Helsing is raising $1.2 billion at an $18 billion valuation, led by Dragoneer with Lightspeed participating. For a company founded in Munich only five years ago, that makes it one of Europe’s most valuable startups.
The reason investors are paying that price is no longer just software. Helsing began as an AI layer for battlefield data and command systems, but the Ukraine war pushed it into hardware: HX-2 strike drones, HF-1 loitering drones and the CA-1 Europa aircraft concept.
The German procurement signal is central. The Bundestag has approved an initial €269 million order for HX-2 drones, plus a framework that could reach €1.46 billion over seven years. That turns European defense AI from a policy slogan into supplier revenue.
Three valuation anchors are doing the work: Europe’s defense budgets have reset after Russia’s invasion of Ukraine, Anduril gives investors a high-priced U.S. comparison, and Helsing has kept roughly 80% European ownership to remain politically acceptable for sensitive contracts.
The next proof point is CA-1 Europa’s planned 2027 first flight. If a startup can deliver a combat-aircraft path on that timeline, Helsing’s valuation looks less like hype; if it slips, the $18 billion mark will be tested quickly.
Sources: TechCrunch, DroneXL, Bloomberg, CocoLoop