The European AI Index 2026
Europe's 15 largest private AI companies as of May 2026. Combined valuation, country and category breakdowns, downloadable dataset (CC BY 4.0).
About this data
Valuations are as of 14 May 2026. Totals, charts and comparisons were recalculated on 8 September 2026 to correct arithmetic and presentation; no company valuation changed, and funding rounds and legal headquarters were not re-verified. Each row carries its valuation date, sources and caveats.
Changes to published figures are logged on the corrections page.
| # | Company | HQ | Founded | Valuation | Total raised | Category | Valuation date and evidence |
|---|---|---|---|---|---|---|---|
| 1 | Helsing | 🇩🇪Munich | 2021 | $14.10B | $2.40B | Defence AI | 2025-06 Series D, €600M A reported Series E at $18B post-money was disclosed in FT on 2026-05-09 but had not closed as of 2026-05-14. Headline ranking uses the confirmed $14.1B Series D figure from June 2025. |
| 2 | Mistral AI | 🇫🇷Paris | 2023 | $13.70B | $3.05B | Foundation models | 2025-09-09 Series C, €1.7B (ASML-led) Post-money €11.7B. ASML holds approximately 11 percent fully diluted following the round. A separate $830M debt facility closed in March 2026 is excluded from the equity-valuation calculation. |
| 3 | Wayve | 🇬🇧London | 2017 | $8.60B | $2.55B | Autonomous driving | 2026-02-25 Series D, $1.2B |
| 4 | Ineffable Intelligence | 🇬🇧London | 2025 | $5.10B | $1.10B | Foundation models / superintelligence | 2026-04-27 Seed, $1.1B Largest seed round ever in Europe. Founded by David Silver (UCL professor, former DeepMind reinforcement learning lead). UK Companies House #16865241, incorporated 19 November 2025. Confirmed UK-legal entity, not Delaware-flipped. Investors include Sequoia, Lightspeed, Nvidia, Google, DST Global, Index, and the UK Sovereign AI Fund. |
| 5 | AMI Labs | 🇫🇷Paris | 2025 | $4.50B | $1.03B | World models | 2026-03-09 Seed, $1.03B Yann LeCun is executive chair after leaving Meta. CEO is Alexandre LeBrun (previously Nabla). $1.03B raised at a $3.5B pre-money valuation, giving a $4.53B post-money. |
| 6 | Recursive Superintelligence | 🇬🇧London | 2025 | $4.00B | $500M | Foundation models / superintelligence | 2026-05-13 Pre-Series A, $500M Founded by Tim Rocktäschel (UCL professor, former DeepMind) and Richard Socher (former Salesforce chief scientist). UK Companies House registration, incorporated 31 December 2025. Confirmed UK-legal entity. Round led by GV and Greycroft with Nvidia and AMD participation. The Agent Times reports the round was oversubscribed and could reach $1B total. |
| 7 | Synthesia | 🇬🇧London | 2017 | $4.00B | $420M | Video / generative AI | 2026-01-26 Series E, $200M |
| 8 | Quantum Systems | 🇩🇪Gilching | 2015 | $3.50B | $400M | Defence AI | 2025-11-27 Series C extension, €180M Targeting an early-2027 IPO with Morgan Stanley. |
| 9 | Parloa | 🇩🇪Berlin | 2018 | $3.00B | $560M | Agentic AI / customer experience | 2026-01-15 Series D, $350M |
| 10 | ICEYE | 🇫🇮Espoo | 2014 | $2.80B | $820M | Defence / EO + AI analytics | 2025-12-05 Series E, €150M Borderline category fit. ICEYE's primary product is SAR satellite hardware plus an AI-driven analytics layer. Included because defence and intelligence customers buy ICEYE for the AI persistent-intelligence output rather than the imagery alone. |
| 11 | Quantexa | 🇬🇧London | 2016 | $2.60B | $400M | Decision intelligence | 2025-03-04 Series F, $175M |
| 12 | DeepL | 🇩🇪Cologne | 2017 | $2.00B | $415M | Translation / NLP | 2024-05-22 Series C, $300M Stale primary valuation (May 2024). DeepL was reported in October 2025 to be weighing a US IPO targeting approximately $5B. The $2B figure here is the last priced private round and the only verifiable equity benchmark. |
| 13 | Wonderful | 🇳🇱Amsterdam | 2025 | $2.00B | $180M | Enterprise AI agents | 2026-03-12 Series B, €130M |
| 14 | Multiverse Computing | 🇪🇸San Sebastián | 2019 | $1.76B | $215M | LLM compression / quantum-inspired AI | 2026-02-10 Series C (in progress) / confirmed Series B $215M Jun 2025 Reported €1.5B Series C in progress per Bloomberg, not yet closed. The conservative confirmed Series B values the company in the $500M range. The $1.76B figure uses the reported in-progress round; a conservative alternate would move the company below the index threshold. |
| 15 | Harmattan AI | 🇫🇷Paris | 2024 | $1.50B | $240M | Defence drone AI | 2026-01-12 Series B, $200M (Dassault-led) |
How to cite this dataset
Free to share and adapt with attribution under CC BY 4.0.
Built in EU (2026). The European AI Index 2026, data as of 14 May 2026. Retrieved from https://builtineu.eu/research/european-ai-index-2026
Citing this dataset or planning coverage? Drop a note at info@builtineu.eu. Custom cuts of the data (by country, category or founding year) are available on request.
For the full analysis, methodology, sources, and historical context, read the accompanying long-form post: The European AI Index 2026 (blog).
