Rheinmetall FV-014 multi-billion framework, ATMOS €25.7M Series A, Indra–Kongsberg Type 212CD doubles to 12 hulls

Rheinmetall lands multi-billion FV-014 framework, €300M first call-off for 2,500 strike drones

Rheinmetall signed a framework contract with the Bundeswehr on 22 April for the supply of FV-014 loitering munitions, with a multi-billion-euro ceiling. The first call-off, worth approximately €300 million gross, covers ~2,500 strike drones with deliveries scheduled from H1 2027 after Q2 2026 qualification activities. The FV-014 specifies a 100 km operational range, 70-minute flight time, EO/IR dual-sensor payload, and a 6 kg HEDP warhead, with full operator-in-the-loop engagement. The framework reserves options for a five-figure number of additional systems. For ventures supplying components or operating in adjacent loitering-munition segments, Rheinmetall is now the dominant integrator on this Bundeswehr line, the relevant question is whether your stack is qualifiable into the FV-014 supply chain or whether you compete head-on with the framework's volume economics.

Source: Rheinmetall lands multibillion dollar FV-014 loitering munitions framework contract, Breaking Defense

ATMOS Space Cargo closes €25.7M Series A, Europe's most-funded return-from-orbit play

ATMOS Space Cargo closed a €25.7M Series A on 22 April to scale its PHOENIX 2 orbital return vehicle programme and launch ATMOS WORKS for governmental and defence customers. The round was co-led by Balnord and Expansion, with EIC Accelerator, OTB Ventures, HTGF, APEX Ventures, Seraphim, Faber, E2MC, and others participating. ATMOS became the first private European company to conduct an orbital re-entry with PHOENIX 1 in April 2025, and the Series A funds an initial three-vehicle PHOENIX 2 fleet plus PHOENIX 3 development. PHOENIX 2's maiden flight is slated for later in 2026. For ventures with payloads requiring orbital downmass, pharma, materials science, defence experiments, ATMOS is now the most heavily-funded European return-from-orbit option and expects to be commercially flying within 12 months.

Source: ATMOS Space Cargo secures €25.7M Series A to expand Europe's sovereign return-from-orbit capability, Tech.eu

Indra–Kongsberg follow-on for Type 212CD, EW + radar locked in across 12 submarines

Indra signed a follow-on contract with Kongsberg Defence & Aerospace, reported this week, to supply electronic warfare and radar systems for six additional Type 212CD submarines destined for Germany and Norway. The contract doubles the equipped fleet to twelve platforms across the two member states. Indra's systems are based on a fully digital EW architecture and an advanced radar built for the next-generation conventional submarine, featuring air-independent propulsion and a common Germany–Norway design optimised for North Atlantic operations and NATO interoperability. For ventures in EW, radar, and naval-electronics adjacencies, the practical signal is that Type 212CD has consolidated Indra–Kongsberg as the locked-in tech stack for at least 12 hulls, the next wave of competition is on surface combatants and other classes, not on this submarine line.

Source: Indra signs a new contract with Kongsberg to equip 6 Type 212CD submarines, Naval News