Ukrainian defense giant Fire Point valued at $2.5 billion: Stilerman reveals financing details
14 May 14:41
Fire Point, a Ukrainian company that manufactures missiles and drones for the Ukrainian Armed Forces, is currently valued at over $2.5 billion. This was stated by the company’s co-owner, Denis Shtilerman, during a meeting of the parliamentary Temporary Investigative Commission, according to
Shtilerman also stated that in 2024–2025, the state purchased “all available long-range strike capabilities,” at a time when demand significantly exceeded the production capacity of both private and state-owned companies. According to him, based on data from the General Staff, over 55% of long-range strikes were carried out by FP-1 drones.
At the same time, the co-owner of Fire Point did not disclose the company’s share in the state order for missiles and long-range drones. Fire Point, according to Stilerman, was established through private investments by its co-owners. The total amount invested was approximately $2 million, and all financial transactions were conducted officially and in accordance with Ukrainian law.
During the meeting, MP Oleksiy Honcharenko asked how much private investment had been put into establishing the company.
“About $2 million,” Stilerman replied.
When asked to clarify whether these were exclusively the funds of the company’s founders, the co-owner of Fire Point confirmed that the financing came from the partners’ own resources.
“Yes, it’s our money. Part of it was a contribution to the authorized capital, and part of it was a loan. The loans have been repaid,” Shteilerman explained.
According to him, the loans were provided to the company by the founders themselves as individuals, and the entire financing structure was official and transparent.
Stilerman noted that Fire Point was the only company to pass the international tests organized by the U.S. Embassy in March 2024 for all dipstick manufacturers.
“We were the only company—we can provide you with a report on these tests in a closed session—the only company that passed these tests. We passed under the influence of REB; we are the only company in the world to have passed under the influence of REB and hit the target. This test took place in Ukraine and was funded by the U.S. Embassy,” he said.
After that, according to Stilerman, a large number of people expressed a desire to become shareholders of Fire Point, including Timur Mindich, who wanted to acquire 50% of Fire Point’s shares but was turned down.
“He came to our company, took a look, and offered us a certain amount of money—somewhere around $100 million for a stake in the company—but by then we already understood that this did not correspond to our valuation,” he said.
According to the co-owner of Fire Point, negotiations continued until August 2025, and eventually Mindich offered just under $1 billion for a 50% stake in the company.
Shtilerman explained that the negotiations ended after Mindich revealed who would be listed as the holder of his stake in the company.
“He suggested a person who would act as his frontman as a shareholder… I wasn’t satisfied with this person. And I said, ‘Let’s part ways and not discuss the sale of the stake anymore,’” he said
He added that there were a number of other reasons why he refused to sell the stake to Mindich.
According to the chief designer, Fire Point also received an offer from a sovereign wealth fund of one of the countries, proposing $758 million for a 30% stake.
At the same time, the co-owner of Fire Point refused to publicly name the person Mindich had proposed, but promised to reveal his name at a closed session of the TSK.
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Shtilerman added that they were only willing to sell the company’s stake for “clean money,” not “cash in suitcases.”
“I’m saying, do you understand that we can’t take cash from you in suitcases and carry it off somewhere? Do you understand that we need ‘clean’ money?” he said.
He noted that Fire Point would likely not sell its stake in the company due to its continued rise in value.
According to Shterman, he was introduced to Mindich in March 2024 by Fire Point’s top manager, Igor Khmelov.
The co-owner of Fire Point confirmed that he visited Mindich’s apartment at 9A Hrushevsky Street, where they discussed the terms of the company’s sale (it was there that NABU had installed wiretaps).
He said that it was likely him they were referring to as “Electronik” in Mindich’s recordings.
“I haven’t heard the tapes, but I know from the media that that’s what they called me among themselves,” said Shteilerman.
Fire Point and the “Mindich tapes”
As previously reported
According to the media outlet that published part of the “Mindich tapes,” in one of the transcripts, co-owner Timur Mindich and then-Defense Minister Rustem Umerov discussed Fire Point’s activities. Among the topics discussed was the sale of a stake in Fire Point to foreign investors. The conversation suggests that the sale of a 33% stake in the company for 600 million is being considered, of which the investor is ready to invest 300 million in the company’s development, with the remainder to be paid directly to the shareholders.
Timur Mindich has publicly denied any involvement with the company. Mindich is a defendant in the Energoatom embezzlement case. On December 1, 2025, Mindich was ordered to be held in custody in absentia. Investigators consider him the leader of a group that received and laundered money from corruption schemes in the energy sector. Now, Mindich’s case may be referred to Interpol for his arrest, particularly when he crosses the border.
What is known about Fire Point
According to Forbes, Fire Point is the largest manufacturer of long-range drones in Ukraine. The company’s monthly production capacity is up to 2,500 long-range drones, and Flamingo missiles cost approximately €600,000 per unit. The company’s revenue in 2024 was 4.3 billion UAH, according to YouControl. In the first quarter of 2025, the company generated 2.6 billion UAH. YouControl and similar services do not disclose full-year financial results, as a law restricting access to registries regarding defense companies has come into effect. Since its founding in 2022, Fire Point’s staff has grown from 18 to 3,500. Its flagship product is the FP-1 deep-strike drone, which can reach deep into Russian territory. Fire Point also manufactures the FP-2 mid-strike drone, the “Flamingo” (FP-5) cruise missile, and is developing the FP-7 and FP-9 ballistic missiles. The stated range of the latter is approximately 800 km. The company’s top management consists of three people: Yegor Skalyga (responsible for military relations), Irina Terekh (technical director), and Denis Shtilerman (owner and chief designer). According to YouControl, in November 2025, Yegor Skalyga transferred nearly 100% of the shares to Denis Shtilerman. The company insists that the ownership structure now reflects reality. Terekh explained that they had long concealed Shtilerman as the principal beneficiary because he held Russian citizenship, and his family continued to live in Russia for some time after 2022
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