European military drone startup Helsing, founded five years ago, is reportedly nearing a new $1.2 billion funding round, achieving an $18 billion valuation. Dragoneer is expected to lead the round, co-led by existing investor Lightspeed, according to the Financial Times.
Nearly a year ago, in June 2025, Helsing secured funding led by Spotify’s billionaire founder, Daniel Ek, amounting to €600 million at a €12 billion valuation ($14 billion). This latest round represents an increase.
While Helsing isn’t the only European unicorn in defense technology, it is considered the most valuable. For example, German drone maker Quantum Systems raised €180 million in November, reaching a valuation over €3 billion. Lisbon-based Tekever raised £400 million a year ago with its valuation exceeding £1 billion. The ongoing conflict in Ukraine has turned autonomous defense startups into a focus for venture capitalists.
Representatives from Helsing, Dragoneer, and Lightspeed were unavailable for immediate comment.