The European AI Index 2026
Europe's 15 largest private AI companies by confirmed valuation, updated 7 October 2026. Combined valuation, country and category breakdowns, honourable mentions, downloadable dataset (CC BY 4.0).
About this data
Updated 7 October 2026. Valuations are the latest confirmed, closed primary rounds as of 7 October 2026; EUR figures are converted at the ECB reference rate of 6 October 2026 (1 EUR = 1.1269 USD). This update applies a stricter headquarters rule (legal top entity and declared headquarters both in Europe), admits AI infrastructure, removes five companies and corrects one value. First published 14 May 2026. Each row carries its valuation date, legal entity, sources and caveats, and every correction is logged.
Changes to published figures are logged on the corrections page.
| # | Company | HQ | Founded | Valuation | Total raised | Category | Valuation date and evidence |
|---|---|---|---|---|---|---|---|
| 1 | Mistral AI | 🇫🇷Paris | 2023 | more than $23.66B | Not disclosed | Foundation models | 2026-09-08 Series D, €3B (Samsung Electronics-led) As stated: more than €21B post-money Legal entity: MISTRAL AI (SAS), Paris, SIREN 952418325 The company states a post-money valuation of more than €21 billion; converted at the ECB rate of 6 October 2026. Co-leads: Scaleup Europe Fund (managed by EQT) and PSG Equity. No source states a cumulative total raised after this round. The $830M debt facility of March 2026 is not equity and is not counted. |
| 2 | Helsing | 🇩🇪Munich | 2021 | $18.00B | Not disclosed | Defence AI | 2026-07-13 Series E, $1.8B Legal entity: Helsing SE, Munich, HRB 135822 (Amtsgericht Frankfurt am Main) Labelled "valuation" because no source says whether $18B is pre- or post-money. The company says it "remains predominantly European-owned". No source states a cumulative total raised after the Series E, so the field is left empty. Founding year: Defense News ("founded only in 2021"). The register number is taken from a register mirror (North Data). |
| 3 | Nscale | 🇬🇧London | 2024 | about $14.60B | Not disclosed | AI infrastructure | 2026-03-09 Series C, $2B (led by Aker ASA and 8090 Industries), completed March 2026 Legal entity: Nscale Limited (England and Wales), Companies House 16925886 AI cloud. The company announced "$2 billion in Series C funding, led by Aker ASA and 8090 Industries"; Aker states the round values Nscale at approximately $14.6 billion post-money. Filed a Form S-1 on 18 September 2026 for a proposed NYSE listing; as of 7 October 2026 the offering had not priced, so the company is still private. The $3.36 billion pre-IPO convertible notes of September 2026 are not a priced round. Not in the May edition, although the round closed in March 2026. |
| 4 | ICEYE | 🇫🇮Espoo | 2014 | more than $11.27B | Not disclosed | Defence / EO + AI analytics | 2026-06-09 Series F, €450M primary (General Atlantic-led) As stated: over €10B (company also states USD 12B) Legal entity: ICEYE Oy, business ID 2639822-1 Completed after regulatory approvals (Seraphim, 10 September 2026). A secondary placement takes the whole Series F above €1B; only the €450M is primary. Borderline category fit: the primary product is SAR satellites plus an AI analytics layer, as noted in May. |
| 5 | Wayve | 🇬🇧London | 2017 | $8.60B | $2.80B | Autonomous driving | 2026-02-25 Series D, $1.2B (plus $60M extension, April 2026) Legal entity: Wayve Technologies Ltd, Companies House 10924127 Post-money. Total raised is the company figure ("$2.8B Total funding in 4 rounds"). The $85M employee tender of mid-2026 is a secondary sale and does not set the value. |
| 6 | Quantum Systems | 🇩🇪Gilching | 2015 | about $8.00B | Not disclosed | Defence AI | 2026-07-02 Series D, $1.2B (Blackstone, Noteus, Airbus and Advent) Legal entity: Quantum-Systems GmbH, HRB 217004 (Munich) About $8B post-money. The company release announces the "signing" of the round; CNBC and Sifted report the money as raised, which the index counts as closed. Morgan Stanley was placement agent on this private round; the company says it is in no rush to list. Founding year from the commercial register (founded 8 January 2015, via the Implisense register mirror); the company's own pages could not be read. |
