Helsing, a five-year-old European military drone startup, is reportedly raising a $1.2 billion Series D round at an $18 billion valuation. This follow-on round, expected to be led by Dragoneer and co-led by Lightspeed, represents a significant step-up from its June 2025 funding round. The company has not disclosed specific metrics like client numbers or revenue, but the valuation surge indicates strong investor confidence in its autonomous defense technology amid geopolitical tensions.