- Swiss-founded defence startup Destinus is seeking around €200 million ahead of a potential Amsterdam IPO
- The company is targeting a valuation above €5 billion, backed by projected annual revenue of roughly €500 million
- Destinus develops drones, cruise missiles, loitering munitions, and interceptor systems
TFN has learnt on background that European defence startup Destinus is in discussions to raise around €200 million as it prepares for a possible public listing in Amsterdam. At the same time, various other reports and multiple sources have confirmed the news.
The fundraising effort began in recent weeks, according to people familiar with the matter, with the company seeking a valuation exceeding €5 billion. That figure is tied to a forecast annual revenue of around €500 million, according to sources.
Earlier this year, Destinus secured convertible notes at a valuation above €1 billion.
Founded by a Russian-born entrepreneur
Destinus was founded in 2021 by entrepreneur Mikhail Kokorich, who renounced his Russian citizenship in 2024 in opposition to the Kremlin and the ongoing war in Ukraine.
Before founding Destinus, Kokorich built and scaled technology companies across multiple geographies. He founded Russia’s first private space company, Dauria, in 2011, before emigrating to the US, where he went on to found Astro Digital and Momentus, the latter raising more than $100 million and being valued at over $4 billion, and listed via SPAC before he departed. In 2021, he relocated to Europe and founded Destinus.
Since launching the company, Kokorich has focused on building a defence business centred on next-generation autonomous weapon systems and aerospace technologies.
The company develops long-range strike drones, cruise missiles, loitering munitions, and interceptor systems designed for modern warfare. Its products have gained attention as drones become increasingly central to battlefield operations, particularly in Ukraine.
Destinus has also expanded its technological capabilities through acquisitions. Last year, it acquired Swiss aviation software company Daedalean in a deal valued at CHF 180, which is approximately at $225 million, in cash and stock. Daedalean specialises in autopilot systems for aviation, adding advanced navigation and flight-control expertise to Destinus’ portfolio.
Europe’s defence tech moment is here
Something has shifted in European venture capital. For years, defence startups on the continent struggled to attract serious money. That era is over.
Helsing, the Munich-based military drone and AI startup founded just five years ago, is reportedly close to raising $1.2 billion at an $18 billion valuation, with the round expected to be led by Dragoneer and co-led by existing investor Lightspeed. Helsing is not alone. German drone maker Quantum Systems raised €180 million in November, valuing the company at more than €3 billion and making it Germany’s first defence-tech unicorn. Similarly, Lisbon-headquartered Tekever raised £400 million at a valuation above £1 billion.
Though these companies are from different countries and have different systems. Europe is building a new defence industrial base from scratch, and investors are funding it at a pace that would have seemed implausible three years ago.
Defence tech venture capital hit a record $49.1 billion globally in 2025, nearly double the prior year. The comparison with the US is instructive, not to diminish what is happening in Europe, but to show where the trajectory is heading.
Anduril has already proved the model in the United States, securing multi-billion-dollar defence contracts with a software-first, capability-led approach that established primes have been slow to replicate. Helsing is the most prominent European equivalent, and the fact that a company founded just five years ago has already secured AI software contracts with the Bundeswehr and the UK Ministry of Defence demonstrates how quickly procurement relationships are diversifying away from established primes. Investors see Europe not as a laggard catching up to Silicon Valley, but as the next frontier precisely because the demand is structural, government-backed, and only just beginning.
An Amsterdam listing, if it happens, would be significant. It would be among the first pure-play European defence tech IPOs.
Destinus’ next phase will be focused on scaling production, strengthening aerospace capabilities, and preparing for public markets. The company can become one of the continent’s most valuable defence technology players.
