Is Helsing becoming Europe’s answer to Anduril?
In this episode of Trading Places, Dave McClure and Aman Verjee break down the German defense technology company’s new $18 billion valuation, its AI-powered autonomous systems, its battlefield testing in Ukraine, and the growing pressure on Europe to build its own defense capabilities.
Aman compares Helsing’s software-first model with Anduril’s vertically integrated hardware-and-software approach—and explains why Helsing’s limited access to the U.S. defense market may be the biggest factor determining whether its valuation is justified.
Dave also sits down with Kelly Rodriques, CEO of Forge Global, now part of Charles Schwab, to discuss the rapidly expanding private secondary market.
00:00 – cold open
00:47 – [ tech and vc news ]
02:41 – The Fed votes to hold rates steady 🏦
07:20 – Q2 Earnings Week: how big tech did last quarter 📈
09:22 – how big tech makes their money - diagramed 📊
12:08 – Situational Awareness - Aschenbrenner loses his shirt 😢
16:11 – the highly volatile Korean stock market 🇰🇷
18:14 – SpaceX shares unlock August 6 🚀
22:14 – Anthropic and OpenAI models hack into systems of other companies 🚨
25:37 – Big Tech employee tender offers 🧾
29:44 – Uber founder's new company and jet ski commute 🚤
32:51 – [ intvw: Kelly Rodrigues, Forge Global ]
33:19 – his journey into private markets 👔
35:57 – why companies stay private longer now 🔐
37:00 – the new secondary market "middle world"🏬
40:20 – the Forge customer type 🙋♂️
46:30 – how to buy private companies on Forge 💳
49:00 – why Charles Schwab bought them out💲
57:04 – what SpaceX IPO can teach AI giants 🛰️
1:05:15 – predictions for markets in coming year 🕔
1:06:58 – [ valuation corner: Helsing @ $18B ]
1:07:12 – the Munich-based company raised $1.8B 🇪🇺
1:07:45 – inspired by Clausewitz 🪖
1:11:45 – how military budgets are changing 💶
1:12:32 – how Helsing compares to Anduril and Saronic 🚁
Trading Places is the world’s worst podcast about VC secondaries, private markets and high-growth technology companies.
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[ invest = https://practicalvc.com ]
[ trading places socials = www.linktr.ee/tradingplacespod ][ kelly rodriques = https://www.linkedin.com/in/kelly-rodriques-9b49418 | https://x.com/frgeglobal ]
[ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ]
[ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]
Disclaimer: This is not investment advice. We may hold positions in companies discussed. Do your own research.
#Helsing #DefenseTech #VentureCapital #PrivateMarkets #Anduril #SpaceX #ForgeGlobal
