German defense AI startup Helsing GmbH is poised to raise $1.2 billion in a new funding round that would value the company at approximately $18 billion, the Financial Times reported on Saturday. The fundraising, which has been oversubscribed multiple times, would cement Helsing’s position as one of Europe’s most valuable private technology companies.
Rapid Growth in Defense Tech
The round is being led by US venture capital firm Dragoneer Investment Group, with existing backer Lightspeed Venture Partners acting as co-lead, according to people familiar with the matter. While plans are at an advanced stage, the timing has not yet been finalized.
The new valuation would mark a steep jump from Helsing’s €12 billion (approximately $14 billion) valuation achieved during its €600 million Series D round in June 2025, which was led by Prima Materia, the investment firm co-founded by Spotify CEO Daniel Ek. Ek, who also serves as Helsing’s chairman, has been a backer since the company’s earliest days, when Prima Materia invested €100 million in its 2021 Series A.
Nearly 80 percent of Helsing remains owned by European stakeholders, according to a person familiar with the fundraising, despite the latest round being led by US investment firms. Previous investors 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, relying instead 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 kilometers and can carry multiple payload types, including armor-penetrating shaped charges.
Europe’s Defense Tech Surge
Founded in Munich in 2021 by Torsten Reil, Gundbert Scherf, and Niklas Kohler, Helsing has grown rapidly amid rising European defense 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 defense technology at a time when European governments are seeking to reduce dependence on US military systems.
