[
  {
    "Rank": "1",
    "Company": "Helsing",
    "HQ": "Munich, DE",
    "Founded": "2021",
    "Valuation": "$14.1B",
    "Last round": "Series D €600M, Jun 2025 [1]",
    "Category": "Defence AI"
  },
  {
    "Rank": "2",
    "Company": "Mistral AI",
    "HQ": "Paris, FR",
    "Founded": "2023",
    "Valuation": "$13.7B",
    "Last round": "Series C €1.7B (ASML-led), Sep 2025 [2]",
    "Category": "Foundation models"
  },
  {
    "Rank": "3",
    "Company": "Wayve",
    "HQ": "London, GB",
    "Founded": "2017",
    "Valuation": "$8.6B",
    "Last round": "Series D $1.2B, Feb 2026 [3]",
    "Category": "Autonomous driving"
  },
  {
    "Rank": "4",
    "Company": "Ineffable Intelligence",
    "HQ": "London, GB",
    "Founded": "2025",
    "Valuation": "$5.1B",
    "Last round": "Seed $1.1B, Apr 2026 [4]",
    "Category": "Foundation models / superintelligence"
  },
  {
    "Rank": "5",
    "Company": "AMI Labs",
    "HQ": "Paris, FR",
    "Founded": "2025",
    "Valuation": "$4.5B",
    "Last round": "Seed $1.03B, Mar 2026 [5]",
    "Category": "World models"
  },
  {
    "Rank": "6",
    "Company": "Recursive Superintelligence",
    "HQ": "London, GB",
    "Founded": "2025",
    "Valuation": "$4.0B",
    "Last round": "Pre-Series A $500M, May 2026 [6]",
    "Category": "Foundation models / superintelligence"
  },
  {
    "Rank": "7",
    "Company": "Synthesia",
    "HQ": "London, GB",
    "Founded": "2017",
    "Valuation": "$4.0B",
    "Last round": "Series E $200M, Jan 2026 [7]",
    "Category": "Video / generative AI"
  },
  {
    "Rank": "8",
    "Company": "Quantum Systems",
    "HQ": "Gilching, DE",
    "Founded": "2015",
    "Valuation": "$3.5B",
    "Last round": "Series C ext. €180M, Nov 2025 [8]",
    "Category": "Defence AI"
  },
  {
    "Rank": "9",
    "Company": "Parloa",
    "HQ": "Berlin, DE",
    "Founded": "2018",
    "Valuation": "$3.0B",
    "Last round": "Series D $350M, Jan 2026 [9]",
    "Category": "Agentic AI"
  },
  {
    "Rank": "10",
    "Company": "ICEYE",
    "HQ": "Espoo, FI",
    "Founded": "2014",
    "Valuation": "$2.8B",
    "Last round": "Series E €150M, Dec 2025 [10]",
    "Category": "Defence / EO + AI analytics"
  },
  {
    "Rank": "11",
    "Company": "Quantexa",
    "HQ": "London, GB",
    "Founded": "2016",
    "Valuation": "$2.6B",
    "Last round": "Series F $175M, Mar 2025 [11]",
    "Category": "Decision intelligence"
  },
  {
    "Rank": "12",
    "Company": "DeepL",
    "HQ": "Cologne, DE",
    "Founded": "2017",
    "Valuation": "$2.0B",
    "Last round": "Series C $300M, May 2024 [12]",
    "Category": "Translation / NLP"
  },
  {
    "Rank": "13",
    "Company": "Wonderful",
    "HQ": "Amsterdam, NL",
    "Founded": "2025",
    "Valuation": "$2.0B",
    "Last round": "Series B €130M, Mar 2026 [13]",
    "Category": "Enterprise AI agents"
  },
  {
    "Rank": "14",
    "Company": "Multiverse Computing",
    "HQ": "San Sebastián, ES",
    "Founded": "2019",
    "Valuation": "$1.76B",
    "Last round": "Series C (reported), Feb 2026 [14]",
    "Category": "LLM compression"
  },
  {
    "Rank": "15",
    "Company": "Harmattan AI",
    "HQ": "Paris, FR",
    "Founded": "2024",
    "Valuation": "$1.5B",
    "Last round": "Series B $200M (Dassault-led), Jan 2026 [15]",
    "Category": "Defence drone AI"
