At what enterprise value was HARMATTAN AI acquired in 2026?

You can find the full valuation details of HARMATTAN AI on mynth capital. The transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Industry & Manufacturing industry currently tracks an average EBITDA multiple of 11.1x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of HARMATTAN AI when it was acquired by DASSAULT AVIATION / BPIFRANCE?

The exact EV/EBITDA multiple for HARMATTAN AI is available on mynth capital. For comparison, the Industry & Manufacturing sector currently shows an average EBITDA multiple of 11.1x. Join our community for free to access full valuation data and industry trends.

When was HARMATTAN AI acquired by DASSAULT AVIATION / BPIFRANCE?

HARMATTAN AI was acquired by DASSAULT AVIATION / BPIFRANCE in 2026.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the HARMATTAN AI acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the HARMATTAN AI deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://bigmedia.bpifrance.fr/nos-actualites/defense-la-start-harmattan-ai-rejoint-le-club-des-licornes-francaises

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Home Database Industry & ManufacturingHARMATTAN AI

01/2026

HARMATTAN AI acquired by DASSAULT AVIATION & BPIFRANCE

FRANCE Aerospace, Naval & Defense / Electronics EV 1b - 4b EUR

Context

Harmattan AI has successfully raised $200 million (€171.2 million) in a Series B funding round led by the strategic industrial giant Dassault Aviation and Bpifrance. This capital increase follows previous rounds from FirstMark Capital, W Ventures, and Atlantic Labs, marking a definitive shift toward French and European strategic ownership. The strategic rationale for the partnership centers on the development of embedded AI for the future Rafale F5 and accompanying UCAS (Unmanned Combat Air Systems). Harmattan AI’s technology will provide the autonomous decision-making required for unit control without on-board pilots. The funds are earmarked for a massive industrial scale-up, including a move to a new production facility near Orly to meet a combined backlog of over 4,000 units for French and British forces. This rare alliance between a major aeronautics group and a disruptive startup structures the future of sovereign French combat cloud and autonomous warfare.

HARMATTAN AI, which reported an EBITDA margin of LOGIN in 2026, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Industry & Manufacturing sector (11.1x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Harmattan AI is a high-growth defense technology company specializing in AI-driven autonomous aerial systems and command-and-control platforms. Founded in April 2024, the organization designs a specialized range of drones—including the Sonora (reconnaissance), Sahara (camouflage detection), and Gobi (interceptor)—capable of full autonomy even in communication-denied environments. Its business model integrates advanced onboard artificial intelligence with rapid industrial manufacturing, evidenced by a production capacity aimed at 10,000 units per month by 2026. The entity serves sovereign military clients, holding significant contracts with the French General Directorate for Armament (DGA) and the British Army. By developing "loyal wingman" technologies and autonomous swarm capabilities, the firm positions itself as a critical pillar for next-generation aerial combat and electronic warfare.

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12/2025	FAE TECHNOLOGY	KAYSER ITALIA	ITALY	Aerospace, Naval & Defense	FAE Technology S.p.A. has completed the first closing for the acquisition of 100% of the share capital of Kayser Italia S.r.l. and Kayser Space Ltd. This transaction officially marks the launch of the FAE Technology Space Division, a new business unit dedicated to supporting space exploration and microgravity research

REFERENCES

Valuation range: EV 1b - 4b EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of HARMATTAN AI by DASSAULT AVIATION / BPIFRANCE are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: harmattan ai

Acquirer: dassault aviation / bpifrance