Fire Point founder Denys Shtilerman on how much is the company worth now and what stock options do top managers hold

On May 13, Ukraine’s temporary parliamentary investigative commission held a hearing during which Denys Shtilerman, the main shareholder of Ukrainian defence company Fire Point, answered lawmakers’ questions. During the discussion, he revealed several new details about the business behind the FP-1 deep strike drones, FP-5 Flamingo cruise missiles, FP-7 ballistic missiles, and other systems.

Among the revelations was that businessman Timur Mindich — currently suspected in corruption cases — attempted to acquire a 50% stake in Fire Point from spring 2024 until August 2025, with his final offer reportedly reaching $1 billion. Shtilerman also hinted that the company’s current valuation could be close to $6 billion, while around 30 senior employees hold stock options amounting to a combined 15% stake in Fire Point.

How Fire Point’s valuation grew

Shtilerman had previously stated that Timur Mindich offered around $100 million for 50% of Fire Point in 2024, after the company’s deep strike drone performed best during tests organised by the US Embassy in Ukraine. At the hearing, he expanded on the story, saying Mindich continued trying to buy into the company for more than a year, gradually increasing his offer. The final figure reportedly reached approximately $1 billion.

However, according to Shtilerman, Mindich was still rejected. First, he allegedly could not guarantee the purchase would be financed with “clean money.” Second, the founders received an offer from EDGE Group, which is owned by the United Arab Emirates’ sovereign wealth fund. The fund offered $758 million for a 30% stake in Fire Point at a $2.5 billion valuation.

Previously, Fire Point CEO and CTO Iryna Terekh told Defender Media that Ukraine’s Antimonopoly Committee had not approved the deal with EDGE Group, though she said the parties later submitted a revised application. The Antimonopoly Committee later disputed this information in a response to Suspilne.

During the hearing, Shtilerman stated that Fire Point is now considering abandoning the EDGE Group deal altogether. “Most likely, we will refuse it,” he said, explaining that the company’s valuation has risen significantly since then.

While Shtilerman did not specify Fire Point’s current valuation, he noted that the company now has a ballistic missile in its portfolio, “and there are not many manufacturers like that in the world.” He added that in March 2026, Fire Point received an offer from an investment bank seeking to broker a transaction based on a $5.8 billion valuation. According to him, the company rejected the proposal because too many representatives of the bank were “former Russians.”

Employee stock options and the buyout of Iryna Terekh’s company

The potential EDGE Group transaction is not the only Fire Point-related case currently under review by the Antimonopoly Committee. Regulators are also considering the acquisition of a business owned by top executive Iryna Terekh.

Shtilerman said that in 2024 Terekh temporarily left Fire Point because of disagreements with other executives over the company’s direction. “Later we reunited and submitted an application to acquire her company for $26 million,” he added.

According to Shtilerman, Terekh’s company provides R&D services to Fire Point, although he did not name the entity. Ukrainian Forbes suggests this refers to Falcon Technology LLC, founded in 2023 and wholly owned by Terekh, according to the YouControl analytical platform.

Fire Point has not yet received a response from the Antimonopoly Committee regarding the acquisition. Since six months have passed, Terekh exercised her right to withdraw from the agreement. Shtilerman noted that the parties are now “in the process of revising the price,” hinting that Terekh is now seeking a significantly higher amount. Nevertheless, he said he remains confident Fire Point will eventually acquire the company in full.

In response to lawmakers’ questions, Shtilerman confirmed that he currently owns 97.5% of Fire Point’s shares. The remaining 2.5% belongs to company director Yehor Skalyha, who also attended the hearing.

At the same time, Shtilerman stated that around 30 leading managers and engineers hold stock options for a combined 15% stake in Fire Point. The allocations are uneven — for example, Ihor Khmelov, who left the company in summer 2025 amid the “Mindich tapes” scandal, reportedly holds options for 2.5%.

Shtilerman said he still regrets Khmelov’s departure, describing him as one of the best managers he has ever known. He did not disclose details about the stock options granted to other employees or the conditions under which those options convert into company shares.

The scandal surrounding one of Ukraine’s largest defence tech manufacturers escalated further after Ukrainska Pravda published a new batch of the so-called “Mindich tapes” — recordings allegedly featuring conversations involving Timur Mindich, who appears in an NABU corruption case linked to Energoatom. According to the publication, the sanctioned businessman discussed Fire Point financing with then-Minister of Defence Rustem Umerov.

In response, Denys Shtilerman published on X a letter the company had sent to NABU. He described the information mentioned in Ukrainska Pravda’s video as inaccurate, adding that its dissemination harms both the company and Ukraine’s defence capabilities.