Destinus is a European defense manufacturer that builds drones and missiles, and it is scaling quickly as European governments rearm. It was founded in 2021 by Mikhail Kokorich, a physicist and serial entrepreneur, with Oleksandr Danylyuk, a former finance minister of Ukraine. The company started out working on hydrogen-powered hypersonic aircraft, then shifted its focus to defense, which is now the core of the business. It is headquartered in the Netherlands, with operations across Europe.
What it does. Destinus designs and manufactures autonomous flight systems — cruise missiles, strike and loitering drones, and interceptors — and builds most of the airframes, engines, and software itself. Its main product, the Ruta, is a long-range cruise-missile system that has been used by Ukrainian forces since 2023, which gives it something most defense startups lack: a weapon proven in the field. It also makes a smaller interceptor drone being trialed by the French army, and it has acquired several companies to add AI autonomy and manufacturing capacity. The company says it now produces more than 2,000 missile systems a year.
Where it stands. The defining event is a joint venture with Rheinmetall, Germany’s largest defense contractor, announced in April 2026 to make and deliver cruise missiles and rocket artillery, with production starting in the second half of 2026; Rheinmetall holds 51% and Destinus 49%. For a young company, pairing its designs with an established manufacturer’s scale is an important validation. Destinus employs around 750 people across several European countries and is positioning itself as one of Europe’s emerging defense primes, at a moment when the continent is committing to large increases in military spending.
Funding. Destinus has raised close to €400 million to date — a mix of equity, convertible notes, shareholder loans, and bank financing, with recent convertibles done above a €1 billion valuation. It is now raising a roughly €200 million round, reportedly targeting a valuation above €5 billion, advised by major banks, and has said it is considering a public listing in Amsterdam afterward.
The current opportunity. This is a pre-IPO round in one of the most closely watched names in European defense. We have access to this round. If you would like to look at it, we can share what we have and arrange a conversation.
Worth keeping in mind. The valuation is high and rests on a fast-growing order book and the European defense build-up continuing — if spending or the course of the war shifts, the demand assumptions shift with it. Defense manufacturing at scale is also hard, capital-heavy work, and the company still has to prove it can deliver at the volumes its valuation implies. The planned Amsterdam listing is a possible path to liquidity, but it isn’t certain or scheduled.