Dutch defence startup Destinus is seeking €200M in a pre-IPO round at a €5B+ valuation, Bloomberg reports. Founded in 2021, the company manufactures over 2,000 cruise missile systems annually and has deployed its Ruta missile system with Ukrainian armed forces since 2023. It has a joint venture with Rheinmetall and has raised nearly €400M to date. The raise comes amid a global defence-tech investment boom, with sector VC hitting a record $49.1B in 2025. A successful round would position Destinus for a listing on the Amsterdam stock exchange, potentially making it one of the first defence-tech startups to test whether private-market valuations translate to public markets.
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