Destinus, a Netherlands-headquartered defence startup producing cruise missiles and autonomous drones, is seeking roughly €200 million ahead of a planned initial public offering. The company aims for a valuation above €5 billion, based on forecast annual revenues of about €500 million. Founded in 2021 by Mikhail Kokorich, it has grown from hypersonic aviation research into a major European defence industrial player. Destinus employs 750 engineers and specialists across facilities in the Netherlands, Germany, Spain, and Ukraine, producing more than 2,000 cruise missile systems annually. Its Ruta cruise missile has been operationally validated and deployed by Ukrainian forces since 2023, and Ruta Block2 was unveiled for early 2026 with a 250-kilogram payload and up to 450-kilometre range. The portfolio also includes the Hornet interceptor drone under French Army testing and longer-range autonomous strike platforms in development. Destinus has raised nearly €400 million, including convertible instruments, shareholder loans, and a €50 million Commerzbank facility, and it agreed to acquire Daedalean for $225 million to strengthen AI and autonomous flight capabilities. It also formed a joint venture with Rheinmetall to manufacture and market its systems.
"Destinus, the Netherlands-headquartered defence startup that manufactures cruise missiles and autonomous drones, is in talks to raise approximately €200 million ahead of a planned initial public offering, Bloomberg reported on Friday, citing people familiar with the matter. The company is seeking a valuation north of €5 billion based on forecast annual revenues of roughly €500 million."
"Founded in 2021 by Mikhail Kokorich, a Russian-born physicist and serial entrepreneur who renounced his Russian citizenship in 2024 in protest against the war in Ukraine, Destinus has grown from a hypersonic aviation research project into one of Europe's most significant defence industrial companies. The startup employs 750 engineers and specialists across production facilities in the Netherlands, Germany, Spain, and Ukraine, and manufactures more than 2,000 cruise missile systems annually."
"The company's product portfolio centres on the Ruta, a cruise missile system that has been operationally validated and deployed by Ukrainian armed forces since 2023. In early 2026, Destinus unveiled the Ruta Block2, capable of carrying a 250-kilogram payload with a range of up to 450 kilometres. The lineup also includes the Hornet interceptor drone, currently being tested by the French Army, and longer-range autonomous strike platforms under development."
"Destinus has raised nearly €400 million to date, including €140 million in convertible instruments and shareholder loans, and a €50 million financing facility from Commerzbank secured in December 2025, the company's first commercial bank facility. Last year, it agreed to acquire Swiss autonomous pilot startup Daedalean for $225 million, one of Europe's largest defence tech acquisitions, to strengthen its AI and autonomous flight capabilities."
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