Destinus Raises €200M for IPO with €5B Valuation
Destinus, a Netherlands-headquartered defense startup specializing in cruise missiles and autonomous drones, is seeking €200 million at a €5 billion+ valuation ahead of its planned Amsterdam IPO, according to Bloomberg.
Founded by Mikhail Kokorich, a Russian-born physicist and serial entrepreneur who renounced his Russian citizenship in 2024 due to the war in Ukraine, Destinus has evolved from a hypersonic aviation research project into a significant European defense industrial company. The startup employs 750 engineers and specialists across production facilities in the Netherlands, Germany, Spain, and Ukraine, manufacturing over 2,000 cruise missile systems annually.
Their product portfolio includes:
- Ruta: A proven and deployed cruise missile system operational since 2023, with an updated Ruta Block2 capable of carrying a 250kg payload up to 450km.
- Hornet: An interceptor drone currently being tested by the French Army.
- Longer-range autonomous strike platforms: Currently under development.
Destinus has raised approximately €400 million to date, including €140 million in convertible instruments and shareholder loans. They secured a €50 million financing facility from Commerzbank in December 2025. In 2026, they acquired Daedalean, a Swiss autonomous pilot startup for $225 million, one of Europe's largest defense tech acquisitions.
A significant recent development is their joint venture with Rheinmetall, Germany’s leading defense contractor. Rheinmetall Destinus Strike Systems will manufacture, market, and deliver cruise missiles and ballistic rocket artillery, starting in the second half of 2026.
The pre-IPO raise aims to position Destinus for a listing on the Amsterdam stock exchange, joining other high-profile defense tech companies like Anduril and Helsing, which have attracted substantial investment recently.
In 2026, Destinus continues to push boundaries, aiming to revolutionize the defense industry with its advanced cruise missile technology. The company's recent acquisition of Daedalean and the joint venture with Rheinmetall highlight its strategic moves to expand its product line and market reach. With the pre-IPO funding, Destinus is poised to enhance its manufacturing capabilities, develop new autonomous systems, and solidify its position as a global leader in hypersonic aviation. This aggressive growth strategy positions Destinus to capitalize on the increasing demand for advanced defense technologies, ensuring its place at the forefront of the industry. Read the full article