Top 10 Biggest Tech Companies in Germany by Market Cap

Germany’s technology leaderboard has been rewritten in the space of about eighteen months — and most articles on this topic have not caught up.

SAP, which briefly became Europe’s most valuable listed company in March 2025, is no longer even Germany’s largest. Infineon spent twenty-six years climbing back to a share price it last touched during the dot-com bubble, and finally did it in June 2026. Siemens Energy, a company that needed state-backed guarantees in 2023, is now worth more than Deutsche Telekom on some days. And Delivery Hero, Berlin’s flagship consumer-internet story, received a formal takeover offer from Uber the day before this article was updated.

Below is where things actually stand, how we defined “tech company,” and what the ranking says about where German technology value now sits.

Key takeaways

• Siemens (~$236bn) is Germany’s most valuable technology company, having overtaken SAP during spring 2026.
• The top five are worth roughly $876bn — about 91% of the entire top ten. Below Infineon, valuations fall off a cliff.
• All ten combined are worth roughly $960bn, or about a third of Germany’s entire listed equity market.
• The 2026 theme is hardware over software. Power semiconductors, grid equipment and industrial automation re-rated sharply on AI infrastructure demand; enterprise software de-rated on fears that AI erodes its moat.
• Germany has no consumer-internet giant. Its technology value sits in enterprise software, chips, telecom and industrial equipment — not in platforms.
• Market caps move daily. Positions 3/4 and 7/8 are effectively tied and swap regularly.

How we ranked these companies (methodology)

Transparency matters more than a tidy list, so here is exactly what we did.

Universe. Publicly listed companies headquartered in Germany. Private firms are excluded because they have no market capitalisation — only private valuations, which are not comparable.

Definition of “tech.” There is no single official definition, and honest rankings differ. We included companies whose primary value driver is technology products or services: software, semiconductors, electronics and sensors, IT services, telecommunications, digital platforms, medical technology, and technology-led industrial and energy equipment.

Data source and date. Market capitalisations are taken from CompaniesMarketCap’s Germany ranking, retrieved 17 July 2026, in US dollars for internal consistency. Euro figures are converted at the rate implied by that same snapshot (roughly €1 = $1.155) and rounded. Company financials come from primary sources — company results releases and investor materials — cited at the end.

Judgment calls we made, and disclose:

• Siemens is included. It describes itself as a technology company, and its “ONE Tech Company” programme is explicitly designed to make it a more focused one. Many indices classify it under Industrials.
• Siemens Energy is included as an energy-technology business. Reasonable people classify it as Utilities or Capital Goods instead.
• Hensoldt is included, Rheinmetall is not. Hensoldt builds radar, optronics and electronic-warfare systems — it is an electronics company that sells to defence. Rheinmetall builds vehicles and ammunition. That line is defensible but debatable.
• Deutsche Börse (~$52bn) is excluded despite owning a substantial software business, because it is classified and regulated as a financial company. Include it and it slots in at number six.
• Excluded: insurers (Allianz, Munich Re), banks, pharma (Merck KGaA, Bayer), automakers, logistics (DHL), utilities and chemicals — even where they employ thousands of engineers.

If your definition differs from ours, your list will differ too. That is a feature of the question, not a flaw in the data.

Top 10 biggest tech companies in Germany by market cap

Figures as of 17 July 2026 and subject to daily change.

1. Siemens AG — ~$236bn

Munich/Berlin · Founded 1847 · ~318,000 employees

Siemens spent a decade shedding businesses, and in 2026 the market finally paid it as a technology company rather than a conglomerate. Its Digital Industries arm is one of the world’s largest industrial software franchises, and it has spent roughly $15bn buying software — Altair in simulation, Dotmatics in life-sciences R&D — while committing more than €1bn to AI over three years.

Fiscal 2025 was a record: orders of €88.4bn, revenue of €78.9bn, net income of €10.4bn and €10.8bn of free cash flow. The first quarter of fiscal 2026 was stronger still, with orders up 10% and US orders up 54% on data-centre and building-software demand, prompting a guidance raise. Management targets 6–8% comparable revenue growth for fiscal 2026 and has lifted its mid-term ambition to 6–9%.

The bigger story is structural. Siemens intends to spin off 30% of its roughly 67% Healthineers stake directly to shareholders, with a vote scheduled for the February 2027 AGM, and it has already cut its Siemens Energy holding from just under 15% to 5.54%, raising €3.8bn. The endgame is a smaller, faster, software-heavier Siemens.

What to watch: whether the Healthineers spin-off clears regulators, and whether digital revenue growth justifies the re-rating.

2. SAP SE — ~$218bn

Walldorf · Founded 1972 · Europe’s software champion

SAP’s fall from the top spot is the single most important story on this list. At its peak the company was worth about €344bn. On 29 January 2026 it dropped roughly 15% in a day — its worst session since October 2020 — after fourth-quarter current cloud backlog grew 16% against expectations nearer 26%, and 2026 cloud guidance disappointed.

