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International Seaways

International Seaways Inc owns and operates a fleet of oceangoing vessels engaged in the transportation of crude oil and petroleum products. The company's vessel operations are organized into two segments: Crude Tankers and Product Carriers. The fleet consists of ULCC, VLCC, Suezmax, Aframax, and Panamax crude tankers, as well as LR1, LR2, and MR product carriers.

International Seaways Inc

The shares of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) climbed 1.50% during Monday&#8217;s pre-market session, after it unveiled its Robotaxi in Austin, marking a significant milestone in the self-driving taxi industry in the United States.
What Happened: The launch event, which&nbsp;took place on Sunday in Austin&#8217;s South&nbsp;Congress neighborhood, featured&nbsp;over 10 Tesla Model Y&nbsp;Robotaxis. The event was exclusive, with <a href="https://www.benzinga.com/markets/tech/25/06/46045542/tesla-launches-robotaxi-in-austin-elon-musk-calls-it-a-culmination-of-a-decade-of-hard-work">social media influencers</a> as the main riders, who used a dedicated app to book their rides.
Tesla had safety monitors&nbsp;in the front seat during&nbsp;the rides, although the extent of their control over the Robotaxi, which was operating on Unsupervised FSD, was not confirmed.
Elon Musk, CEO of Tesla, celebrated the launch on social media, describing it as the&nbsp;&#8220;culmination of a decade of&nbsp;hard work&#8221;. He further revealed that both the AI Chip and&nbsp;the software team responsible for&nbsp;the Robotaxi were built entirely within Tesla.
Additionally, Tesla also announced its plans to invest <a href="https://www.benzinga.com/markets/tech/25/06/46046720/tesla-doubles-down-on-us-elon-musk-plans-another-8-billion-investment-after-spending-nearly-10-billion-in-2024">$8 billion in manufacturing in the U.S. in 2025</a>, after investing $10 billion in 2024.
Why It Matters: The launch of the Robotaxi comes as Tesla has been hinting at its entry into the self-driving taxi market to compete with companies like&nbsp;Alphabet Inc.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)&nbsp;Waymo and Amazon.com Inc.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Zoox.
Meanwhile, Tesla&nbsp;has been under the scrutiny&nbsp;of U.S. safety regulators, with the National Highway Traffic Safety Administration (NHTSA) reviewing the company&#8217;s responses regarding the performance of its Full Self-Driving (FSD) system in adverse weather conditions. Notably, former Tesla AI Chief&nbsp;Andrej Karpathy&nbsp;recently <a href="https://www.benzinga.com/markets/tech/25/06/46046691/ex-tesla-ai-chief-andrej-karpathy-says-self-driving-still-isnt-solved-after-a-decade">expressed skepticism</a>&nbsp;about the industry&#8217;s ability to solve the challenge of autonomous driving. 
Earlier, Wedbush analyst&nbsp;Dan Ives&nbsp;had&nbsp;predicted a transformative future&nbsp;for Tesla, <a href="https://www.benzinga.com/markets/equities/25/06/46034667/teslas-ai-future-is-worth-1-trillion-says-dan-ives-golden-era-of-autonomous-begins-with-robotaxi-launch">valuing its AI</a> and autonomous driving technology at a staggering $1 trillion.
<ul class="wp-block-list">
<li>READ MORE:&nbsp;<a href="https://benzinga.com/news/travel/25/06/46045416/us-issues-worldwide-caution-after-strikes-on-irans-nuclear-sites-state-department-warns-of-airspace-closures-travel-chaos-and-rising-threats-to-americans-abroad" target="_blank" rel="noreferrer noopener">US Issues Worldwide Caution After Strikes On Iran&#8217;s Nuclear Sites: State Department Warns Of Airspace Closures, Travel Chaos And Rising Threats To Americans Abroad &#8211; Benzinga</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

News

AMZN

GOOG

GOOGL

TSLA

Tesla Stock Climbs Nearly 2% In Monday Pre-Market: What's Going On?

