Helsing Nears $1.2B Funding Round at $18B Valuation, Making It Europe's Most Valuable Defense Tech
Tags AI · Infrastructure · Enterprise
German defense AI startup Helsing is in final talks to raise $1.2 billion at an $18 billion valuation, led by Dragoneer Investment Group with Lightspeed Venture Partners as co-lead, according to the Financial Times. Less than a year ago, the Munich-based company raised €600 million at a €12 billion valuation from Spotify founder Daniel Ek's Prima Materia. Helsing develops AI-based software for battlefield analysis and military decision-making, and its HX-2 drone is already deployed on the Ukrainian front. The company holds a €269 million contract with the German Bundeswehr, expandable to €1.46 billion.
Technical significance
Helsing's rapid valuation doubling reflects the broader European defense tech boom catalyzed by the Russia-Ukraine war. The €1.46 billion Bundeswehr contract signals that European governments are shifting from procurement-as-usual to startup-driven defense innovation. At $18B, Helsing is now more valuable than many legacy defense contractors, which may accelerate consolidation and competition in the military AI space.