Helsing's latest $1.8bn fundraising valued the German AI defence start‑up at 32 times its forecast 2026 revenue of €441mn, giving a post‑raise valuation of $18bn and making it one of Europe’s most valuable start‑ups.

That multiple dwarfs peers: Anduril raised at 13× forward revenue, Shield AI at 21×, and fellow German drone maker Quantum Systems at just 8.5×. Investors such as Johannes von Borries of UVC Partners call the price “very high,” warning the sector feels close to a dot‑com bubble as companies like Quantum, Stark and Helsing raise “like crazy.”

Helsing CFO Anita Szarek argues the firm’s true peers are US high‑growth tech firms like Palantir and Anduril, noting most 2027 revenue is already booked. Backers including Daniel Ek, Dragoneer and Goldman Sachs Alternatives bet Helsing can become Europe’s leading “neo‑prime,” challenging incumbents such as Rheinmetall and BAE Systems.