Steve Jobs once likened a high-performing team to "common stones" spinning in a rock tumbler, noisy, abrasive and ultimately polished to brilliance.
What Happened: The anecdote, recorded in a 1995 interview for PBS's "Triumph of the Nerds" and rediscovered after his death, captures what the Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) co-founder saw as the alchemy of collaboration.
Jobs told <a href="https://sameerbajaj.com/jobs/">interviewer</a> Bob Cringely that, as a boy, a widower neighbor showed him a homemade tumbler, "a motor and a coffee can and a little band between them," filled with "regular old ugly rocks," water and grit. After a night of clattering, the stones emerged "amazingly beautiful," he recalled.
The tumbling, he said, mirrors "incredibly talented people bumping up against each other, having arguments, having fights sometimes, making some noise" until both ideas and individuals are refined. Jobs, then running NeXT and poised to return to Apple, argued that the best companies court constructive friction. &#8220;…Working together, they polish each other and they polish the ideas,&#8221; he remarked.
See also: <a href="https://www.benzinga.com/markets/tech/25/06/46046803/bill-gates-finally-meets-linux-creator-linus-torvalds-at-microsoft-execs-dinner-decades-after-powering-rival-operating-systems">Bill Gates Finally Meets Linux Creator Linus Torvalds At Microsoft Exec&#8217;s Dinner, Decades After Powering Rival Operating Systems</a>
According to an NBC <a href="https://www.nbcnews.com/better/careers/what-steve-jobs-taught-me-about-debate-workplace-n732956">article</a> from 2017, former colleagues say Jobs organized project rooms so engineers and designers could not avoid debate, a practice later echoed in Apple's iPhone and Pixar's story-brain sessions.
Why It Matters: Steve Jobs routinely engineered tension to sharpen ideas, whether by <a href="https://www.benzinga.com/markets/tech/25/06/45943213/steve-jobs-shared-this-work-habit-with-elon-musk-and-jeff-bezos-says-pixar-exec-but-vows-never-to-repeat-it">ringing Pixar colleagues</a> "at any time, day or night, three in the morning" and expecting instant answers, a habit Pete Docter says he now refuses to copy.
His intolerance for half-measures surfaced again this month when tech watchers joked that Jobs would "<a href="https://www.benzinga.com/markets/tech/25/06/45852236/steve-jobs-would-have-fired-everyone-apples-liquid-glass-in-ios-26-gets-roasted-online-dan-ives-calls-wwdc-2025-a-yawner">have fired everyone</a>" over a lackluster iOS interface, an exaggeration that nonetheless echoed stories of him dismissing teams that failed to hit the mark on the first iPhone's glass swap and other last-minute pivots.
Yet the same razor-edged perfectionism often came wrapped in <a href="https://www.benzinga.com/markets/tech/25/06/45989119/steve-jobs-once-gave-a-secretary-a-brand-new-jaguar-out-of-the-blue-here-is-why-the-apple-co-founder-was-so-generous">jolts of generosity</a> meant to keep morale high. Former quality chief Ron Givens recalls Jobs buying a tardy secretary a new Jaguar on the spot, a reward delivered only after a public grilling about her commitment.
Read next: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/06/46047038/spotifys-daniel-ek-leads-690-million-bet-on-defense-ai-startup-helsing-valued-at-13-8-billion-as-europe-ramps-up-military-spending">Spotify&#8217;s Daniel Ek Leads $690 Million Bet On Defense AI Startup Helsing, Valued At $13.8 Billion As Europe Ramps Up Military Spending</a></li>
</ul>
Image via Kemarrravv13/ Shutterstock

Tech

AAPL

Steve Jobs Believed Teamwork Required 'Bumping Up' Each Other Like 'Old Ugly Rocks' — Here's What He Meant

OPHLY

VRTX

Vertex And Ono Pharmaceutical Forge Strategic Partnership To Advance Povetaciceptiin In Japan and South Korea For IgA And Membranous Nephropathy

CVS Health Unit Aetna Unveils New Strategy To Cut Red Tape in Healthcare With Bundled Authorizations And On-Site Nurse Support

