Klarna IPO and ASML Mistral Bea

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Sebastian Simiakovsky, CEO and co -founder of Swedish Fintech Klarna, offers a thumb during the company’s public offering on the New York Stock Exchange in New York City, United States, September 10, 2025.

Brendan McDdided Reuters

London – It was a crowded week for the European technology sector.

On Tuesday, London -based ElevenLBS, which is based in London, announced that it allows employees to sell shares in a secondary round whose evaluation doubled to $ 6.6 billion.

Then, the Dutch chicks company ASML confirmed on Wednesday that it was The pioneer in the finance series of French Intelligence Mistral 1.7 billion euros, the financing round C Rating 11.7 billion euros (13.7 billion dollars) – an increase of 5.8 billion euros last year. Mistral is a competitor for the likes of Openai and Anthropor.

To stop it, the Swedish Fintech Clarna on Thursday He appeared for the first time on the New York Stock Exchange After a The long -awaited public offering. Klarna shares today ended with $ 45.82, giving them a market value of more than $ 17 billion.

These developments have given hopes that Europe is able to develop a technical industry that can compete with the United States and Asia. Over the past decade, investors have been talking about Europe’s capabilities to build valuable technical companies, rejecting the idea that Silicon Valley is the only place to create innovative new projects.

Buy now, and later paid KLARNA for $ 17 billion after the US public subscription

However, the dreams of a “golden age” of European technology have never succeeded.

A major curved ball came in the form of Russia’s 2022 invasion of Ukraine, causing high inflation and global central banks to raise interest rates as a result. The highest rates are bad for technology companies dense, which often needs to collect criticism for growth.

Ironically, in the same year, Clarena – whose value was at some point up to 45.6 billion dollars in a financing round led by Softbank – the market value of 85 % to $ 6.7 billion.

Now, investment capital investors in Europe view the last tanner about technology companies in the region as less than the Renaissance and more than a “growing wave”.

“This started 25 years ago when we saw the first signs of a European technology ecosystem inspired by the original Dotcom boom that was the Silicon Valley of the Silicon.”

Balderton has supported a number of prominent European technology names including Fintech FIRMS and Wayve Wayve.

“There were temporary setbacks: the 2008 financial crisis, the stagnation of technology after the ruling, but the ecosystem wore every time,” said Chanqilak.

He added: “At the present time, the meeting of a new technological opportunity is huge in the form of Amnesty International, in addition to a society he has done by and has access to the required capital, which is, which is not surprising, to lead to a large number of companies that define the sector.”

Europe against the United States

Investors who support startups of technology on the continent say that there is a lot of money to be harvested – especially amid economic uncertainty caused by the commercial definitions of President Donald Trump.

For anyone, there is a clear discount on European technology at the present time. ATOMICO annual “ATOMICO” report last year Link the value of the ecosystem of European technology to a price of $ 3 trillion He expected to reach 8 trillion dollars by 2034. Compare this to the story in the United States, where the largest MEGACAP shares were merged into the technology sector At a value of more than 20 trillion dollars.

“Ten years ago, there was no single European starter company valued at more than $ 50 billion; today, there are many,” Jan Hammer, a partner in Index Ventures, who supported the likes of Drocolut and CondemnCNBC said.

Hamer added: “Tens of thousands of people are now enjoying the construction and expansion of international companies from companies such as Revolution, Alan, Mistral and Adyen.” “Decally, European startups are no longer expanding simply abroad – they have been born worldwide since the first day.”

Emmy Nuwakas, founder and chief executive of Fintech Investor Anthemis, suggested that investors may view Europe as something from the safe haven market amid the increasing geopolitical risks and total economic uncertainty.

“This is a chance of investing for sure,” Nauikoas told CNBC. “The removal of the total economy always prefers to disable and create entrepreneurship in the early stage.”

“This time, trends in the family office, capital transformations … and the general constipation of the institutional allocation market in the United States indicate that there should be a lot of money that flows from … global investors to private (and) European private markets.”

The problems remain

Despite the upscale emotions surrounding European technology, there are still systematic challenges that make it difficult for technology companies in the region to achieve the scale of their counterparts in the United States and Asians.

Emerging investors presses more customization from pension funds in investment capital funds in Europe for some time. The European market is very fragmented, as regulations differ from one country to another.

“There is nothing that prevents European technology companies to expand its scope, to become huge,” Niklas Zindsum. The CEO and founding partner of the investor in Clarna said early for CNBC.

“However, there are some conditions that make it more difficult,” he added. “We still have no one market.”

Supporting many entrepreneurs and investors in the field of technology is a new initiative called “I“It was launched last year, its goal is to strengthen the technology sector in the European Union by forming” twenty-eighth system “-a proposed legal framework for the whole of Europe to simplify the complex regulations across the various member states of the European Union.

“Europe is in a bad head area for the moment for completely clear reasons, but I do not think that many of the founders are already there,” Bidi Moore, Antler’s chief official at an early stage, told CNBC.

“At best, what you can say is that there is this secondary wind, which is that people feel freezing because of the need for Europe to be a little more enjoyable.”

He watches: CNBC interview



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