Helsing reportedly nears $1.2B funding at $18B valuation

Helsing, a five-year-old European military drone startup operating in defense tech—which is defined as technology focused on military and defense applications—is reportedly close to securing a new $1.2 billion funding round. This capital injection is expected to value the company at about an $18 billion valuation. According to a report by the Financial Times, the funding round is expected to be led by Dragoneer and co-led by Lightspeed, an investment firm that is already an existing investor in Helsing. At the time of publication, representatives for Helsing, Dragoneer, and Lightspeed could not be immediately reached for comment regarding the terms of the transaction.

This upcoming investment represents a step up in valuation for Helsing compared to its previous financing efforts. The startup last raised capital just under a year ago, in June 2025, in a funding round that was led by billionaire Spotify founder and previous investor Daniel Ek. That previous transaction secured a €600 million investment for the company at an estimated €12 billion valuation, which was valued at $14 billion. The jump from a $14 billion valuation to an expected $18 billion valuation highlights the appreciation of the company’s market value in less than twelve months.

While Helsing is not the only European defense tech unicorn, it remains by far the company that venture capital investors deem the most valuable in the region. The startup’s valuation is higher than those of other regional players. Other companies in the European autonomous defense sector have also raised capital, though at lower valuations:

• Quantum Systems: The German drone maker raised €180 million in November at a valuation of more than €3 billion.
• Tekever: The Lisbon-headquartered drone company raised £400 million at a valuation above £1 billion, a transaction that took place approximately a year ago.

These figures demonstrate the valuation gap between Helsing and other European defense startups, highlighting how much more capital Helsing has attracted compared to its peers.

Why it matters

Amid Russia’s ongoing war in Ukraine, which serves as a proving ground for new technologies, autonomous defense startups have become a high-priority sector for venture capital.