More than €1.7 billion of defence-linked capital moved through Europe in a single month. In this news analysis, Jörn "Joe" Menninger examines why defence technology has become the dominant European venture asset class — tracing STARK's €3.5 billion valuation two years after founding, KNDS's preparation for Europe's largest defence IPO, and what Isar Aerospace's funding reveals about sovereign launch capability.

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Why this episode matters: Defence has moved from the margins of European venture to its centre of gravity. Mapping the emerging European Defence Capital Stack — from seed rounds to public markets — is now essential for any operator or investor tracking where the continent's capital, engineering talent, and sovereignty are converging.

In this episode, we cover:

• Why defence technology became Europe's dominant venture asset class
• STARK's €3.5 billion valuation just two years after founding
• KNDS and the setup for Europe's largest defence IPO
• What Isar Aerospace's funding signals about sovereign launch capability
• The European Defence Capital Stack — from seed funding to public markets
• Why engineering execution has become the new competitive constraint

Related episodes: Why Europe’s Venture Capital Needs a Mindset Reboot | Andy Goldstein · April 2026: DACH Venture Capital Is Leaving SaaS.

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