Munich-based defence AI company Helsing has raised $1.8 billion in a Series E round, valuing the company at $18 billion — the largest funding round yet for a European defence technology startup and roughly 50% higher than the €12 billion valuation it carried after its last round in June 2025.
The raise follows a $1.2 billion round earlier this month for German drone maker Quantum Systems, which valued that company at $8 billion, underscoring how quickly capital is flowing into European defence tech as governments increase military spending.
New and existing investors in the round include Dragoneer Investment Group, Lightspeed Venture Partners, General Catalyst, Iconiq, Disruptive, Plural and Stepstone Group, alongside the growth equity arm of Goldman Sachs Alternatives, JPMorganChase and the Canada Pension Plan Investment Board.
Helsing said investor demand significantly exceeded the available allocation, and that the company remains predominantly European-owned despite the participation of major US and international investors.
Founded in 2021, Helsing began by developing AI software to analyse battlefield data before expanding into combat drones, underwater systems and uncrewed aircraft. The company has supplied thousands of AI-guided drones to Ukraine under contracts funded by the German government, alongside other contracts with European governments and defence firms.
The new capital will go toward accelerating the development and deployment of AI platforms for Helsing’s partner nations, the company said. Its board remains unchanged, with Daniel Ek and Tom Enders continuing as co-chairmen.
The round cements Helsing’s position as Europe’s most valuable defence startup, though it still trails its closest US counterpart: Anduril raised $5 billion at a $61 billion valuation in May, underlining the scale gap that remains between American and European defence tech investment even as European rounds hit new records.
