Helsing, a five-year-old European military drone startup, is reportedly close to raising a new $1.2 billion round at an estimated $18 billion valuation.
The round is expected to be led by Dragoneer and co-led by existing Helsing investor Lightspeed, according to the Financial Times.
Helsing last raised just under a year ago in June 2025, in a deal that was led by billionaire Spotify founder Daniel Ek. That was a €600 million investment at an estimated €12 billion valuation ($14 billion USD).
Amid Russia's ongoing war in Ukraine, the proving ground for new technologies, autonomous defense startups have become a hot area for VCs.