Defense company Destinus considers Amsterdam IPO after €200 million fundraising push

Defense technology company Destinus is exploring a potential IPO in Amsterdam. According to sources cited by Bloomberg, the firm, based in Valkenburg in Zuid-Holland, is in discussions with investors to raise approximately €200 million. Following that funding round, Destinus is said to be considering a listing on the Amsterdam stock exchange.

Sources say Destinus has begun fundraising in recent weeks and is targeting a valuation of more than €5 billion. According to some of those sources, the figure is based on an expected annual revenue of around €500 million.

Founded in 2021, Destinus manufactures drones and cruise missiles. The company was established by Russian businessman Mikhail Kokorich, who renounced his Russian citizenship in 2024 as a protest against the war in Ukraine and the policies of the Kremlin.

According to Bloomberg, Destinus is collaborating with Rothschild and UniCredit on the fundraising effort. Representatives for both the company and the banks declined to comment.

The defense industry has experienced a surge in investments and partnerships since European nations committed to sharply raising military spending. Last month, Destinus announced plans to form a joint venture with German defense giant Rheinmetall, aimed in part at manufacturing and supplying cruise and ballistic missiles.

Should Destinus proceed with an Amsterdam listing, it would join a growing number of defense companies turning to the Dutch stock exchange. Czech defense group CSG listed in Amsterdam in January, and shares of fellow Czech firearms maker Colt CZ have been traded there since April.