The big unicorn check - Everything lousy except for AI and armour?

Berlin. More new billion-euro start-ups have emerged in Germany this year than at any time in the last three years. And yet the majority of these so-called unicorns are struggling to survive. The bottom line is that the number of start-ups with a valuation of one billion euros or more fell year-on-year from 33 to 28.

The trend: While the artificial intelligence and defence sectors boomed in 2025, all other sectors struggled due to weak economic growth and a lack of IPOs. The three AI companies Black Forest Labs, N8N and Parloa, the drone provider Quantum Systems and the quantum company IQM were among those that achieved valuations in the billions for the first time this year despite the difficult environment.

"This shows a clear thematic shift in the German start-up ecosystem," said Julian Riedlbauer, Partner at Drake Star. Growth and capital are primarily focused on AI, defence and enterprise software. The big Handelsblatt check shows which start-ups are doing well, where IPOs may even be on the cards - and which companies are currently struggling.

Who made the headlines in 2025?

• Helsing

The Munich-based AI armaments start-up probably received the most attention. The company, which produces combat drones and AI software and is now working on its own fighter jet, raised 600 million euros from investors such as Spotify founder Daniel Ek in June, increasing its valuation to twelve billion euros.