Cybersecurity firm Blackwall has reached a valuation of €1.03 billion, marking a 368 percent increase over the past year. This growth moved the company from ninth to fifth place in the TopTech 2026 ranking, which tracks the 30 most valuable technology companies in Estonia.
The total value of the top 30 Estonian tech companies decreased to €26.4 billion from €27.7 billion. Wise, valued at €10.98 billion, and Bolt, at €7.09 billion, represent 68.3 percent of the total list value. Their combined valuation fell by approximately 15 percent year-on-year.
The defense sector is now the largest in the TopTech ranking by company count, with seven firms totaling €1.07 billion in value. Among them, KrattWorks reports 30 paying customers, including defense ministries from eight NATO countries, and holds a seven-year contract with the Estonian Defence Forces worth €15 million.
Other notable shifts in the ranking include a 32.4 percent decline in the combined value of B2B SaaS companies. Conversely, fintech firm Wallester saw its valuation rise by 46 percent to €139 million. Software companies Nortal and Helmes also recorded growth of 7.4 percent and 1.4 percent, respectively.
The TopTech ranking is compiled by Prudentia Tallinn and Siena Secondary Fund. It utilizes market capitalizations, funding rounds, and revenue-based multiples compared against listed peers. The methodology requires companies to have at least one Estonian founder or registration, with headquarters or 20 percent of staff based in Estonia.
