161 European defence-tech startups raised €4.9bn in 2026

161 European defence-tech startups have raised capital in 2026 so far. €4.9bn has been invested across 164 rounds. And that is before looking at the broader European space market.

In H1 alone, 30 European space companies raised €2.9bn across 33 rounds, up 622% from H1 2025.

The largest raises

• Helsing | €1.6bn Europe’s largest defence-tech round, taking Helsing’s valuation to around $18bn.

• ICEYE | €1bn Finland’s SAR satellite company, scaling its space and defence capabilities.

• STARK | €500m Capital to expand European defence manufacturing, with more than 80% going towards R&D and production.

• The Exploration Company | €387m One of Europe’s largest space and defence-tech rounds, supporting development and scaling of its reusable spacecraft platform.

• Isar Aerospace | €270m Funding to expand launch capacity and serial production of its Spectrum rocket.

• Cambridge Aerospace | $300m Series C at a $3.4bn valuation, scaling its counter-drone interceptor systems.

• Open Cosmos | €300m Capital to scale satellite manufacturing and sovereign space infrastructure across Europe.

Where the money is going

The interesting part is not just the amount of capital. It is where the money is going.

• AI and defence software

• Autonomous systems

• Counter-UAS

• Space infrastructure

• ISR and sensing

• Missile and air defence

• Defence manufacturing

European defence investment is increasingly moving beyond traditional primes and into the technology and industrial base underneath them.

A broader investor base

It is also attracting a much broader investor base. Defence specialists are participating alongside generalist VCs, deep-tech investors, aerospace funds, strategic corporates and US investors.

For companies raising in the sector, that makes investor mapping increasingly important. The relevant investor is not necessarily the fund with defence in its name. It is the investor whose previous investments, mandate, geography and ticket size actually match the company.