According to people with knowledge of the discussions, Europe's most valuable defense startup, Helsing, is negotiating to take a minority position in Destinus as part of an active fundraising that values the target at about €6 billion. Alongside the investment talks, the companies are close to sealing an initial commercial tie-up designed to complement their product lines.
There is still execution risk. The people cautioned that no final decision has been made and the talks may not produce a deal. Destinus declined to comment, and Helsing could not be reached outside business hours.
Munich-based and five years old, Helsing develops attack drones, self-flying aircraft, and software for the battlefield. In July, the company reached an $18 billion valuation with support from Dragoneer Investment Group LLC, Goldman Sachs Alternatives, and additional backers.
Destinus traces its start to 2021, when its founder, Mikhail Kokorich, a Russian entrepreneur who in 2024 renounced his citizenship over his stance against the war in Ukraine, launched the company. The Netherlands-based startup produces long-range strike drones, loitering weapons, and interceptors, and has supplied Ukraine since Russia's full-scale invasion. Its lineup includes the Ruta cruise missile, advertised with a range near 1,000 miles.
When financial stories are developing, stay grounded with our free Market Briefs newsletter that explains the essentials
European stockpiles are thin on conventional long-range strike weapons, a legacy of years under the Intermediate Nuclear Forces Treaty that effectively barred ground-launched cruise missiles. A subset of nations - among them Germany, France, and the UK - operate air-launched alternatives, though their range extends only a few hundred miles.
Washington has promised to sell Germany US-made BGM-109 Tomahawks, yet supply is scarce. That shortage is putting a premium on near-term fixes.
Destinus raised a convertible note in 2025 at a valuation above €1 billion, and Bloomberg reported in May that it was talking to investors about a valuation above €5 billion in advance of a planned initial public offering. Founder Mikhail Kokorich settled a Securities and Exchange Commission issue tied to his prior firm, Momentus Inc.; in 2024, he consented to a $2 million civil penalty and accepted a five-year prohibition on serving as an officer at any US-listed company arising from that satellite company's SPAC merger.
The bottom line: if the Helsing deal and partnership come together, two prominent European dronemakers would be more closely aligned at a time when demand for longer-range strike systems is rising. For your portfolio, that means watch for confirmation of a stake, any partnership details, and how European procurement and NATO programs shape order books and valuations.
In a world of complex financing, get a clear daily snapshot by signing up for free Market Briefs
