-89%

est. 2Y upside i

AI & MLSeries D+

Rank

#3687

Sector

Defense AI

Est. Liquidity

~4Y

Data Quality

Data: Medium

Given the stale 2023 revenue of $10.4M, 7.21% YoY growth, and 1730x valuation multiple, equity in Helsing is extremely risky.

Last updated: July 3, 2026

Bull (10%)+9%

Bull case assumes exit multiple holds at 1730x due to a favorable IPO window or major defense contract, yielding $19.7B exit value. However, revenue growth is only 7.21% YoY, making this unlikely.

Base (45%)-99%

Base case sees multiple compression to 15x (public comp median), giving $171M exit value. Combined with $2.7B preference stack, common equity is wiped out.

Bear (45%)-100%

Bear case: multiple collapses to 2x, exit value $22.8M, well below preferred liquidation preference. Common stock returns -100%.

Est. time to liquidity~4.0 years

Preference Stack Risk

moderate

Funding Intensity

15%

$2.7B in total funding represents 15% of current valuation; preference overhang is protective of investors, but in a downside scenario, common stock is entirely subordinated.

Dilution Risk

low

No imminent dilutive raise expected given $1.2B raised in May 2026.

Secondary Liquidity

none

No secondary trading reported; employee equity likely illiquid.

Questions to Ask at the Interview

Strategic questions based on Helsing's data — designed to show you've done your homework.

  • 1

    “How does Helsing plan to scale revenue given the low 7.21% growth rate?”

  • 2

    “What is the company's strategy to defend against incumbents like Anduril and Rheinmetall in AI?”

  • 3

    “Given the preference stack, what is the expected common stock recovery in a sale scenario?”

Community

Valuation Sentiment

Our model estimates -89% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.