Destinus is developing a new Ruta Block 3 missile: specifications

European company Destinus, co-founded by former Ukrainian finance minister Oleksandr Danyliuk, is in talks with investors to raise around €200 million. Bloomberg reports this, citing sources. The company is targeting a valuation of over €5 billion, based on projected annual revenue of around €500 million. According to sources, Destinus is also considering an IPO on the Amsterdam stock exchange following this round. The company is working with advisers Rothschild & Co. and UniCredit on the round; however, representatives of the banks and Destinus itself declined to comment to the publication. Alongside its fundraising efforts, Destinus is accelerating development of the next generation of its Ruta cruise missile – Block 3. Flight testing is scheduled to begin in 2027. The missile will have a range of 2,000 km, a 250 kg warhead, and will be equipped with a turbojet engine and autonomous navigation. The Block 3 programme will be carried out across three industrial hubs: the Netherlands will serve as the engineering and design centre and primary manufacturing site, and Ukraine will contribute to both development and testing. It will also act as a centre for the production of essential components. In Germany, the Rheinmetall Destinus Strike Systems joint venture will add high-speed manufacturing, qualification, and final integration capacity for the Bundeswehr and a broader range of European customers. Through this development, Europe aims to transition the long-range missile sector from limited stockpiles to sustained production. This comes against the backdrop of the United States declining to deploy Tomahawks in Germany and broadly reducing its military presence in the country. Trump has periodically criticised NATO and, together with his senior officials, has hinted at a possible US withdrawal from the alliance. The previous version of the Ruta missile, Block 2, is currently undergoing flight testing in Ukraine. Its production is scheduled to launch in 2026. Meanwhile, Ruta Block 1 is already in serial production in the Netherlands and is being supplied to Ukraine. As a reminder, Destinus was founded in Switzerland by Russian entrepreneur Mikhail Kokorich, who left Russia in the 2010s following the dispersal of an opposition rally. With the start of the full-scale invasion, he renounced his Russian citizenship, and his company began supplying Ukraine with drones and the Ruta missile. The co-founder of the company is Oleksandr Danyliuk, Ukraine’s former Minister of Finance from 2016 to 2018. He currently also serves as president of Destinus.