The Federal Reserve held interest rates steady at 4.25%-4.50% during Wednesday&#8217;s June meeting, with Chair Jerome Powell signaling no urgency to cut rates as officials monitor potential tariff-driven inflation impacts. 
What Happened: Sage Advisory managing partner Thomas Urano <a href="https://finance.yahoo.com/video/us-equities-dont-fed-cut-201945498.html">told</a> Yahoo Finance that while equity markets may not require rate cuts, the bond market could benefit from easing to move higher.
&#8220;I don't think the market needs a rate cut. The bond market might need one to move higher from here, but I'm not convinced the equity market does,&#8221; Urano said. 
Powell acknowledged &#8220;encouraging&#8221; inflation data but raised the Fed&#8217;s median core inflation forecast to 3.1% from 2.8% in March, attributing the increase to expected tariff effects. 
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) declined slightly following the announcement.
See Also: <a href="https://www.benzinga.com/news/travel/25/06/46045416/us-issues-worldwide-caution-after-strikes-on-irans-nuclear-sites-state-department-warns-of-airspace-closures-travel-chaos-and-rising-threats-to-americans-abroad" target="_blank" rel="noreferrer noopener">US Issues Worldwide Caution After Strikes On Iran's Nuclear Sites: State Department Warns Of Airspace Closures, Travel Chaos And Rising Threats To Americans Abroad</a>
Why It Matters: Urano noted the Fed expects economic growth to rebound in the second quarter before settling into a &#8220;slightly below average growth rate&#8221; in the mid-1.4% to 1.5% range for 2025. This modest growth outlook may not support rising equity multiples but could position the bond market for potential Fed easing in 2026.
The 10-year Treasury yield currently trades at 4.37%. Urano expects the benchmark to remain between 4% and 4.5% for an extended period, while anticipating the two-year note around 4% could rally if the Fed shifts policy lower toward its projected 3.25%-3.50% target range.
Economist Peter Schiff warned of a &#8220;worse financial crisis than 2008,&#8221; while Mohamed El-Erian highlighted policy and geopolitical <a href="https://www.benzinga.com/markets/treasuries/25/06/46012056/peter-schiff-predicts-worse-financial-crisis-than-2008-as-fed-holds-rates-the-solution-involves-much-higher-interest-rates-as-years-of-easy-money-trigger-stagflation-and-investor-exodus">uncertainties clouding the Fed&#8217;s path forward</a>. 
Read Next:
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<li><a href="https://www.benzinga.com/crypto/25/06/46045060/bitcoin-ethereum-dogecoin-fall-as-us-involvement-in-iran-israel-war-threatens-oil-prices-spike-arthur-hayes-says-weakness-shall-pass-and-btc-will-show-its-safe-haven-status" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Fall As US Involvement In Iran-Israel War Threatens Oil Prices Spike: Arthur Hayes Says ‘Weakness Shall Pass&#8217; And BTC Will Show Its Safe Haven Status</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock

Economics

Federal Reserve

Markets

Stocks May Not Need A Fed Rate Cut—But Bonds Could Be In Trouble, Says Sage Advisory

<ul>
<li>Company commits to distinctive actions that will make it easier to navigate the health care system, access care, and achieve better health</li>
</ul>

Life Time Expands NYC Presence With Full-Service Athletic Country Club At Iconic 10 Bryant Tower Across From Bryant Park

Macro Economic Events

Econ #s

U.K. Services Purchasing Managers Index Preliminary For June 51.3 Vs. 51.2 Est.; 50.9 Prior

U.K. Manufacturing Purchasing Managers Index Preliminary For June 47.7 Vs. 46.9 Est.; 46.4 Prior

U.K. Composite Purchasing Managers' Index Preliminary For June 50.7 Vs. 50.5 Est.; 50.3 Prior

