EP61 – Unicorn Files – Helsing: European Sovereignty or an $18 Billion Defence-Tech Bubble?

Founded in 2021 by Torsten Reil, Gundbert Scherf and Niklas Köhler, Helsing began as a software-native defence AI company and evolved into a vertically integrated producer of autonomous systems. This Unicorn Files episode explores the HX-2 strike drone, the Altra reconnaissance-strike platform, Helsing's operational role in Ukraine, the acquisitions of Grob Aircraft and Blue Ocean, and the development of CA-1 Europa. It also examines the $1.8 billion Series E at an $18 billion valuation, the tension between European technological sovereignty and global capital, and the industrial, financial and ethical risks of increasingly autonomous military systems. With real contracts and growing manufacturing capacity, Helsing has moved beyond the pitch-deck stage. Yet a valuation reportedly equal to roughly 32 times projected 2026 revenue means the company must now execute like a future European prime contractor.

• Over five years, Helsing evolved from a defence software company into a vertically integrated producer of drones, underwater systems and autonomous aircraft.
• HX-2 is not the only product: Altra and other software layers aim to coordinate sensors, operators and platforms into a system of systems.
• Ukraine provided operational feedback, urgency and credibility, accelerating development, procurement and production.
• The acquisitions of Grob Aircraft and Blue Ocean show that Helsing views industrial capacity as a core competitive advantage.
• The $1.8 billion Series E values Helsing at $18 billion, anticipating a potential future position as a new European prime contractor.
• The European sovereignty narrative is complicated by an international cap table and US manufacturing expansion.
• Operational autonomy, human oversight and accountability for critical decisions will remain the central ethical and regulatory challenge.