European defence drone firm Helsing poised for $1.2 billion raise at $18 billion valuation

European military drone startup Helsing is reportedly close to finalising a new funding round of $1.2 billion at an estimated valuation of $18 billion. The deal represents a substantial increase in capital and value compared to the company's previous major financing event.

Sources indicate that the upcoming round is expected to be led by US investment firm Dragoneer, with existing investor Lightspeed acting as a co-lead. This structure marks a shift from the previous capital injection, which was anchored by a different set of backers.

The latest figures follow a significant investment made in June 2025. At that time, Spotify founder Daniel Ek led a €600 million round that valued the five-year-old company at approximately €12 billion, or roughly $14 billion in US dollars. The current proposed valuation of $18 billion would reflect a notable step-up in market confidence.

Helsing has emerged as the most valuable European unicorn in the defence tech sector, outpacing its regional peers. For context, German drone manufacturer Quantum Systems recently raised €180 million to reach a valuation of more than €3 billion, while Lisbon-based Tekever secured funding last year at a valuation above £1 billion.

The surge in investor interest is driven largely by the practical testing ground provided by the ongoing war in Ukraine. The conflict has intensified global demand for autonomous defence technologies, creating a lucrative and competitive landscape for venture capital firms operating in this space.

Despite the reported progress, the deal remains unconfirmed as of publication. Helsing, Dragoneer, and Lightspeed could not be immediately reached for comment regarding the specifics of the transaction or the final terms. The valuation figures provided are estimates based on the reported terms of the round.