U.S. Secretary of State&nbsp;Marco Rubio&nbsp;has called on&nbsp;China to prevent Iran from&nbsp;shutting down the Strait of Hormuz, a crucial trade route for global crude oil. Rubio&#8217;s warning comes amid escalating tensions in the Middle East.
What Happened: Rubio called on the Chinese government, which has close ties with Iran, to step in. &#8220;I encourage the Chinese government in Beijing to call them about that, because they heavily depend on the Straits of Hormuz for their oil,&#8221; Rubio <a href="https://www.foxnews.com/video/6374706927112">said</a> during a Fox News interview.  
&#8220;It's economic suicide for them if they do it.&nbsp; And we retain options to deal with that,&#8221; added Rubio.
China is Iran&#8217;s primary oil customer and maintains a friendly relationship with the country.
Following U.S. airstrikes on three key nuclear sites, Iran&#8217;s foreign minister warned that the Islamic Republic &#8220;reserves&nbsp;all options to defend its&nbsp;sovereignty.&#8221; Iran&#8217;s parliament has backed the idea of&nbsp;closing the Strait of Hormuz,&nbsp;but the final decision lies with Iran&#8217;s national security council.
The Strait of Hormuz is a vital trade route, with approximately 20 million barrels of crude oil passing through it daily, accounting for 20% of global consumption. If the Strait were to close for an extended period, oil prices could soar above $100 per barrel, according to experts.
Why It Matters: The recent U.S. strikes on Iran&#8217;s nuclear facilities have sparked concerns about the potential repercussions on global oil prices. China, a key player in this scenario, has&nbsp;warned of a <a href="https://www.benzinga.com/news/politics/25/06/46044009/us-iran-tensions-escalate-as-iran-threatens-hormuz-closure-potentially-rattling-global-oil-markets">spiraling escalation</a>&nbsp;in the Middle East and demanded an immediate ceasefire at the UN. This situation has the potential to significantly impact global oil prices, as market analysts and traders assess the situation.
Earlier, the CEO of Shell,&nbsp;Wael Sawan, had&nbsp;<a href="https://www.benzinga.com/markets/macro-economic-events/25/06/46014138/shell-ceo-warns-of-huge-impact-on-global-trade-if-the-strait-of-hormuz-is-blocked-amid-israel-iran-conflict-we-need-to-set-actions-for-a-new-reality">expressed concern</a>&nbsp;over the escalating conflict between Israel and Iran, warning of a potential &#8220;huge impact on global trade.&#8221; The Strait of Hormuz, a major artery for the world&#8217;s oil trade, is of strategic importance, and any blockade could send shockwaves through the energy market.
Meanwhile, energy analytics firm&nbsp;Kpler stated that oil prices may surge between 7-10% post US airstrikes on Iran but it may not &#8216;last&#8217;.
China&#8217;s response to the U.S.&#8217;s call and the subsequent actions in the region will be closely watched by the global community, especially given China&#8217;s significant role in the global oil trade.
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Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Marco Rubio Urges China To Intervene, Calls Strait Of Hormuz Closure 'Economic Suicide' For Iran: 'We Retain Options To Deal With That'

Reuters Reported DeepSeek Is Providing AI Support To China's Military And Intel Operations; Provided Chinese Government With User Information

Reported Friday, Vertex's Zimislecel Shows Durable Insulin Independence In 10 Of 12 Patients With Type 1 Diabetes, All Achieve ADA Glycemic Targets

NVDA

Reuters, Citing U.S. Official, Reported DeepSeek Sought To Use Shell Companies In Southeast Asia To Evade U.S. Export Controls; Seeking Access To Southeast Asia Data Centers To Remotely Access U.S. Chips

GPCR

Reported Friday, Structure Therapeutics Showcases Oral GLP-1 Agonist's Neuroprotective Effects In Parkinson's Mouse Model At ADA Scientific Sessions

Reported Friday, Abbott's Healthy Food Rx Clinical Trial Shows 'Food Is Medicine' Program Improves Diet And Health In People With Diabetes

<a href="https://www.wsj.com/finance/banking/bank-of-new-york-mellon-approached-northern-trust-to-discuss-potential-merger-7017f4eb">https://www.wsj.com/finance/banking/bank-of-new-york-mellon-approached-northern-trust-to-discuss-potential-merger-7017f4eb</a>&nbsp;

NTRS

The Wall Street Journal Reported Sunday, Bank of New York Mellon Recently Approached Northern Trust to Discuss Potential Takeover

