A recent analysis questions whether the European defense-technology startup Helsing has demonstrated the financial and operational performance to justify its new $18 billion valuation.
Helsing closed a $1.8 billion Series E funding round in July 2026, marking the largest venture capital round in European defense-technology history [1] [2]. However, an analysis published on LinkedIn by Matthew Bernard argues the company’s valuation relies on future market expectations rather than current revenue or proven hardware delivery [3].
The analysis notes Helsing has not publicly disclosed its revenue [3]. In contrast, competing U.S. defense-technology firm Anduril Industries reported it reached $2.2 billion in revenue in 2025 [4]. Helsing instead cites a framework backlog valued between €3 billion and €4 billion, which the analysis estimates represents approximately €500 million in signed, delivering contracts [3].
The critique also highlights reported performance issues with Helsing’s autonomous systems. The company’s HX-2 drone reportedly hit 15 of 17 targets during a controlled NATO trial, but independent reporting indicates the system faced technical challenges and low accuracy during frontline testing with Ukraine’s 14th Regiment [3] [5]. Additionally, Helsing’s CA-1 Europa, an autonomous combat drone unveiled in September 2025, is not scheduled to fly until 2027 [3] [6].
Despite these operational questions, investors have poured capital into the European defense sector. A report by the NATO Innovation Fund and Dealroom found $8.7 billion was invested in European defense startups in 2025 [7]. The analysis suggests Helsing’s valuation is driven by broader market dynamics, including NATO’s commitment to increased defense spending and European Union rules requiring domestic components that exclude U.S. competitors like Anduril [3].
References
[1] Reuters, “Europe’s Helsing raises $1.8 billion, valuing defence group at $18 billion,” July 13, 2026
[2] Bloomberg, “Goldman Backs Drone Startup Helsing at $18 Billion Valuation,” July 13, 2026
[3] Matthew Bernard, LinkedIn Post, July 2026
[4] The New York Times, “Anduril Raises $5 Billion, as Push to Modernize the Military Accelerates,” May 13, 2026
[5] Eagle Eye Explore, “Rafale in the shadow of drones: Who wins the war? - (2nd part),” July 2026
[6] The War Zone, “Helsing’s CA-1 Drone Is An MQ-28 Ghost Bat Lookalike,” Sept. 25, 2025
[7] Final Frontier VC, citing NATO Innovation Fund and Dealroom
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