Helsing, Quantum Systems and Stark raised $3.5 billion between them this summer. The deal terms underneath show all three scaling on production capacity they do not own.
The Munich reconnaissance-drone maker more than doubled its valuation in under a year, and its co-CEO says the cash is for acquiring rivals in a crowded European market.
A two-year-old Berlin loitering-munition maker is now one of Europe's best-funded defense startups, with US capital and the NATO Innovation Fund underwriting factories over software.