Helsing
B2G (business-to-government). Sells AI software and increasingly vertically-integrated hardware to democratic-nation militaries under fixed-price product contracts and multi-year framework agreements, deliberately targeting software-like ~40-50% gross margins vs. the 5-10% of traditional cost-plus primes.
Chronological priced primary rounds. The 2023-2025 points are closed and well-documented; the 2026-05 point is a reported/in-progress round and is not confirmed closed - treat as directional, not booked. USD valuations approximate EUR marks at prevailing rates.
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range