Helsing secures $1.8 billion at a valuation of $18 billion.
Helsing, based in Munich, has secured $1.8 billion in funding at an $18 billion valuation, establishing itself as the largest defense startup in Europe. This funding round is a significant investment in sovereign AI, with a substantial portion of the capital coming from American sources.
On Monday, Helsing announced it had finalized a $1.8 billion Series E funding round, which values the company at $18 billion. The round saw a high level of investor interest. Helsing noted, “Investor demand significantly exceeded the available allocation.” Initially, the deal was reported in May as a $1.2 billion round, but by its closing, it had increased to $1.8 billion while maintaining the same $18 billion valuation, as highlighted by Tech Funding News. Investors contributed an additional half a billion dollars without raising the price per share.
Rapid Growth
Founded in 2021 by Gundbert Scherf, Torsten Reil, and Niklas Köhler, Helsing develops AI software and hardware for European military forces. Its systems integrate information from drones, radar, satellites, and cameras into a cohesive real-time overview, while ensuring that humans retain control over critical decision-making.
The product range has expanded quickly, now including the Altra battlefield software, the HX-2 strike drone already delivered to Ukraine, the CA-1 Europa aircraft, and underwater surveillance systems. The company employs around 900 people and has offices in Germany, the UK, France, and the Baltic States.
The valuation has rapidly ascended; Helsing was valued at approximately €12 billion when it raised €600 million in June 2025, and just a year later, its worth has risen to $18 billion. This represents its third increase in valuation in less than two years.
Sovereignty Meets American Investment
The funding round was led by Dragoneer, with Lightspeed acting as co-leader. The focus of the investment is on sovereignty, encouraging European governments to purchase domestically developed defense AI rather than relying on imports from the United States.
However, the financial landscape complicates this narrative. Three of the largest new investments came from JPMorgan Chase, the growth division of Goldman Sachs, and the Canada Pension Plan. Although Helsing describes itself as "predominantly European-owned," no specific figures have been provided. Co-CEO Torsten Reil stated in May that approximately 80 percent of the company is European-owned, although this was before the funding round increased by $500 million.
Spotify's Daniel Ek remains as co-chair, alongside former Airbus CEO Tom Enders, while existing investors like Prima Materia, Accel, and Greenoaks also participated in the new round.
A Competitive Environment
The influx of capital reflects a broader trend in European defense investments. Fellow German company Quantum Systems recently raised $1.2 billion at an $8 billion valuation, and Stark Defence secured €500 million in June. The push for NATO rearmament has positioned battlefield AI as one of Europe’s most promising sectors.
Despite its success, Helsing still lags behind its American competitor, Anduril, which raised $5 billion in May at a valuation of $61 billion, more than triple that of Helsing. However, this gap underscores Europe’s desire for a homegrown champion, as the call for developing sovereign capabilities has never been more pressing.
Concerns Within the Company
Not all employees at Helsing are rejoicing over the funding news. Just days prior to the funding round, the company transitioned staff from a share-option scheme to a virtual one, according to Bloomberg. Under the new arrangement, employees receive payouts linked to the share price without obtaining actual equity, and these payouts are taxed as income.
Some employees have sought legal counsel regarding this change, with one compensation expert noting, “VSOPs are rarely better for the employee.” This change coincided with the company's shift to a European corporate structure, a common step for companies preparing for an initial public offering. Given this trajectory, a public listing seems likely, but questions remain about how a company so dependent on American funding can continue to represent itself as Europe’s sovereign solution.
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Helsing secures $1.8 billion, reaching an $18 billion valuation.
Helsing has secured $1.8 billion at an $18 billion valuation, establishing itself as Europe’s largest defense startup, despite receiving significant investment from the U.S. for its sovereign-AI round.
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Helsing secures $1.8 billion at a valuation of $18 billion.
Helsing has secured $1.8 billion at a valuation of $18 billion, establishing itself as Europe's largest defense startup, even as U.S. investment supports its sovereign-AI funding round.