As the tensions between Washington and Tehran rose after U.S. President Donald <a href="https://www.benzinga.com/news/politics/25/06/46043305/donald-trump-announces-spectacular-military-success-as-us-strikes-key-iranian-nuclear-sites">Trump ordered strikes</a> at key Iranian nuclear sites at Fordow, Natanz and Isfahan.
What Happened: The busy airspace between Iran, Iraq and the Mediterranean has been largely empty since June 13 as Israel launched an attack on Iran, Reuters reported on Monday.
However, several airlines, including Singapore Airlines, Air France KLM, Finnair, and Kazakhstan's Air Astana, have canceled flights to busy airports in the Middle East, such as Dubai, Riyadh, and Doha, the report suggests.
Despite this, some airlines like British Airways are resuming flights to Dubai and Doha, the report added.
Why It Matters: The news comes in as mounting tensions between the U.S.-Israel and Iran have already led to United Airlines Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) and American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) to <a href="https://www.benzinga.com/news/travel/25/06/46021530/amid-iran-israel-conflict-united-american-airlines-suspend-flights-to-the-middle-east">cancel flights to the Middle East</a>.
Trump had earlier called on <a href="https://www.benzinga.com/news/25/06/46017426/trump-gives-iran-2-weeks-to-strike-a-deal-or-face-us-military-action">Iran to strike a deal </a>with the U.S. over its nuclear program before the strikes and had said that he would mull over a strike on Iran for two weeks.
However, now <a href="https://www.benzinga.com/news/travel/25/06/46045416/us-issues-worldwide-caution-after-strikes-on-irans-nuclear-sites-state-department-warns-of-airspace-closures-travel-chaos-and-rising-threats-to-americans-abroad">the U.S. State Department </a>has warned of worldwide caution as the tensions could prove to disrupt travel plans through airspace closures and threaten American interests across the globe.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>
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Photo by BlueBarronPhoto via Shutterstock

Several Airlines Cancel Flights To Dubai, Riyadh, Doha After US-Iran Tensions Rattle Global Air Travel: Report

In a bold departure from conventional advice, Ben Horowitz, co-founder of Andreessen Horowitz, once urged Columbia engineering graduates in 2015 to reject the idea of &#8220;following your passion&#8221; and instead focus on the value they can contribute to the world.
What Happened: In 2015, peaking at the Fu Foundation School of Engineering and Applied Science commencement, Horowitz told students, "Don't follow your passion."
He explained that while many successful people say that they love what they do, the reverse may be true—they may love what they do because they became successful.
"The first tricky thing about passions is they're hard to prioritize," Horowitz said, adding that it is difficult to figure out which a person is more passionate about: math or engineering? Video games or K-pop?
See Also:&nbsp;<a href="https://in.benzinga.com/tech/25/02/43772135/ex-openai-chief-scientist-ilya-sutskevers-ai-startup-valued-at-30-billion-in-latest-funding-round-report" target="_blank" rel="noreferrer noopener">Ex-OpenAI Chief Scientist Ilya Sutskever&#8217;s AI Startup Valued At $30 Billion In Latest Funding Round: Report</a>
He also pointed out that passions evolve, noting that what someone is passionate about at 21 may not hold the same weight at 40—"true for both boyfriends and career choices," he quipped.
Horowitz warned that people often aren't particularly good at their passions, referencing some American Idol participants who love singing but fall short of professional standards. What he meant was, just because you love something doesn't mean you should do it for a living.
Instead, he urged graduates to focus on what they're good at and how they can contribute to the world. "What you take out of the world over time &#8230; is much less important than what you put into the world," he stated, adding, "My recommendation would be to follow your contribution. Find the thing that you&#8217;re great at, put that into the world, contribute to others, help the world be better and that is the thing to follow."
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
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Why It's Important: Horowitz's message stands in contrast to business titans like Elon Musk, Jeff Bezos, Warren Buffett and Kevin O'Leary, all of whom have publicly advised aspiring entrepreneurs to pursue their passions.
Buffett once advised students <a href="https://www.benzinga.com/news/25/03/44065860/warren-buffetts-unconventional-career-advice-dont-save-your-passion-for-later-its-like-saving-up-sex-for-you">not to take jobs just for resume value</a> or slightly higher pay, but to work for people or organizations they admire. He shared a story about an Ivy League graduate who chose a consulting job to build a &#8220;perfect resume&#8221; instead of pursuing his passion.
When asked when he'd follow his true interests, the graduate said "someday," prompting Buffett to compare that mindset to "saving up sex for your old age"—a warning against postponing what you truly want in life.
Amazon founder ​​Bezos has also said that <a href="https://www.benzinga.com/news/24/06/39563534/jeff-bezos-reveals-the-one-secret-to-success-you-can-have-a-job-or-you-can-have-a-career-or">following one's passion is key to true success</a> and fulfillment. In a speech at the George W. Bush Presidential Center's Forum on Leadership, he urged people to turn their passions into careers, not by waiting for purpose to appear, but through hard work, dedication and resilience.
&nbsp;O'Leary, investor and Shark Tank personality, also believes that when you love what you do, <a href="https://www.benzinga.com/24/11/41947081/kevin-oleary-says-great-entrepreneurs-and-great-leaders-want-to-get-up-in-the-morning-and-get-to-work-heres-what-he-says-drives-them">it doesn't feel like work</a>. Last year, he shared that for great entrepreneurs and leaders, pursuing their passion is an expression of who they truly are—it's part of their soul and identity.
The life of Musk is a testament to the power of <a href="https://www.benzinga.com/22/07/28124535/5-lessons-we-can-learn-from-elon-musk-to-build-a-better-future-for-ourself-for-our-friends-and-famil">passion-driven success</a>. From a young age, he was deeply interested in technology and engineering. In his entrepreneurial journey, the Tesla CEO <a href="https://www.benzinga.com/markets/tech/25/06/46020247/before-the-mars-dream-and-multi-billion-dollar-ventures-elon-musk-just-wanted-a-job-at-netscape-heres-what-he-told-the-ai-generation-about-that">continued to follow his passion</a>, namely things like electric vehicles and sending humans to Mars.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo courtesy: rafapress / Shutterstock.com

