Helsing Nears $18B Valuation in $1.2B Funding Round

Europe's Defence AI Champion Eyes Record Valuation

German defence artificial intelligence startup Helsing GmbH is poised to raise $1.2 billion in a new funding round that would value the Munich-based company at approximately $18 billion, according to reports first published by the Financial Times. The fundraising has been oversubscribed multiple times, signalling intense investor appetite for European defence technology at a time of heightened geopolitical tension.

Who's Backing the Deal

The round is being led by US venture capital firm Dragoneer Investment Group, with existing backer Lightspeed Venture Partners acting as co-lead. The new valuation marks a steep jump from Helsing's roughly $14 billion valuation achieved during its 600 million euro Series D round in June 2025, which was led by Prima Materia, the investment firm co-founded by Spotify CEO Daniel Ek. Ek, who serves as Helsing's chairman, has backed the company since its earliest days, when Prima Materia invested 100 million euros in its 2021 Series A. Despite the latest round being led by US investors, nearly 80 per cent of Helsing remains owned by European stakeholders. Previous backers include General Catalyst, Accel, Saab, and BDT & MSD Partners.

HX-2 Drone Hits Maritime Milestone

The funding news comes days after Helsing revealed it had successfully launched its HX-2 strike drone from a fast insertion craft for the first time, in trials conducted off the coast of Plymouth, UK. The HX-2 is a loitering munition that uses onboard AI to navigate, identify, and engage targets without GPS, instead relying on camera-based terrain recognition to operate in electronically contested environments. Germany ordered 6,000 units of the HX-2 in early 2025 for deployment with the Ukrainian Armed Forces. The drone has a range of roughly 100 kilometres and can carry multiple payload types.

A European Defence Tech Surge

Founded in Munich in 2021 by Torsten Reil, Gundbert Scherf, and Niklas Kohler, Helsing has grown rapidly amid rising European defence spending. The company operates across the UK, Germany, and France, and its AI software has been integrated into platforms including the Eurofighter Typhoon and Saab Gripen fighter jets. With total fundraising now set to exceed $3 billion, Helsing's trajectory reflects investor appetite for defence technology as European governments seek to reduce dependence on US military systems.