Anchor Customer Beats the Anchor Investor
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Guest contribution by Bernd Storm van's Gravesande - In July 2026, a Munich-based company, whose name few Germans know, announced a financing round of 1.8 billion US dollars. Valuation: 18 billion USD. The DefenceTech company Helsing is thus worth more than Lufthansa. Also in July, elsewhere in Germany, founders sat in VC meetings negotiating bridge financings that were supposed to secure them six more months of liquidity. Two realities, one location. The EY Startup Barometer provides the figures behind this: In 2025, around 8.4 billion Euros in venture capital flowed into German startups, but the number of financing rounds decreased for the fourth time in a row – to 716 deals. The trend is clear: capital is concentrating on fewer and fewer companies. The question every founder should therefore ask is not how to get more investors, but what do successful startups know that the rest do not? The answer is simple. Helsing, the rocket manufacturer Isar Aerospace, and the drone manufacturer Quantum Systems – all unicorns from the greater Munich area – have indeed raised billions in investor money. But the foundation beneath these valuations are orders. Helsing's first combat drone framework agreement with the Bundeswehr alone has a volume of up to 1.4 billion Euros. The customers of this new tech generation are the Bundeswehr, ESA, and also NATO states, i.e., organizations with...
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