Ben Horowitz Once Told Columbia Grads, 'Don't Follow Your Passion' But Contribution Instead: Something That Doesn't Coincide With The Opinion Of Elon Musk, Kevin O'Leary, Jeff Bezos And Warren Buffett

ALVO

European Medicines Agency Recommends Approval Of Alvotech's AVT06, A Proposed Biosimilar To Eylea, For Eye Disorders Across Europe

Spotify Technology SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) CEO Daniel Ek has positioned his investment firm at the forefront of Europe&#8217;s defense tech boom, leading a €600 million ($690 million) Series D funding round in AI-powered military startup Helsing.
What Happened: Prima Materia, Ek&#8217;s investment vehicle, spearheaded the round announced June 17, valuing the Munich-based defense unicorn at €12 billion ($13.8 billion). Major participants included Lightspeed Venture Partners, General Catalyst, Accel, and Swedish aerospace giant Saab, according to company statements, <a href="https://observer.com/2025/06/spotify-daniel-ek-european-defense-tech-startup-helsing/">reported</a> the Observer.
The funding surge reflects Europe&#8217;s accelerated military spending amid rising geopolitical tensions following Russia&#8217;s 2022 Ukraine invasion. Helsing, founded in 2021 by game developer, former German defense official Gundbert Scherf, and AI researcher Niklas Köhler, has rapidly expanded from software development to manufacturing drones, submarines and aircraft.
&#8220;As Europe rapidly strengthens its defense capabilities in response to evolving geopolitical challenges, there is an urgent need for investments in advanced technologies that ensure its strategic autonomy and security readiness,&#8221; Ek stated, according to the report.
See Also: <a href="https://www.benzinga.com/news/travel/25/06/46045416/us-issues-worldwide-caution-after-strikes-on-irans-nuclear-sites-state-department-warns-of-airspace-closures-travel-chaos-and-rising-threats-to-americans-abroad">US Issues Worldwide Caution After Strikes On Iran&#8217;s Nuclear Sites: State Department Warns Of Airspace Closures, Travel Chaos And Rising Threats To Americans Abroad</a>
Why It Matters: Global defense tech venture capital hit $3 billion across 102 deals in 2024, marking an 11% year-over-year increase, according to Crunchbase data. Helsing&#8217;s round ranks among the sector&#8217;s largest alongside U.S. rival Anduril Industries&#8216; recent <a href="https://www.benzinga.com/markets/market-summary/25/06/45810158/anduril-raises-2-5-billion-at-30-5-billion-valuation-doubling-in-a-year-as-defense-contracts-grow">$2.5 billion raise at a $30.5 billion valuation</a>.
Ek, estimated worth $10 billion, co-founded Prima Materia in 2020 with early Spotify investor Shakil Khan, pledging €1 billion toward European tech investments over the decade. Previous backing includes longevity startup Epiterna and health-tech venture Neko Health.
Helsing&#8217;s AI-powered military decision-making software has been deployed by Ukrainian forces since 2022, establishing credibility in active combat zones. The company raised €450 million in Series C funding last year, building on Prima Materia&#8217;s initial €100 million 2021 investment.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Diego Thomazini / Shutterstock.com

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