Quantum Systems and the software layer of drone warfare

In July 2026 Munich-based Quantum Systems raised about €1 billion ($1.2 billion) in a Series D, more than in its first eleven years combined, at a post-money valuation of about €7 billion ($8 billion). The round was led by Blackstone, Noteus, Airbus and Advent, with Bond, Fidelity, Wellington Management, A.P. Moller Holding and Elephant Lake Ventures joining existing investors Balderton and HV Capital.

The company reported about €300 million of revenue for 2025 and says it is profitable. Its CFO, Jonas Jarosch, points to triple-digit growth and double-digit profitability as the basis for the round.

Combat-proven, then scaled

Quantum Systems' reconnaissance drones are in service with Ukraine's armed forces, where its systems flew more than 19,000 missions in 2025. That record has turned it into one of the clearest examples of a European dual-use company validated in a real conflict. Its Vector drone has since been chosen by the US Army for brigade-level reconnaissance, and Romania ordered additional Vector systems worth $36 million in June 2026.

Manufacturing is now spread across Germany, Ukraine, the United States, Australia, Romania, the United Kingdom and the Baltic states, and the company opened in Japan in October 2026. Air and land systems are in production; surface and underwater drones are in development.

The next defence primes will be defined by the software that commands mixed fleets.

Mosaic: the real thesis

The new money is aimed at production capacity, supply chains and, above all, Mosaic UXS, Quantum Systems' mission software that connects its family of air, land and sea systems. Co-CEO Florian Seibel describes the goal as a "Neo-Prime": a company that sells interoperable autonomous systems rather than individual drones.

Orchestrating many vehicles across domains is where margins, lock-in and export value concentrate, and where manned-unmanned teaming programmes will be won. Partnerships point the same way: with Airbus to bring counter-drone capability to helicopters, with Rohde & Schwarz for signals intelligence on tactical drones, and with XTEND on AI autonomy for sensing, swarming and strike.

Airbus in the cap table

Airbus co-leading the round is significant. It signals that established primes now prefer to partner with, and own a piece of, the fastest-moving unmanned players rather than build every capability in-house. Quantum Systems says it will deepen its strategic partnership with Airbus Defence and Space on sovereign European defence technology.

What it means for buyers

Ministries in Europe, the Gulf and Asia are moving from buying drones to buying autonomy stacks with local production and integration. Partnerships that combine proven European software with regional manufacturing are likely to set the pace, and offset-driven markets will reward suppliers that can open local lines quickly. For investors, the watch-points are production ramp, export licensing, and whether Mosaic becomes a standard others build on.