This article first appeared on GuruFocus.
Helsing, a Munich-based defense technology startup developing artificial intelligence software and military equipment, has raised $1.8 billion in a Series E financing that values the company at $18 billion. The latest round included the growth equity arm of Goldman Sachs Alternatives, alongside investors Dragoneer Investment Group, Iconiq, the Canada Pension Plan Investment Board, and JPMorgan Chase & Co. Several existing investors, including Lightspeed Venture Partners, General Catalyst, and Plural, also participated. Helsing said the company remains predominantly European-owned, reinforcing its European roots as it expands its position in the region’s defense industry.
The financing comes as Russia’s full-scale invasion of Ukraine has encouraged European governments to commit substantial funding toward rearmament. Formed in 2021, Helsing initially supplied artificial intelligence software for weapons before expanding into drones, maritime vessels, and other machinery. This broader product portfolio could support the company’s effort to compete with other venture-backed defense businesses and established military suppliers for government contracts. Helsing has also established offices in Germany, the UK, France, and the Baltic states as it works toward becoming a pan-European defense contractor.
Helsing’s recent government contracts may provide investors with further evidence of its commercial momentum. Earlier this year, the company received a 270 million German government order for drones, while a separate 223 million contract to develop experimental combat software was approved this month. The latest financing follows a June 2025 round led by Prima Materia, the investment fund founded by Spotify Technology (NYSE:SPOT) founder Daniel Ek, although Helsing did not disclose its valuation at that time. However, Helsing’s recent shift from an employee stock option plan to a virtual stock option plan prompted some employees to contact lawyers for advice on opposing the change, suggesting that internal compensation concerns may remain a consideration alongside the company’s rapid expansion.