The Hurun Germany Unicorn Index 2026 is based on the international Hurun Global Unicorn Index and covers Germany’s most valuable unlisted startups. Particularly notable: Never before has a company from the field of defence tech and artificial intelligence topped the ranking.
Helsing Takes the Lead
With a company valuation of 16.6 billion euros, Helsing is Germany’s most valuable startup. The Munich-based company reached this valuation just five years after its founding, displacing other German tech heavyweights from the top of the ranking.
“Defense tech is developing into a new unicorn stronghold. Geopolitical tensions are directing more and more venture capital into AI-powered defense technologies,”
says Rupert Hoogewerf, Chairman and Chief Researcher of the Hurun Research Institute.
The ranking also highlights the growing importance of defense tech within the European startup ecosystem. While software, fintech, and e-commerce companies dominated the top spots for a long time, a company focused on AI-powered defense technologies is now leading the German unicorn landscape for the first time.
Germany Counts 38 Unicorns
According to Hurun, Germany records a total of 38 unicorns with a combined value of 118.9 billion euros (129 billion dollars). This puts the Federal Republic in fifth place worldwide among the countries with the most unicorns.
Particularly noteworthy is the momentum of the past year: With twelve new unicorns, the largest new unicorn cohort in the history of the German startup ecosystem emerged.
Munich Remains One of the Most Important Startup Hubs
The index also confirms Munich’s strong position regionally. The Bavarian capital accounts for eight unicorns, while Berlin is home to 18 unicorns. Together, the two startup hubs account for 68 percent of all German unicorns.
Munich in particular benefits from its strong deep tech landscape, the close integration of research and industry, and a growing ecosystem around artificial intelligence, B2B technologies, and defense tech. The fact that a Munich-based company, Helsing, has now taken the top spot in the ranking underscores this development.
According to Hurun, the Germany Unicorn Index is based on the annual Global Unicorn Index, which tracks unlisted companies worldwide with a valuation of at least one billion dollars.
