More than €1.7 billion of defence-linked capital moved through Europe in a single month. This episode maps how defence technology became the continent's dominant venture asset class — how STARK reached a €3.5B valuation two years after founding, why KNDS is preparing Europe's largest defence IPO, what Isar Aerospace's funding signals about sovereign launch capability, and how Focused Energy's record fusion round fits the picture.

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Why this matters for deep tech: Defence, launch, and fusion are the hardest of hard tech — capital-intensive, dual-use, and sovereignty-critical. This episode traces how Europe's deep-tech capital stack is forming, from seed to public markets, and why engineering execution (not capital) is now the constraint on who wins.

In this episode, we cover:

• €1.7B+ of defence-linked capital moving through Europe in a single month
• STARK reaching a €3.5B valuation two years after founding
• KNDS preparing Europe's largest defence IPO
• Isar Aerospace and what its funding signals about sovereign launch capability
• Focused Energy's record-setting fusion round
• The “European Defence Capital Stack” from seed funding to public markets
• Why engineering execution has become the new competitive constraint

Related deep-tech episodes: DACH News March 2026: Robotics & Defence · Helsing, Luma & EU Billions.

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