PiggyGPT

Private companiesCovered

Destinus

Valkenburg, Netherlands · Founded 2021

Destinus builds the Ruta and Kryla cruise missiles, the T150 turbojet that powers Ruta, and the Hornet interceptor, and supplies drones and Ruta missiles to Ukraine and European countries. It agreed in April 2026 to form a missile joint venture with Rheinmetall and is weighing an Amsterdam listing.

Profile

What it builds and who buys it

  • ·Destinus was founded in Switzerland in 2021 to build a hydrogen-powered hypersonic cargo plane. It pivoted to defence manufacturing after Russia’s full-scale invasion of Ukraine in 2022 and moved its headquarters to the Netherlands in 2025.Jamestown Foundation, Jul 1, 2026
  • ·Ruta Block 2 is a canister-launched cruise missile with a range over 700 km and a 250 kg payload, built for GNSS-denied and EW-contested environments.Destinus, Oct 15, 2026
  • ·Ruta Block 1 is in serial production in the Netherlands. Block 2 was in flight testing in Ukraine in May 2026, with production ramp-up planned for 2026. Block 3 is a 2,000 km-class missile whose flight tests are planned to begin in 2027.Destinus (company release), May 18, 2026
  • ·Destinus completed its 1,000th T150 turbojet in 2026. It designs and builds the engine in-house and the T150 powers Ruta B1 and B2; the larger T220 for Block 3 is in design.Destinus (company release), Jun 18, 2026
  • ·Destinus has supplied drones and Ruta Block 1 missiles to Ukraine and European countries. Russia labeled it a military target in April 2026.Jamestown Foundation, Jul 1, 2026
  • ·Rheinmetall Destinus Strike Systems is to be 51 percent owned by Rheinmetall and 49 percent by Destinus, subject to regulatory approval. Destinus keeps its own headquarters and production in the Netherlands.Rheinmetall (company release), Apr 13, 2026
  • ·The joint venture will begin production with Kryla, a compact cruise missile with a 50 kg warhead, and Ruta B2. Destinus contributes the missiles’ technological core and Rheinmetall the warheads and booster rocket motors, with final assembly in Germany.Destinus (company release), Jun 17, 2026
  • ·Hornet Block 2 is a canister-launched interceptor and precision-strike system with an interception range of 50 to 75 km, a strike range over 150 km and a 3 kg payload.Destinus, Oct 15, 2026
  • ·The Netherlands Ministry of Defence signed a contract for a Hornet B2 naval counter-UAS development program, including interceptor deliveries and integration with several Royal Netherlands Navy warships, to complete in the second quarter of 2027. Hornet B1 is in serial production.Destinus (company release), Aug 24, 2026
  • ·Diehl Defence will integrate Hornet into its GARMR counter-UAS system, with a pathway to a secondary effector role in IRIS-T ground-based air defence.Destinus (company release), Jun 11, 2026
  • ·The French Army was testing the Hornet interceptor drone in May 2026, The Next Web reported.The Next Web, May 17, 2026
  • ·Shield AI integrated its Hivemind autonomy software onto Hornet in two months, with flight tests in Segovia, Spain in March 2026.Destinus (company release), Mar 24, 2026
  • ·Quantum Systems and Destinus agreed in April 2026 to connect Quantum’s reconnaissance systems and MOSAIC UXS software with Destinus’s strike systems.Destinus (company release), Apr 14, 2026
  • ·Destinus leads the Bliksem EXO consortium with Airbus Defence and Space, MBDA Deutschland, Safran Electronics & Defense and Thales, formed under a July 2026 letter of intent to develop an exo-atmospheric interceptor against ballistic missiles.Destinus (company release), Sep 25, 2026
  • ·A joint Aeon-Destinus low-cost interceptor proposal is one of 10 finalists in the U.S. Army’s xTech|Apex Intercept competition for a complete interceptor round.Destinus (company release), Sep 30, 2026
  • ·Destinus and TNO plan a joint venture in 2026 to develop and produce a radar seeker for interceptors, with TNO on the technology and Destinus on system design and industrialisation.Destinus (company release), Jun 30, 2026
  • ·Destinus agreed in August 2025 to buy Daedalean, a Zurich maker of AI avionics software, for CHF 180 million (about $225 million) in cash and stock.Destinus (company release), Aug 5, 2025
  • ·Destinus finalized the Daedalean acquisition in January 2026, Tectonic reported.Tectonic, Jan 6, 2026
  • ·In March 2025 Destinus bought the assets, technology and staff of Aerialtronics, a Dutch multicopter maker, out of bankruptcy.Destinus (company release), Mar 10, 2025
  • ·Destinus employs 750 engineers and specialists across Europe, by its account in December 2025.Destinus (company release), Dec 19, 2025

Founders and leadership

  • Mikhail KokorichFounder and chief executive

    A Russian-born serial entrepreneur who founded Dauria Aerospace, Russia’s first private space company, in 2012 and the US space start-up Momentus in 2017. US national-security restrictions forced him to step down from Momentus, and he left the United States in 2021. He renounced his Russian citizenship in January 2024.Jamestown Foundation, Jul 1, 2026

  • Tim MoserCo-founder and chief technology officer

    Speaks for the company on technology, including the Daedalean acquisition and the Thales and TNO partnerships.Destinus (company release), Aug 5, 2025

