Munich drone manufacturer Helsing raises $1.8 billion and rises to unicorn heavyweight status

Since last year, Helsing has also been producing underwater reconnaissance drones, according to its own statements. In development, with the help of aircraft manufacturer Grob Aircraft — acquired in 2025 — is also an unmanned combat jet, which is intended to further cement the company's position as a provider of modern defense technology.

US investors dominate the round

According to Helsing, the latest round is a Series E funding round. Demand from investors significantly exceeded the available volume, it was said. The capital largely comes from investors in the USA. New backers include Dragoneer Investment Group, Lightspeed Venture Partners, Disruptive, Iconiq, Growth Equity at Goldman Sachs Alternatives, JPMorganChase, Canada Pension Plan Investment Board (CPP Investments), General Catalyst, Plural, and Stepstone.

Previously invested, according to the company, were Prima Materia, Accel, and Greenoaks. Helsing remains majority European-owned, as the company emphasizes. The chair of the Helsing board is held by Spotify founder Daniel Ek; former EADS chief Thomas Enders is co-chair. Other members of the board are Jeannette zu Fürstenberg, Denis Mercier, as well as Helsing founders Torsten Reil (Co-CEO), Gundbert Scherf (Co-CEO), and Niklas Köhler (President & CPO).

Neo Primes: Helsing distinguishes itself from classic start-ups

Helsing no longer counts itself as part of the classic start-up world, but rather among the so-called Neo Primes — software-centric young companies that compete with the large established defense firms. With this, the company wants to underscore its claim to belong to the new heavyweights of the European defense and security industry.

Parallel to the mega-round at Helsing, the framework conditions on the stock markets for defense stocks have darkened. On the exchange, the temporary boom in defense stocks has come to an end this year, while "Neo Primes" are evidently still in vogue with investors. The Helsing round thus stands for a shift in capital flows toward privately financed defense start-ups and away from classic defense stocks.

Defense boom on the stock market has cooled

Established German defense stocks also remain in the focus of analysts, however. Major banks such as Deutsche Bank, UBS, Berenberg Bank, Jefferies, Bernstein Research, and Goldman Sachs have issued multiple buy recommendations for Rheinmetall in recent weeks. Helsing and Rheinmetall stand as examples of two models within the European defense industry: the long-established conglomerate on the one hand, the fast-growing AI and drone start-up on the other.

Overall, the Helsing round is shifting the weightings in the European defense and venture capital landscape. With a valuation of $18 billion, the company is operating at a scale previously reserved for few European tech and defense firms. Observers interpret this as a signal for greater industrialization of AI and drone technology in Europe — financed to a significant extent by American investors, but under European majority ownership.