Spotify founder Daniel Ek is having a strong year. His defense-tech bet, European military drone startup Helsing, is reportedly raising $1.2 billion at an $18 billion valuation, according to reports.
The five-year-old company's latest funding round is being led by heavyweight investor Dragoneer, with existing backer Lightspeed co-leading. This represents a significant jump from Helsing's position just eleven months ago.
Last June 2025, Ek led a €600 million round that valued the company at around €12 billion ($14 billion USD). That's a $4 billion valuation increase in less than a year.
Helsing has become the most valuable European defense-tech startup. German drone maker Quantum Systems raised €180 million in November at a €3 billion valuation. Lisbon's Tekever pulled in £400 million at just over £1 billion. Helsing is ahead of both.
The timing reflects the broader shift in defense priorities. As Russia's war in Ukraine continues, autonomous drone startups have attracted significant venture capital attention. Investors are betting on the future of warfare technology.
Ek, whose wealth comes largely from his Spotify stake, is betting on the militarization of AI and autonomous systems. Whether this fund-raise closes at the reported valuation remains to be seen—Helsing, Dragoneer, and Lightspeed have not officially commented. But if the numbers hold, Ek's defense-tech play would rank among Europe's most valuable private companies.
