Helsing Nears $1.2 Billion Funding Round at $18 Billion Valuation
Tags AI · Infrastructure
Munich-based defense AI startup Helsing is in final stages of raising $1.2 billion at an $18 billion valuation, led by Dragoneer Investment Group with Lightspeed Venture Partners as co-lead. This follows a €600 million Series D in June 2025 at a €12 billion valuation led by Spotify founder Daniel Ek's Prima Materia. Helsing's HX-2 drone is actively used on the Ukrainian front, and the company holds a €269 million Bundeswehr contract expandable to €1.46 billion. The company develops hardware-agnostic AI software deployable across air, land, sea, and underwater platforms. Despite US-led funding, approximately 80% of the company remains European-owned.
Technical significance
Helsing's rapid valuation increase from $14B to $18B in under a year, combined with active combat deployment in Ukraine, validates the European defense AI thesis. The hardware-agnostic platform approach means Helsing can integrate with existing NATO defense infrastructure rather than requiring new hardware procurement. The 80% European ownership despite US-led funding is strategically significant for European defense sovereignty.