| 7 | NEURA Robotics | 🇩🇪Metzingen | 2019 | about $7.00B | Not disclosed | Robotics / physical AI | 2026-06-10 Series C, up to $1.4B (Tether-led) Legal entity: NEURA Robotics GmbH, HRB 768826 (Stuttgart) Valuation reported by CNBC (from a source familiar with the matter) and by Bloomberg (via TNW); the company declined to comment on it. Like Ineffable Intelligence in May, the figure rests on tier-1 reporting rather than a company statement. The round is "up to" $1.4B; the release does not say how much is committed now. |
| 8 | Tekever | 🇵🇹Caldas da Rainha Registered seat of Tekever Holdings, S.A.; Reuters: "now headquartered in Britain" | 2001 | $6.40B | Not disclosed | Defence AI | 2026-09-23 Series D first close, $580M round (UC Investments and Baillie Gifford) Legal entity: Tekever Holdings, S.A. (Portugal), parent of TEKEVER LTD (Companies House 08684764) Country and city follow the legal top entity: Tekever Ltd's accounts for 2025 (filed 5 October 2026) name its parent, Tekever Holdings, S.A., incorporated in Portugal with its registered seat in Caldas da Rainha, as the ultimate controlling entity. The city is that registered seat, not a declared headquarters: Reuters says the company is "now headquartered in Britain" and the release is datelined London. Both countries are in scope. The first close "covers the majority" of the $580M round, with more closings expected. Pre- or post-money is not stated. |
| 9 | Ineffable Intelligence | 🇬🇧London | 2025 | $5.10B | $1.10B | Foundation models / superintelligence | 2026-04-27 Seed, $1.1B (Sequoia and Lightspeed) Legal entity: Ineffable Intelligence Ltd, Companies House 16865241 Founded by David Silver (former DeepMind reinforcement learning lead). The SEC Form D for the round names Ineffable Intelligence Ltd, incorporated in the United Kingdom, as issuer. An aggregator claim of a September 2026 Series C is unverified and not counted. |
| 10 | AMI Labs | 🇫🇷Paris | 2025 | $4.53B | $1.03B | World models | 2026-03-09 Seed, $1.03B As stated: $3.5B pre-money + $1.03B raised (derived post-money) Legal entity: Advanced Machine Intelligence (SAS), Paris, SIREN 994675254 The $4.53B is derived: the sum of the published $3.5B pre-money valuation and the $1.03B round (TechCrunch); no source prints the post-money figure itself. Yann LeCun is executive chair. |
| 11 | Synthesia | 🇬🇧London | 2017 | $4.00B | Not disclosed | Video / generative AI | 2026-01-26 Series E, $200M (GV-led) Legal entity: Synthesia Limited, Companies House 10933652 The employee secondary sale at the same $4B valuation does not set the value. The New York office opened in September 2026 is a US headquarters; the company states it is headquartered in London. |
| 12 | Stark Defence | 🇩🇪Berlin | 2024 | $3.61B | Not disclosed | Defence AI | 2026-06-23 €500M round (Sequoia and Founders Fund) As stated: €3.2B Legal entity: SKD SE, Berlin, HRB 260878 B Bloomberg (syndicated by The Star) reports the €3.2 billion valuation from a company statement; some outlets print €3.5 billion, which Bloomberg does not. Loitering munitions with autonomy, in the same category as Quantum Systems and Harmattan AI. |
| 13 | OLIX | 🇬🇧London | 2024 | $3.30B | Not disclosed | AI infrastructure | 2026-08-03 Series B, $312M Legal entity: Olix Computing Limited, Companies House 15585099 Inference chips and systems for frontier AI. The company states the valuation; it does not say whether it is pre- or post-money. |
| 14 | Parloa | 🇩🇪Berlin | 2018 | $3.00B | more than $560M | Agentic AI / customer experience | 2026-01-15 Series D, $350M (General Catalyst-led) Legal entity: Parloa GmbH, Berlin, HRB 187494 B SAP made a strategic investment on 12 May 2026; the amount was not disclosed and the valuation was not changed. The company's own quick facts list "HQ Berlin / New York"; the registered company and data controller is Parloa GmbH in Berlin. |
| 15 | CuspAI | 🇬🇧Cambridge | 2024 | $2.60B | more than $650M | AI for materials discovery | 2026-07-20 Series B, $450M (Kleiner Perkins and NEA) Legal entity: Cusp AI Limited, Companies House 15549537 Tech.eu and Sifted report the $2.6bn valuation; pre- or post-money is not stated. Tech.eu: "The round was co-led by US VCs Kleiner Perkins and NEA". Total raised is the company figure ("over $650M"). The company states it is headquartered in Cambridge, UK. |
Honourable mentions
Every other company that meets the same rules with a confirmed valuation of $1.0B or more, ranked by value. Not counted in the totals above.
