German defense start‑up Helsing has closed a €600 million funding round led by Prima Materia, co‑founded by Spotify CEO Daniel Ek and investor Shakil Khan, boosting its valuation to around $12 billion (€12 billion) and placing it among Europe’s five most valuable private tech firms.
Helsing incorporated in 2021 as an AI‑software developer and has since expanded into producing military drones, aircraft and submarines. It has already sold thousands of strike drones to Ukraine and secured contracts with the UK, Germany, and Sweden
The new investment brings the company’s total capital raised to €1.37 billion.
Ek described the deal as “doubling down” on Helsing, emphasizing that AI, mass, and autonomy are increasingly defining modern battlefields. The funding will help expand R&D and production capabilities—including autonomous air‑combat tests and unmanned subs—with ambitions to go public in the future.