Europe is suddenly building its own crop of defense unicorns. Quantum Systems, Helsing, Tekever, and now Destinus is lining up another big round.
Bloomberg reported Thursday that Destinus is seeking $200 million in pre-IPO funding, fresh capital ahead of a public listing the company has flagged as a possibility in the coming years.
Destinus was founded in 2021 in Payerne, Switzerland, then moved its headquarters to the Netherlands in late 2024 as the business pivoted toward military applications. The company's main product line is hypersonic and supersonic aircraft, plus hydrogen-powered military drones.
The Destinus-D is the headline product, an interceptor drone designed to chase down airborne targets at hypersonic speed using a hydrogen-fueled engine.
Ukraine is a public customer, with the Ukrainian military using Destinus drones in the war against Russia, giving the firm both revenue and a battlefield resume that most defense startups can't claim.
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The $200 million round builds on roughly EUR 400 million Destinus has already raised across equity, convertibles, and bank facilities, including a EUR 50 million Commerzbank credit line late last year. Bloomberg reported in June 2025 that the company was raising EUR 100 million at a valuation of up to EUR 1.5 billion, so this new round looks like a step up in size.
In April, Destinus announced plans for a joint venture with German defense giant Rheinmetall called Rheinmetall Destinus Strike Systems, with Rheinmetall holding 51% and Destinus 49%, focused on building advanced missile systems including a 700-km cruise missile and ballistic rocket artillery. The JV is expected to be formed in the second half of 2026, subject to regulatory approval.
The company also agreed in August 2025 to acquire Swiss AI aviation firm Daedalean for CHF 180 million, roughly $223 million, to add autonomous flight tech to its drones.
European defense spending is climbing as NATO members push budgets higher, and private companies are racing to fill the gap left by slower-moving traditional primes.
A pre-IPO round usually previews what an actual public listing might look like, so the final size and valuation of this $200 million raise will hint at how close Destinus is to going public.
The other thing to track is the customer mix, since the company is heavily tied to Ukraine today, and adding NATO members and Western European militaries is what turns a defense startup into a real public company.
The next IPO from European defense tech may not be far off.
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