Helsing lands Germany's €580M combat-cloud contract

Germany is set to award a €580M contract to Munich-based AI defense startup Helsing to build the Combat Fighter System Nucleus (CFSN), a combat-cloud software platform salvaged from the collapsed Franco-German FCAS fighter jet project. The contract covers two experimental uncrewed combat aircraft, ground control stations, and autonomy software, with a government-owned reference architecture for future suppliers. Helsing beat out Airbus Defence, MBDA Germany, and Diehl Defence. The deal is politically sensitive: Germany is bypassing EU tender rules via a national-security exemption and may skip a Bundestag budget vote for a second phase. Founded in 2021, Helsing is now valued at ~€12B and has products deployed in Ukraine.

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Cargo drone startup Elroy Air nears an $800m SPAC deal

Elroy Air, the California startup behind the Chaparral hybrid-electric autonomous cargo drone, is in advanced talks to go public via a SPAC merger with Columbus Circle Capital Corp. II, valuing the combined company at roughly $1bn with an $800m raise. The Chaparral is designed for middle-mile delivery, carrying 300 pounds over 300 miles with vertical take-off and landing. The company holds about 1,500 preorders from customers including FedEx and Bristow Group, a $200m manufacturing joint venture in Abu Dhabi, and growing interest from US and allied militaries. The deal remains unsigned and terms could still shift.

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