Helsing’s strategic replication of the Anduril model

Helsing is the strongest candidate to become the next Anduril because it reproduces the model of combining reusable military software, owned hardware, and large-scale manufacturing. Its portfolio includes command software, electronic warfare, strike drones, underwater systems, and the CA-1 Europa combat aircraft. Germany approved an initial HX-2 order worth €269 million, with options that could bring the program to €1.46 billion. Helsing also holds a €223 million combat-cloud project and a contract with Saab to add AI-supported electronic warfare to German Eurofighters. The company manages 10,000 HX-2 strike drones following earlier orders for 4,000 HF-1 drones. During an Army exercise in Lithuania, 17 HX-2 drones achieved 15 direct hits. Helsing supports this expansion through acquisitions like Grob Aircraft for composite aircraft manufacturing and Blue Ocean for underwater-vehicle expertise. While these capabilities grow, several ambitious platforms still require flight tests or repeat orders. Anduril, which generated $2.2 billion in revenue in 2025 and maintains a $61 billion valuation, expanded through the acquisition of Dive Technologies for underwater vehicles, Blue Force Technologies for aircraft engineering, Adranos for rocket motors, and Numerica for radar, while also producing the SG-1 autonomous underwater glider.

The Software and Procurement Race

The rivalry between Helsing and Anduril focuses on the software layer that integrates sensors and effectors across the battlefield. Anduril uses Lattice to move data from disparate sensors into a single integration layer where artificial intelligence, machine learning, and sensor data processing techniques are used to filter high-value information in real-time for warfighters. Shield AI competes with its Hivemind autonomy, which flies on several aircraft including platforms built by other manufacturers. Saronic has a $392 million Navy production contract for autonomous boats, while Quantum Systems produces mass-produced robotics and maintains profitability. The October NATO ReArmament initiative pushes for increased production of unmanned aerial vehicles and air defense systems. You know that Pentagon contracting with the 15 largest defense startups has tripled since 2022. Anduril produces the FQ-44 autonomous combat aircraft and thousands of Barracuda cruise missiles. Australia committed A$1.7 billion to Ghost Shark autonomous submarines, which Anduril supports through a dedicated factory. The U.S. 2025 AI Action Plan focuses on removing regulatory red tape to maintain leadership. The plan recommends that the Department of Defense and the Office of the Director of National Intelligence regularly update joint assessments of AI adoption by competitors. The Department of Commerce through NIST will also conduct research and publish evaluations of frontier models from the People’s Republic of China for alignment with Chinese Communist Party talking points and censorship. To drive adoption, the plan suggests the National Telecommunications and Information Administration convene stakeholders to help drive adoption of open-source and open-weight models by small and medium-sized businesses across the globe. Does the fragmentation of national procurement in Europe limit Helsing’s expansion?

Platform Specifications and Sovereignty

Helsing and Eurenco are developing a sovereign European warhead for the HX-2 strike drone to ensure supply security. The HX-2 is an electrically propelled X-wing loitering munition with a range of up to 100 km that is swarm-compatible and functions in GNSS-denied environments. The CA-1 Europa is a four-tonne, high-speed drone with a V-tail design that uses Centaur AI for autonomous missions or wingman deployments alongside crewed aircraft. The platform allows for rapid upgrades to sensors, avionics, software, and payloads. NATO aims to strengthen its industrial base through increased production of unmanned aerial vehicles and air defense systems. NATO members have met the goal of spending 2% of their gross domestic product on defense, with the combined total exceeding $430 billion.