Daniel Ek-backed defense technology Helsing raises $1.2 billion at an $18 billion valuation

The five-year-old European military drone has been put into service Hellsing The company is reportedly about to raise a new $1.2 billion round at a valuation of around $18 billion. The round is expected to be led by Dragoneer and co-led by existing Helsing investor Lightspeed The Financial Times reported.

Hellsing last appeared a little less than a year ago, In June 2025in a deal led by billionaire Spotify founder Daniel Ek. This was a €600 million investment at an estimated valuation of €12 billion (US$14 billion). So this new round is a step forward.

While Hellsing is not the only defense technology in Europe, it is the technology that investors consider the most valuable. For example, Quantum Systems, a German drone manufacturer It raised €180 million in NovemberIts value was estimated at more than 3 billion euros. A year ago, Lisbon-based Tekever raised £400m simultaneously With a value of more than one billion pounds sterling. Amid Russia’s ongoing war in Ukraine, a proving ground for new technologies, autonomous defense startups have become a hot spot for venture capital.

Helsing, Dragoneer and Lightspeed could not immediately be reached for comment.