Helsing
Helsing builds AI software and systems for defense applications, including electronic warfare, autonomy, and battlefield decision support.
The Company
Helsing builds AI software and systems for defense applications, including electronic warfare, autonomy, battlefield decision support, AI-enabled strike drones and autonomous platforms. It sells principally to governments and defense partners, integrating software with military hardware from companies such as Saab and Rheinmetall.
Russia's full-scale invasion of Ukraine reshaped European defense priorities and accelerated demand for sovereign defense technology. Helsing's July 2026 Series E raised $1.8B at an $18.0B valuation, following a €600M Series D in June 2025. Multiples records $502M of revenue alongside the Series E, implying a 35.9× valuation-to-revenue multiple.
Why It Matters
Helsing sits at the intersection of European rearmament and AI-enabled defense. The $18.0B valuation implies a 35.9× multiple on Multiples-recorded revenue, so the investment case depends on converting defense demand into repeatable procurement, deployments and durable software economics.
Valuation History
What Changed
Helsing is founded to apply artificial intelligence to European defense and security.
Russia's full-scale invasion of Ukraine makes European defense readiness and sovereign technology a more urgent priority.
A €600M Series D values Helsing at a reported €12B.
A $1.8B Series E raises the reported valuation to $18.0B; Multiples records $502M of revenue alongside the round.
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