Helsing, the Munich-based startup building autonomous drones and battlefield-intelligence software, closed a $1.8 billion Series E on July 13 at an $18 billion valuation -- the largest defense-technology funding round in European history. New investors included the growth-equity arm of Goldman Sachs Alternatives, Dragoneer Investment Group, Iconiq, the Canada Pension Plan Investment Board and JPMorgan Chase, while existing backers Lightspeed Venture Partners, General Catalyst and Plural all returned. Investor demand for the round significantly exceeded the allocation available, according to people familiar with the deal.
Helsing has been building toward this moment for several years, expanding from its original focus on AI-powered battlefield software into autonomous drones, undersea systems and now, with this round, explicit ambitions to scale AI-driven autonomous defense systems across multiple domains simultaneously. The company is routinely described as Europe's answer to Anduril Industries, the US autonomous-systems maker that raised a $5 billion Series H in May at a $61 billion valuation led by Thrive Capital and Andreessen Horowitz -- a comparison that's become a useful shorthand for just how fast the European defense-tech category has matured relative to its more established American counterpart.
Helsing's $18 billion mark still sits well below Anduril's $61 billion, and below Shield AI's $2 billion Series G and Saronic's $1.75 billion Series D as well, but the gap is closing in relative terms -- an $18 billion valuation for a five-year-old European startup would have been almost unthinkable in the category as recently as two years ago. US defense-tech funding hit $14.6 billion in just the first five months of 2026 alone, already ahead of the prior full-year record of $9.6 billion set in 2025; Europe is now producing rounds large enough to be measured on a comparable scale for the first time.
For European VCs and LPs, Helsing's raise is validation of a thesis that's been building for years but has struggled to attract capital at US-comparable scale: that European defense-AI companies, largely locked out of US government contracts, can still build durable, well-capitalized businesses serving European and allied militaries directly. For US defense-tech investors, it's a reminder that the category's capital intensity and valuation growth aren't a purely American phenomenon -- global defense-AI spending is scaling in multiple regions simultaneously, driven by the same underlying demand for autonomous systems.
The bear case: defense-tech valuations on both sides of the Atlantic are increasingly detached from near-term government contract revenue, and Helsing's $18 billion mark prices in significant future procurement wins across multiple European militaries that haven't yet been booked. What to watch next: whether Helsing announces specific European government contracts commensurate with its new valuation, and whether the round accelerates a wave of comparable mega-rounds from other European defense-tech startups trying to close the transatlantic funding gap.