Germany's AI capital concentrates around two anchors — Helsing's €12B defence-AI valuation from a €600M Series D led by Daniel Ek's Prima Materia in June 2025, and Black Forest Labs' $300M Series B at $3.25B in December 2025 co-led by Salesforce Ventures and AMP — together more than 70% of the country's tracked AI funding. Helsing locked in a €269M Bundeswehr HX-2 loitering-munitions contract in February 2026, pulling Munich ahead of any LLM bet as Europe's defence-AI capital. Black Forest Labs ships FLUX as the de-facto open visual stack with a16z, NVIDIA, and Bain Capital on the cap table. DeepL sits at $2B post-money after Index Ventures' $300M round, with US IPO chatter at $5B circulating since October 2025. Aleph Alpha's foundation-model bet ended in the April 2026 Cohere takeover, repositioning PhariaAI on Schwarz Group's STACKIT cloud as a sovereign-deployment layer rather than a frontier lab. Sovereign compute went physical in Q1 2026 with the Telekom–NVIDIA Industrial AI Cloud opening in Munich; LRZ's Blue Lion build adds ~4,400 Rubin GPUs on a €250M budget through 2026. Qdrant's $85M Series B and Langfuse round out a Berlin developer-tools cluster backed by HV Capital, Earlybird, Cherry, and KfW.