2026, Germany’s Bundestag approved an initial €269 million contract with Helsing. Framework options could push the total value to €1.46 billion over seven years.
Helsing’s Helsing defence tech $18 billion valuation target puts it well above other European defence unicorns. For instance, Quantum Systems raised €180 million at a €3 billion valuation. Tekever raised £400 million at just over £1 billion. Therefore, Helsing stands apart in this cohort by a wide margin.
Europe’s Defence Tech Moment
Dragoneer’s entry signals something broader. The growth-stage firm also backs OpenAI and Uber. Its investment in a hard-tech defence company suggests institutional capital now views European defence AI as a durable, not temporary, growth category.
Helsing positions itself between traditional groups like Rheinmetall and Airbus on one side and US rivals like Anduril on the other. Anduril is currently seeking a valuation above $60 billion. However, Helsing’s European roots and government contract momentum give it a distinct edge within its home market. As European governments shift spending toward autonomous systems and away from legacy hardware, the timing could not be better.
