Helsing

Helsing is Europe's largest defence-AI company, founded in 2021 and headquartered in Munich with offices in London, Paris, and Berlin. It focuses on AI software for military systems (sensor fusion, target recognition, and autonomous strike applications) and produces the HX-2 loitering munition, which reached Ukrainian frontlines in early 2026 under a €269 million Bundestag contract within a €1.46 billion seven-year German strike-drone framework. It operates a deliberate European sovereignty posture: no US capital exposure and no dependency on US model providers. Backed by Spotify co-founder Daniel Ek, Helsing is structurally advantaged in procurement that demands EU data sovereignty. At an $18 billion valuation, with roughly 80% European ownership preserved, it is the largest purely European defence-AI company by valuation. The underlying Series E, first reported at $1.2bn in May 2026, closed at $1.8 billion on 13 July 2026, led by Dragoneer with Lightspeed Venture Partners, CPP Investments, JPMorganChase and Goldman Sachs Alternatives among the backers.

Helsing's HX-2 loitering munition entered Ukrainian frontline service in early 2026 under the Bundestag's €269 million contract. On 9 June 2026 it passed Project Flytrap 5.0, the first US Army operational evaluation of a European autonomous strike drone, at Pabrade Training Area on NATO's eastern flank: 15 kills across 17 engagements (88% hit rate) in GPS-denied, EW-contested conditions. The May 2026 funding round cemented Helsing as a standalone growth asset class within European defence-tech, competing directly with Palantir and Anduril for AI-enabled targeting contracts across NATO Europe. Helsing also formed a joint venture with OHB for AI-based space reconnaissance and targeting.

On 13 July 2026 Helsing closed its Series E at $1.8 billion, confirming the $18 billion valuation and funding development of the CA-1 Europa, an uncrewed combat aircraft built with Grob targeting a maiden flight in early 2027 and service entry around 2029, alongside the CA-1EA electronic-warfare variant designed to jam enemy radar and open SAFE corridors for crewed strike aircraft.

Helsing's partnership with Mistral AI integrates sovereign French AI capabilities into European defence applications, a reference case for the EU's effort to keep AI-enabled military systems within European jurisdiction. Its refusal of US capital and technology avoids ITAR compliance obligations and preserves European intelligence relationships, a structural advantage in any procurement process that requires EU data sovereignty guarantees.