Prospects, ahead of a possible listing

Prepared by PiggyGPT, as of Oct 15, 2026

  • ·Ruta is the core of the business: Block 1 in serial production, Block 2 ramping in 2026 and Block 3 in development, all on in-house turbojets. Hornet adds an interceptor line with a Dutch navy program, a Diehl integration and a Thales production plan.Destinus (company release), May 18, 2026
  • ·No revenue figure is on file. Bloomberg’s sources tied the €5 billion target to an expected annual revenue of around €500 million, a forecast rather than a reported figure.NL Times, May 15, 2026
  • ·The only priced equity round on file is the 2022 seed. The company puts equity raised before December 2025 at more than €200 million, beside €140 million of convertibles and shareholder loans and a €50 million bank facility. The €200 million pre-IPO raise was reported as sought in May 2026, with no close reported by October 2026.Destinus (company release), Dec 19, 2025
  • ·Rheinmetall is the industrial partner. It will own 51 percent of the joint venture that builds Destinus’s missiles in Germany, and its chief executive expects a first order by early 2027.Defence Industry Europe, Sep 27, 2026
  • ·For the acquisition read, Rheinmetall and Thales are partners and neither holds equity in Destinus. The company is preparing an IPO, which reads against a sale, and no talks or approach are reported. The posture is watch.

A summary of what the figures on this page add up to, prepared by PiggyGPT from the record on file and its cited sources. Not the Street's view, and not advice.

Funding

Last valuation

No citable valuation

Last round or tender

$29Mraised

SeedDestinus (company release, via Airframer), Feb 9, 2022

CHF 26.8 million ($29 million as the release converted), from Conny & Co, Quiet Capital, One Way Ventures, Liquid2 Ventures, Cathexis Ventures and ACE & Company among others, for the hydrogen-powered hyperplane the company then developed. No valuation was stated. In December 2025 the company put its previously raised equity at more than €200 million; no other equity round is citable, so none has a row.

Latest revenue figure

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Valuation to revenue

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Post-money valuation by round

Fewer than two dated figures on file to plot; the table carries what there is.

DateRoundRaisedPost-money
Feb 9, 2022SeedCHF 26.8 million ($29 million as the release converted), from Conny & Co, Quiet Capital, One Way Ventures, Liquid2 Ventures, Cathexis Ventures and ACE & Company among others, for the hydrogen-powered hyperplane the company then developed. No valuation was stated. In December 2025 the company put its previously raised equity at more than €200 million; no other equity round is citable, so none has a row.$29M—

Primary capital across the rounds on file: $29M

Revenue

No citable revenue figure on file.

Secondary venues

  • Caplightpublic page seen Oct 15, 2026

    No price on the public page.

    No public MarketPrice; historical pricing is behind a login, and the page shows only Caplight’s last-round figures, a $5.4 billion estimated valuation with a “VC Round” dated May 15, 2026, the day Bloomberg reported the raise as sought.

  • Jarsypublic page seen Oct 15, 2026

    No price on the public page.

    A tokenized pre-IPO platform. The public page names Destinus SA, the Swiss entity, and shows no valuation, token or share price.

A venue is listed when its public page named the company on the date shown. A price is the figure that page showed, under the venue’s own name for it and dated as the venue dated it; it is a level the venue publishes, not a trade. Nothing is recorded from behind a login.

Reads

Acquisition: Watch

A cited tie to a plausible buyer: a strategic partner, an investor stake, a tender offer, a stated appetite. Nothing reported.

Prepared by PiggyGPT, as of Oct 15, 2026

Signals

  • Dec 18, 2025Destinus secured a €50 million Commerzbank facility beside €140 million of convertible instruments and shareholder loans. The company put previously raised equity at more than €200 million and total capital raised at nearly €400 million.Destinus (company release), Dec 19, 2025
  • Apr 13, 2026Rheinmetall and Destinus agreed to form Rheinmetall Destinus Strike Systems in the second half of 2026, 51 percent owned by Rheinmetall and 49 percent by Destinus, to build cruise missiles and ballistic rocket artillery.Rheinmetall (company release), Apr 13, 2026
  • May 15, 2026Bloomberg reported Destinus in talks to raise about €200 million at a valuation of more than €5 billion ahead of a possible Amsterdam listing, with Rothschild and UniCredit on the fundraising, as NL Times relayed.NL Times, May 15, 2026
  • May 18, 2026Tech Funding News reported that Destinus had secured convertible notes at a valuation above €1 billion earlier in 2026.Tech Funding News, May 18, 2026
  • May 28, 2026Bloomberg reported that Destinus had begun speaking with banks about advisory roles for an IPO as soon as early 2027, with Amsterdam a possible venue and nothing finalized, as GuruFocus relayed.GuruFocus, May 29, 2026
  • Jul 20, 2026Thales and Destinus signed a cooperation agreement covering Thales warheads and subsystems for Destinus effectors and joint production of the Hornet interceptor.Destinus (company release), Jul 20, 2026
  • Sep 27, 2026Rheinmetall’s chief executive said the Destinus venture was in the final stage before signature and that he expects a first cruise missile order by the end of 2026 or early 2027, Defence Industry Europe reported.Defence Industry Europe, Sep 27, 2026

Named counterparties

  • RheinmetallThe 51 percent partner in the planned Rheinmetall Destinus Strike Systems joint venture, which will build Destinus’s cruise missiles in Germany. No stake in Destinus itself or interest in a deal has been reported.Rheinmetall (company release), Apr 13, 2026
  • ThalesA strategic partner since July 2026, supplying warheads and subsystems and planning joint Hornet production. No stake or interest in a deal has been reported.Destinus (company release), Jul 20, 2026

Counterparties are named for a cited reason: a partnership, an investment, or a stated appetite. Naming is not a forecast.

A summary of what the figures on this page add up to, prepared by PiggyGPT from the record on file and its cited sources. Not the Street's view, and not advice.

Sources

Researched Oct 15, 2026