  },
  {
    "Comparison": "European top 15 (combined)",
    "Valuation": "$73.16B",
    "Multiple of European top 15": "1.00x"
  },
  {
    "Comparison": "Helsing (European #1)",
    "Valuation": "$14.1B",
    "Multiple of European top 15": "0.19x"
  },
  {
    "Comparison": "Cursor / Anysphere (US #4)",
    "Valuation": "$50.0B",
    "Multiple of European top 15": "0.68x"
  },
  {
    "Comparison": "xAI (US #3)",
    "Valuation": "$250.0B",
    "Multiple of European top 15": "3.42x"
  },
  {
    "Comparison": "Anthropic (US #2)",
    "Valuation": "$380.0B",
    "Multiple of European top 15": "5.19x"
  },
  {
    "Comparison": "OpenAI (US #1)",
    "Valuation": "$852.0B",
    "Multiple of European top 15": "11.65x"
  },
  {
    "Comparison": "US top 10 combined",
    "Valuation": "$1,715.0B",
    "Multiple of European top 15": "23.44x"
  },
  {
    "Country": "United Kingdom",
    "Companies": "5",
    "Combined valuation": "$24.3B"
  },
  {
    "Country": "Germany",
    "Companies": "4",
    "Combined valuation": "$22.6B"
  },
  {
    "Country": "France",
    "Companies": "3",
    "Combined valuation": "$19.7B"
  },
  {
    "Country": "Finland",
    "Companies": "1",
    "Combined valuation": "$2.8B"
  },
  {
    "Country": "Netherlands",
    "Companies": "1",
    "Combined valuation": "$2.0B"
  },
  {
    "Country": "Spain",
    "Companies": "1",
    "Combined valuation": "$1.76B"
  },
  {
    "Category": "Foundation models / superintelligence",
    "Companies": "4",
    "Combined valuation": "$27.30B"
  },
  {
    "Category": "Defence AI",
    "Companies": "4",
    "Combined valuation": "$21.90B"
  },
  {
    "Category": "Autonomous driving",
    "Companies": "1",
    "Combined valuation": "$8.60B"
  },
  {
    "Category": "Agentic AI / enterprise automation",
    "Companies": "2",
    "Combined valuation": "$5.00B"
  },
  {
    "Category": "Video / generative AI",
    "Companies": "1",
    "Combined valuation": "$4.00B"
  },
  {
    "Category": "Decision intelligence",
    "Companies": "1",
    "Combined valuation": "$2.60B"
  },
  {
    "Category": "Translation / NLP",
    "Companies": "1",
    "Combined valuation": "$2.00B"
  },
  {
    "Category": "LLM compression",
    "Companies": "1",
    "Combined valuation": "$1.76B"
  },
  {
    "Company": "Poolside",
    "Operational HQ": "Paris, FR",
    "Legal HQ": "Poolside, Inc. (US)",
    "Valuation": "$12.0B",
    "Last round": "Series C ~$2B (Nvidia-led), Oct 2025 [17]"
  },
  {
    "Company": "Lovable",
    "Operational HQ": "Stockholm, SE",
    "Legal HQ": "Lovable Labs, Inc. (Delaware)",
    "Valuation": "$6.6B",
    "Last round": "Series B $330M, Dec 2025 [18]"
  },
  {
    "Company": "Hugging Face",
    "Operational HQ": "Paris / New York",
    "Legal HQ": "Hugging Face, Inc. (Delaware)",
    "Valuation": "$4.5B",
    "Last round": "Series D $235M, Aug 2023 [19]"
  },
  {
    "Company": "Black Forest Labs",
    "Operational HQ": "Freiburg, DE",
    "Legal HQ": "Black Forest Labs Inc. (Delaware)",
    "Valuation": "$3.25B",
    "Last round": "Series B $300M, Dec 2025 [20]"
  },
  {
    "Company": "ElevenLabs",
    "Operational HQ": "London / New York",
    "Legal HQ": "ElevenLabs Inc. (US)",
    "Valuation": "$3.3B",
    "Last round": "Series C $180M, Jan 2025 [21]"
  }
]