| # | Company | HQ | Founded | Valuation | Total raised | Category | Valuation date and evidence |
|---|---|---|---|---|---|---|---|
| 16 | Quantexa | 🇬🇧London | 2016 | $2.60B | Not disclosed | Decision intelligence | 2025-03-04 Series F, $175M (Teachers' Venture Growth-led) Legal entity: Quantexa Limited, Companies House 10045407 Reuters (19 August 2026) reports the company is exploring a UK or US listing; no filing was found. |
| 17 | n8n | 🇩🇪Berlin | 2019 | $2.50B | $240M | AI orchestration / workflow automation | 2025-10-09 Series C, $180M (Accel-led) Legal entity: n8n GmbH, Berlin, HRB 212509 B Ranked on its last confirmed primary round. On 12 May 2026 n8n announced a strategic investment from SAP that "values n8n at $5.2bn"; neither company disclosed the amount or said the investment was a round of new shares, so that figure does not set the value here. Total raised is the company figure after the Series C, before SAP's undisclosed investment. Workflow automation that now describes itself as an "AI orchestration platform". |
| 18 | PhysicsX | 🇬🇧London | 2019 | about $2.40B | Not disclosed | AI for engineering simulation | 2026-06-08 Series C, $300M (Temasek-led) Legal entity: PhysicsX Limited, Companies House 12134466 The company states a valuation of approximately $2.4 billion and that it is headquartered in the United Kingdom. |
| 19 | DeepL | 🇩🇪Cologne | 2017 | $2.00B | Not disclosed | Translation / NLP | 2024-05-22 Series C, $300M (Index Ventures-led) Legal entity: DeepL SE, Cologne, HRB 104617 Stale: the May 2024 round is still the only priced benchmark. In September 2026 the CEO played down reports of an IPO. |
| 20 | Harmattan AI | 🇫🇷Paris | 2024 | $1.40B | $242M | Defence drone AI | 2026-01-12 Series B, $200M (Dassault Aviation-led) Legal entity: HARMATTAN AI (SAS), Paris, SIREN 978035392 Corrected from $1.5B in the May edition: TechCrunch, Bloomberg, Sifted and investor Atlantic VC all give $1.4B. Total raised: the $200M came on top of the $42M raised before (TechCrunch). Founded in 2024 per the company and TechCrunch; the French registry gives a creation date of 19 July 2023. |
| 21 | Humanoid | 🇬🇧London | 2024 | $1.35B | $270M | Robotics / physical AI | 2026-07-21 Series A, $152M (Prime Movers Lab-led) Legal entity: SKL Robotics Ltd, Companies House 15702488 Post-money, per the company release, which also states the total raised to date ($270 million). |
| 22 | 9fin | 🇬🇧London | 2016 | $1.30B | more than $250M | AI for debt-market data | 2026-03-31 Series C, $170M (HarbourVest-led) Legal entity: 9fin Limited, Companies House 10451957 Company release (PR Newswire, 31 March 2026): "the AI-native platform for global debt markets", headquartered in London. Pre- or post-money is not stated. Founding year from the Companies House incorporation date (28 October 2016). |
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, updated 7 October 2026 (first published 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).
