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Five-year-old European military drone startup Helsing is reportedly close to raising a new $1.2 billion round at about an $18 billion valuation. The round is expected to be led by Dragoneer and co-led by existing Helsing investor Lightspeed, the Financial Times reported.

Helsing last raised just under a year ago, in June 2025, in a deal that was led by billionaire Spotify founder Daniel Ek. That was a €600 million investment at an estimated €12 billion valuation ($14 billion). So this new round is a step up.

While Helsing isn’t the only European unicorn defense tech, it is by far the one that investors deem the most valuable. For instance, German drone maker Quantum Systems raised €180 million in November, which valued it at more than €3 billion. And a year ago, Lisbon-headquartered Tekever raised £400 million at a valuation above £1 billion. Amid Russia’s ongoing war in Ukraine, the proving ground for new technologies, autonomous defense startups have become a hot area for VCs.

Helsing, Dragoneer, and Lightspeed could not be immediately reached for comment.

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