Destinus, the Dutch defense startup that manufactures drones and cruise missiles, is raising approximately €200 million in a pre-IPO funding round that values the company at more than €5 billion — a figure based on projected annual revenue of around €500 million. Rothschild and UniCredit are arranging the round. An Amsterdam listing is under consideration to follow.
Founded in 2021 by Mikhail Kokorich — a Russian-born entrepreneur who renounced his Russian citizenship in 2024 in protest against the Ukraine invasion — Destinus has moved quickly from startup to a company serious investors are pricing at scale. Last month it announced a joint venture with Rheinmetall aimed at manufacturing and supplying cruise and ballistic missiles, giving it a direct connection to one of Europe’s largest and most active defense primes as the continent accelerates rearmament spending.
Why Amsterdam
The Amsterdam exchange has become the preferred listing venue for European defense companies that want access to capital markets without the political friction of listing in their home country or in London. Czech defense group CSG listed in Amsterdam in January. Czech firearms maker Colt CZ followed in April. Destinus would be the third defense company to choose Amsterdam in under six months — a pattern that reflects both the exchange’s growing defense credibility and the surge of investor appetite for European defense exposure since NATO members committed to sharply raising military budgets.
A €5 billion valuation on €500 million in projected revenue implies a 10x revenue multiple — aggressive but not unusual for a defense technology company with a Rheinmetall partnership and exposure to the European cruise missile market, which is expanding rapidly as the continent tries to reduce dependence on US-supplied precision strike capabilities.
What Destinus makes
Destinus sits at the intersection of drone manufacturing and cruise missile production — two categories receiving the largest share of new European defense investment. The Rheinmetall joint venture targets cruise and ballistic missile manufacturing specifically, which positions Destinus in a supply chain that European governments are actively trying to build out domestically after years of underinvestment exposed critical gaps in the early months of the Ukraine conflict.
Kokorich’s background adds an unusual dimension. He previously founded Momentus, a US space propulsion company, and navigated significant regulatory scrutiny from CFIUS over his Russian origins before eventually renouncing his citizenship. That history makes Destinus a company that European governments and NATO procurement bodies will have examined carefully before extending the kind of partnership credibility the Rheinmetall deal implies.
