European defence industry is getting a new unicorn - with help from Spotify. Helsing, the German military-drone startup founded five years ago, is closing in on a 1.2 billion dollar round, at an estimated value of 18 billion dollars, according to the Financial Times.

The round is led by Dragoneer alongside existing investor Lightspeed. Only a year ago, in June 2025, Helsing was valued at 12 billion euros (14 billion dollars) in a 600 million-euro round led by Daniel Ek, founder of Spotify. In 11 months - over 25 percent value growth.

Helsing is not the only European defence-tech unicorn, but it is by far the most expensive. For comparison - German drone-maker Quantum Systems raised 180 million euros in November 2025 at a valuation of over 3 billion euros. Lisbon's Tekever raised 400 million pounds a year ago at over one billion in value.

How did the European VC scene suddenly open its wallet to defence? Short answer - Ukraine. The war in Ukraine has turned autonomous defence startups into the hottest category of venture capital. The continent that for decades invested in „peacetime technologies" is now hunting companies that build drones, navigation systems and battlefield AI.

Helsing, Dragoneer and Lightspeed did not respond to requests for comment.