Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that Helsing generated $10.4M (€9.6M) in revenue in 2023, up 721% year over year from $1.3M (€1.2M), according to the company&#39;s German annual accounts.</li><li>In February 2026, the Bundeswehr awarded Helsing an initial €269M deal for HX-2 loitering munitions, with a framework option of up to €1.46B total—subsequently capped by the Bundestag budget committee at €1B per producer, with further purchases requiring additional parliamentary approvals.</li><li>Helsing employs a B2G model, selling advanced AI defense capabilities to democratic nations&#39; militaries.</li></ul>

Sacra estimates that Helsing generated $10.4M (€9.6M) in revenue in 2023, up 721% year over year from $1.3M (€1.2M), according to the company&#39;s German annual accounts.In February 2026, the Bundeswehr awarded Helsing an initial €269M deal for HX-2 loitering munitions, with a framework option of up to €1.46B total—subsequently capped by the Bundestag budget committee at €1B per producer, with further purchases requiring additional parliamentary approvals.Helsing employs a B2G model, selling advanced AI defense capabilities to democratic nations&#39; militaries.

Quantum Systems / Private Capital Markets

<ul><li>Quantum Systems generated $330M in revenue in 2025, up 161% year-over-year from $124M in 2024.</li><li>The CFO said in July 2026 that revenue is on track to maintain a similar rate of growth in 2026, implying a trajectory toward $600M or more for the full year.</li><li>Quantum Systems closed a $1.2B Series D on July 2, 2026, at a post-money valuation of approximately $8B, co-led by Blackstone, Noteus, Airbus, and Advent.</li></ul>

Quantum Systems generated $330M in revenue in 2025, up 161% year-over-year from $124M in 2024.The CFO said in July 2026 that revenue is on track to maintain a similar rate of growth in 2026, implying a trajectory toward $600M or more for the full year.Quantum Systems closed a $1.2B Series D on July 2, 2026, at a post-money valuation of approximately $8B, co-led by Blackstone, Noteus, Airbus, and Advent.

<ul><li>Stark Defence is valued at approximately $500 million following its latest funding round led by Sequoia Capital in August 2025.</li><li>Stark Defence operates as a vertically integrated defense technology company combining proprietary hardware manufacturing with software-as-a-service offerings.</li><li>Contracts with Germany and Ukraine have established Stark's initial NATO credentials, creating a foundation for broader alliance member adoption.</li></ul>

Stark Defence is valued at approximately $500 million following its latest funding round led by Sequoia Capital in August 2025.Stark Defence operates as a vertically integrated defense technology company combining proprietary hardware manufacturing with software-as-a-service offerings.Contracts with Germany and Ukraine have established Stark's initial NATO credentials, creating a foundation for broader alliance member adoption.

CHAOS Industries / Private Capital Markets

<ul><li>CHAOS Industries raised $275 million in a Series C round led by New Enterprise Associates and Accel in May 2025, bringing total funding to $490 million.</li><li>The Vanquish radar represents their first commercial application, designed specifically for detecting cheap drones and missiles that traditional radar systems struggle to track cost-effectively.</li><li>CHAOS operates a B2B model selling both hardware platforms and software licenses to defense customers, with a focus on dual-use applications that can serve both military and civilian markets.</li></ul>

CHAOS Industries raised $275 million in a Series C round led by New Enterprise Associates and Accel in May 2025, bringing total funding to $490 million.The Vanquish radar represents their first commercial application, designed specifically for detecting cheap drones and missiles that traditional radar systems struggle to track cost-effectively.CHAOS operates a B2B model selling both hardware platforms and software licenses to defense customers, with a focus on dual-use applications that can serve both military and civilian markets.

<ul><li>Destinus generated $70M in revenue in 2024, up 289% year-over-year from $18M in 2023.</li><li>Destinus (founded in Switzerland in 2021) is a frontier tech company whose stated goal is to build the first hydrogen-powered hypersonic aircraft.</li><li>The EU’s reindustrialization push will send contracts both to homegrown players like Destinus ($29M seed raised, Quiet Capital).</li></ul>

Destinus generated $70M in revenue in 2024, up 289% year-over-year from $18M in 2023.Destinus (founded in Switzerland in 2021) is a frontier tech company whose stated goal is to build the first hydrogen-powered hypersonic aircraft.The EU’s reindustrialization push will send contracts both to homegrown players like Destinus ($29M seed raised, Quiet Capital).

Germany

AI software to enhance defense systems, improving battlefield decision-making and weapon capabilities

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Helsing (HELSING DE)

Primer: Helsing - 16 Jul 2026

AI software to enhance defense systems, improving battlefield decision-making and weapon capabilities

Sacra

Primer: Quantum Systems - 03 Jul 2026

Developer and manufacturer of autonomous unmanned systems and multi-sensor payloads for aerial, ground, and maritime mission intelligence

Sacra

Primer: Stark Defence - 23 Aug 2025

Defense software and unmanned systems for AI-coordinated strikes and battlefield operations

Sacra

Primer: CHAOS Industries - 07 Jul 2025

Technology company developing next-generation defense and critical industry technologies

Sacra

Destinus At $70M/year

TL;DR: Europe’s rearmament will pour hundreds of billions into EU domestic defense tech companies like Destinus, Helsing and Rheinmetal (XETRA:...

Sacra

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