The money fueling European sovereignty
Helsing reached an $18 billion valuation after securing $1.8 billion in total capital. Founded in 2021, the company grew through a €450 million Series C led by General Catalyst and a $691 million Series D involving Prima Materia. Investors such as Accel, Saab AB, Lightspeed Venture Partners, Plural, and Greenoaks also participated in these rounds. Torsten Reil, Gundbert Scherf, and Niklas Kohler each hold 12% of the company. Daniel Ek, through his venture firm Prima Materia, leads much of the investment. You already know the software-defined defense market is shifting, but the scale of Helsing’s recent capital injection is different. Bloomberg reported that frontline soldiers and military experts found Helsing’s software significantly more expensive and less effective than comparable products. The company maintains a 300-employee base and expands its R&D along NATO’s eastern flank. The company’s total raised capital stands at $1.6 billion.
From software to autonomous hardware
Helsing builds the Altra land-domain AI backbone to link artillery, ISR drones, and mortar systems into a live target map. The HX-2 loitering munition drone provides jam-resistant and swarm-capable flight with a 62-mile range when users pair it with Altra. During October 2026, Ukraine’s military destroyed more than 8,000 drones and missiles as Russia shifted attack routes and altitudes. This scale of attrition in the Ukrainian theater validates the company’s focus on mass and autonomy. I find the Centaur AI co-pilot, which recently flew combat scenarios with Saab’s Gripen E, the most advanced part of their air portfolio. The company established a new subsidiary in Estonia and intends to commit €70 million to Baltic defense projects over the next three years to support its mission along the NATO eastern flank in the region.
| System | Function |
|---|---|
| Altra | Land-domain AI backbone |
| HX-2 | Jam-resistant loitering munition |
| Centaur | AI co-pilot for air combat |
| SG-1 + Lura | Autonomous underwater glider |
The SG-1 + Lura autonomous underwater glider provides multi-month endurance and an embedded acoustic AI system to detect submarines and map the seafloor. The company also partnered with ARX Robotics to develop AI-based reconnaissance and strike networks in the UK, Ukraine, and Germany. This collaboration aims to digitize the land domain through networked technologies. Helsing also holds contracts for the German Eurofighter electronic warfare upgrade and the AI infrastructure for the Future Combat Air System. The firm also delivered the source code for its Mission Operating System Bundeswehr to Germany’s defense procurement agency.
Palantir, Anduril, and the software fight
Palantir and Anduril secured a $192 million contract for eight TITAN mobile ground stations. Palantir received $127 million, while Anduril received $65 million. These systems merge sensor data to help commanders with long-range precision fires. Palantir uses its AIP to assist commanders in decision-making, while Helsing focuses on software-defined sovereignty for Europe. NATO ministers met in Helsingborg, Sweden, to discuss defense investment and recent drone incursions in the Baltic.
The International Institute of Strategic Studies plotted exactly 144 suspected drone sightings across Europe between 2024 and 2026. These incursions occurred in Latvia, Lithuania, and Estonia, where allied fighter jets shot down drones. Many of these drones flew near sensitive military installations or civilian airports. The report suggests Russia used shadow fleet vessels like the Arctica and Boracay to launch these drones. This activity includes sightings over Dutch and Belgian military bases that host American B61 nuclear bombs. The Dutch Defense Ministry confirmed seeing drones over Volkel Air Base in 2025. These incursions coincided with the US announcing a withdrawal of 5,000 soldiers from Germany and the suspension of a 4,000-soldier deployment in Poland. How will the US withdrawal of 5,000 soldiers from Germany change the security balance in the Baltic?
