Airlogix Seeks $100M at a $2B-Plus Valuation While Russian Strikes Push Its Factories Into Germany, Canada and the UK

Airlogix, a Kyiv drone maker that started out building cargo aircraft, is reportedly trying to raise $100 million at a valuation above $2 billion. According to a DroneXL report summarizing Forbes, two sources familiar with the deal told Forbes that the talks are underway; Forbes reported it on Oct. 9. Airlogix declined to comment, and the figure has not been independently confirmed. DroneXL says that if the round closes on those terms, Airlogix would become the most valuable company to come out of the defense industry Ukraine built after Russia's 2022 invasion, though Uforce is reportedly seeking a higher valuation.

The fundraising is only part of the story. Airlogix is also shifting production out of Ukraine. Its joint venture with Swiss-founded autonomy company Auterion is building strike drones near Munich under a German-funded contract. It also has a Canadian venture and, according to reports, production in the United Kingdom. Founder Vitalii Kolesnichenko has given one main reason for the move: Russian strikes keep hitting his factories.

From cargo drones to deep strike

Kolesnichenko founded Airlogix in 2020 to build cargo drones, DroneXL reports. The company's best-known product before the joint venture was the GOR, a catapult-launched reconnaissance drone that can loiter for up to four hours. Its current work is much heavier. Speaking at the Resilience Conference in London on Oct. 5, Kolesnichenko said Russian strikes had destroyed Airlogix production sites more than once. According to Forbes, as quoted by DroneXL, he said the company was "forced to break down our manufacturing cycles [into] many, many small pieces."

Ukrainian drone makers have generally responded to that pressure in two ways: spreading production across many small sites at home, or moving some of it abroad. Airlogix has done the second on a larger scale than most.

The Munich line: Seth X and Anubis

The Auterion partnership was covered by Janes in February. An Auterion representative confirmed to Janes on Feb. 16 that the joint venture planned to build more than 5,000 medium-range X-wing and delta-wing drones a year. According to that report, the Ukrainian government had requested thousands of the aircraft, the German Federal Ministry of Defence would coordinate deliveries, and Ukraine had granted the export and production permissions needed to build the designs outside the country. The representative said the venture would develop navigation that works in GNSS-denied environments, and initial deliveries were expected in 2026.

In April, Janes reported further details. The X-wing aircraft is based on Airlogix's Seth-X, and the delta-wing aircraft is based on the larger Anubis. An Auterion representative said they will use Auterion's Nemyx swarm software running on AuterionOS. Production would take place at a dedicated factory near Munich at a rate of several thousand units a year. Under the Germany-Ukraine cooperation agreement, production was planned only for Ukraine; the Bundeswehr was not a customer at that stage. Janes also reported a live-fire swarm test on Jan. 13 at Camp Blanding, Florida, in which, according to Auterion, one operator controlled three drones against three targets.

In September, The Defense Post reported that the joint venture had begun mass-producing more than 5,000 drones in Germany for Ukraine under a Berlin-funded contract worth approximately €300 million ($349 million). DroneXL attributes the contract value and the Munich-area plant to Handelsblatt and says neither company has confirmed them. The Defense Post described Seth X as a medium-range drone for swarm operations and Anubis as a long-range strike drone with a range of up to 1,500 kilometers and a 50-kilogram warhead. Assembly takes place at a facility near Munich, and a second site is planned in eastern Germany. DroneXL dates the start of serial production of both aircraft to Sept. 21.

The split in responsibilities is straightforward. Airlogix supplies airframes that Auterion describes as battle-tested. Auterion supplies the software that lets one operator command several aircraft at once. Germany pays for the program, and DroneXL notes the drones are being built where Russia cannot easily reach them.

Canada, the UK and export rules

Germany is not Airlogix's only site abroad. DroneXL reports a Canadian venture with Sentinel and, citing Resilience Media, production in the United Kingdom.

The expansion is happening alongside a new Ukrainian export system. DroneXL notes that Cabinet Resolution No. 875, adopted July 1, 2026, lets manufacturers that still fulfil their state contracts sell to countries holding a "Drone Deal" agreement with Kyiv. The permit carries a fee of 20 percent of contract value for finished products and technologies and 30 percent for components. DroneXL quotes the head of the Ukrainian Council of Defense Industry as saying no permit had been issued under the resolution as of late August, and notes that Airlogix's German order is Berlin's own contract, so it does not wait on that queue.

How the valuation compares

The closest comparison is Uforce. According to DroneXL, Uforce raised $50 million at a valuation just over $1 billion in March, and Bloomberg reported on Sept. 7 that it was seeking $500 million at about $5 billion. A valuation above $2 billion for Airlogix would put it well ahead of Uforce's March round, but behind what Uforce is now reportedly seeking.

Both deals point to the same trend: investors are putting serious money into Ukrainian drone makers whose products have been proven in combat. The difference for Airlogix is that a growing share of its production now sits outside Ukraine, and its German line runs under a contract paid for by Berlin.

Why It Matters

The Airlogix case shows one way wartime Ukrainian drone makers may scale up. They develop and test designs at home, then build them in large numbers in allied countries that can pay for the work and are harder for Russia to strike. The Munich line is producing long-range strike and swarm-capable drones for Ukraine, built in Germany with German funding and running Auterion's autonomy software.

Several points are still unconfirmed. The $2 billion-plus valuation comes from Forbes' unnamed sources, and Airlogix will not comment. The roughly €300 million contract value has not been confirmed by the companies. Production rates, delivery schedules and the status of GNSS-denied navigation have not been publicly detailed in the sources reviewed here. What is on the record is that serial production has been reported as started, Germany is reported to be paying for it, and the company's founder says Russian strikes have repeatedly destroyed production sites in Ukraine.