Helsing raises $1.8B at $18B valuation, a record for German defence
What's the deal? Munich-based defence software and drone maker Helsing has raised $1.8 billion in a late-stage round, lifting its valuation to $18 billion. Investors include Canadian pension fund CPP Investments, JP Morgan ChaseDealroom has a profile for this one. Try Dealroom →, and Goldman SachsDealroom has a profile for this one. Try Dealroom → Alternatives. Helsing says the majority of the company remains in European ownership.
The numbers: This is the largest late VC round on record for a German security startup — the top of 107 comparable deals all-time.
What's the endgame? Founded in 2021, Helsing describes itself not as a startup but as a "Neo Prime" — a software-centric young company competing with established defence firms. Its focus is the AI software steering its drones rather than the aircraft themselves. It supplies kamikaze drones to Ukrainian forces and, since 2024, underwater reconnaissance drones.
What's the money for? The funds will go mainly into developing new AI platforms. Helsing is also building an uncrewed combat jet with Grob AircraftDealroom has a profile for this one. Try Dealroom →, the plane maker it acquired in 2025.
Why now? The round was heavily oversubscribed, meaning Helsing could have raised more. Roughly two weeks earlier, fellow Bavarian startup Quantum Systems closed a round of more than $1 billion.
The signal: Defence stocks have cooled — RheinmetallDealroom has a profile for this one. Try Dealroom →'s share price has halved since January 2026, and Franco-German maker KNDSDealroom has a profile for this one. Try Dealroom → recently postponed its planned IPO. Private capital tells a different story: investors are still pouring money into Neo Primes, betting that software-led newcomers can outpace the incumbents.
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