Quantum Systems raises $1.2bn, eyes humanoids and Stark merger

Key Takeaways

• Quantum Systems raised $1.2bn at an $8bn valuation from Blackstone, Airbus, and others
• CEO Florian Seibel hints at merger with strike drone startup Stark, which he also founded
• Company plans to expand beyond defense into robotics, humanoids, and maritime systems

Quantum Systems, the Munich-based autonomous drone maker, has raised $1.2bn in Series D funding at an $8bn valuation. Blackstone, Airbus SE, Noteus, and Advent co-led the round, with Balderton Capital and HV Capital participating. The company now has what CEO Florian Seibel calls the "firepower" to consolidate a crowded defense tech market and expand into robotics and humanoids.

This is one of the largest European defense tech raises on record. It also sets up a potential blockbuster merger: Seibel founded strike drone startup Stark separately in 2024, and the two companies are now valued at a combined $10bn+.

Why the international investor focus?

CFO Jonas Jarosch said the round deliberately targeted investors outside Europe. The goal: position Quantum Systems as a "neoprime" defense contractor with global reach, not just a German national champion.

"Our cap table is quite diverse," Jarosch said on a press call Thursday. Bringing in Blackstone (US) and unnamed Asian investors signals that Quantum wants to compete for contracts far beyond NATO's borders. The company already operates in 60+ countries and has active deals with Germany, Ukraine, Australia, New Zealand, the US, Romania, and Spain.

The Stark question: merger or stay separate?

Seibel started Stark in 2024 because Quantum's existing investors had restrictions on funding kamikaze drones. Stark raised €500m last month and builds the strike capabilities Quantum cannot. The separation was a workaround, not a strategy.

Now that both companies sit on war chests, a reunion makes sense. "The two companies are valued north of $10bn. Maybe one day we will add those two together, maybe not," Seibel told the Financial Times. "If it makes sense, we'll do it."

For founders watching European defense consolidation, this is the playbook: spin out a subsidiary to dodge investor restrictions, scale it independently, then merge once both have critical mass. It is also a reminder that cap table composition shapes product strategy in ways that only become visible years later.

IPO or another private round?

Bloomberg reported in May that Quantum was lining up advisers for a 2027 listing. Seibel called that "wrong" and a "misunderstanding." The company ran an IPO readiness review at the board's request, found gaps, and is now closing them. No decision has been made.

"There's always findings," Seibel said. He left all options open: another private round, a direct listing, or continued growth as a profitable scaleup. Quantum reported roughly €300m in revenue last year, expects to double that in 2025, and claims "double-digit EBITDA."

For a defense company, profitability matters. Government procurement cycles are long; cost-plus contracts can take years to materialize. Quantum's ability to self-fund through profitable operations gives it negotiating leverage in M&A and removes the urgency to go public at a discount.

Beyond drones: humanoids and maritime

The headline grabber is humanoids. Seibel said robotics is a "big topic" Quantum will "probably" explore. That word choice matters. "Probably" is not a product announcement. It is a signal that Quantum views itself as an autonomous systems company, not just an aerial drone maker.

The company acquired German autonomous trucking startup Fernride in December. It recently announced a larger aircraft platform. Maritime drones are coming "later this year," per Seibel. The thread connecting these moves: autonomy software that can control vehicles across domains, air, land, and sea.

Humanoids fit that thesis. The physical form factor is different, but the control stack, perception, planning, and actuation, shares DNA with what Quantum already builds. Whether Quantum develops humanoids in-house, acquires a robotics startup, or licenses technology remains unclear.

What this means for European defense tech

European defense startups have raised aggressively since Russia invaded Ukraine. Quantum's $8bn valuation is a marker for the sector's ceiling. Anduril in the US is reportedly valued at $14bn after its latest round. Quantum is not far behind.

Seibel's comment that "the winners of tomorrow already exist and already have a certain size" is a shot at smaller competitors. He is signaling consolidation. Quantum has the capital to acquire; smaller players will face a choice between selling or getting squeezed out of government contracts by a better-capitalized rival.

Frequently Asked Questions

How much did Quantum Systems raise in its Series D?

Quantum Systems raised $1.2bn at an $8bn valuation. The round was co-led by Blackstone, Airbus SE, Noteus, and Advent.

Will Quantum Systems and Stark merge?

CEO Florian Seibel said a merger is possible but not decided. The two companies have a combined valuation above $10bn, and Seibel founded both.

When will Quantum Systems go public?

No IPO date is set. The company ran an IPO readiness review but Seibel dismissed reports of a 2027 listing as a misunderstanding.

What products does Quantum Systems make?

Quantum Systems builds autonomous reconnaissance drones, including the Vector platform deployed in Ukraine. It is expanding into larger aircraft, maritime drones, and potentially humanoid robots.

Is Quantum Systems profitable?

Yes. The company reported roughly €300m in 2024 revenue with double-digit EBITDA margins and expects to double revenue in 2025.

Source: Sifted