The sell-off was not really about one quarter. It was about a question SAP’s own CFO put on the table: if AI lets customers build software themselves, does the market shrink? That fear hit enterprise software globally, dragging down Salesforce, Adobe, ServiceNow and Nemetschek alongside SAP. J.P. Morgan cut SAP to neutral in March. The company’s answer arrived at Sapphire in May 2026 with an “Autonomous Enterprise” strategy built around AI agents — though tying some AI features to cloud migration drew criticism.

SAP remains extraordinarily profitable and deeply embedded in the world’s largest enterprises. But it is now priced as a company with something to prove.

What to watch: current cloud backlog growth. It is the only number that matters right now.

3. Deutsche Telekom — ~$154bn

Bonn · Founded 1995 · Largest shareholder: the German state

Deutsche Telekom is the list’s paradox: excellent results, falling share price. First-quarter 2026 organic revenue rose 4.7% to €29.9bn and adjusted EBITDA AL rose 7.5% to €11.5bn, prompting an upgrade to roughly €47.5bn adjusted EBITDA AL and more than €19.8bn of free cash flow for the year. The stock still fell to near its 52-week low of €25.71, well below February’s €34.16 high.

The reason is T-Mobile US. Deutsche Telekom owns about 52.8% of it, and the US business drives group earnings — but it also means the German parent trades as a wrapper around an American asset that is itself worth roughly $181bn. Persistent speculation about how the two entities ultimately combine has created an overhang no quarterly beat can clear.

Whether a telecom operator is a “tech company” is a fair question. We include it: it is the infrastructure layer everything else runs on, and it is pushing AI into its network with in-call assistants and autonomous network agents.

What to watch: the Q2 report on 6 August, and any clarity on the T-Mobile US structure.

4. Siemens Energy — ~$152bn

Munich · Spun off from Siemens in 2020

No German company has been re-rated harder. Siemens Energy was a turnaround case propped up by state guarantees in 2023; in 2026 it is the purest European play on AI’s electricity problem. The shares ran from a 52-week low of €84.62 to an April peak of €195.54.

The numbers behind it are real. Second-quarter fiscal 2026 order intake hit €17.7bn, up nearly 30%, taking the backlog to a record €154bn with a book-to-bill ratio of 1.72. Gas Services posted its highest-ever quarterly orders at €8.87bn. Grid Technologies — now the fastest-growing and most profitable division — grew orders more than 41% to almost €7bn. Data-centre projects alone contributed 5 GW of orders in the quarter. Management raised full-year revenue growth guidance to 14–16% and the margin target to 10–12%, and lifted its global gas turbine outlook above the previous 90–100 GW range. CEO Christian Bruch has said customers are not cancelling data-centre projects; they are asking for faster delivery.

What to watch: the 5 August Q3 report — whether a record backlog converts into margin, and whether Gamesa reaches breakeven as promised.

5. Infineon Technologies — ~$116bn

Neubiberg · Spun off from Siemens in 1999 · Germany’s only large chipmaker

Infineon is 2026’s DAX standout. On 2 June it finally passed the all-time high of €82.75 set on 27 June 2000 — a twenty-six-year wait — touching €84.89 before peaking near €89.67 the next day. At one point the stock was up more than 113% year-to-date.

The thesis is power. AI data centres need enormous, efficient power conversion, and Infineon leads in silicon carbide and gallium nitride. It joined NVIDIA’s MGX AI factory ecosystem, won a US International Trade Commission ruling banning a Chinese rival’s infringing GaN products, raised full-year guidance to more than €16bn of revenue with roughly 20% segment margin and €1.65bn free cash flow, and closed a €570m purchase of ams OSRAM’s non-optical sensor portfolio on 1 July. Two days later it opened its Dresden Smart Power Fab — billed as the world’s largest facility for power semiconductors — which could eventually add around €5bn in annual sales. Management guides AI revenue to €1.5bn in 2026 and €2.5bn in 2027, targeting 30–40% of an AI power market it sizes at €8–12bn by 2030.

The volatility is brutal. The stock fell to €67.21 in mid-July before rebounding on ASML’s raised outlook. Bernstein sees €102; others think the rally is fully priced.

What to watch: the 5 August results, and whether Dresden’s capacity finds AI demand fast enough.

6. Siemens Healthineers — ~$45bn

Erlangen · Listed March 2018 · World’s fourth-largest medtech

The cliff between Infineon and Healthineers — roughly 2.6x — is where Germany’s tech market thins out dramatically.

Healthineers has had a hard year. Second-quarter fiscal 2026 revenue was €5.7bn with 3.1% comparable growth, but adjusted EPS fell 6% to €0.53 and adjusted operating profit of €836m missed consensus. The culprit is Diagnostics in China — about 10% of group revenue and its second-largest market — where volume-based procurement and lower reimbursement pushed divisional revenue down 6.5% to €985m and margins to 0.9%. Add roughly €400m of US tariff costs and up to €250m of currency drag, and management cut full-year guidance to 4.5–5.0% revenue growth and €2.20–€2.30 adjusted EPS.

The core is healthier than the headline: Imaging grew 6.1% and Precision Therapy 4.7%. Management is now weighing options for Diagnostics, including a carve-out, while its parent prepares to release it via spin-off.

What to watch: whether China stabilises, and what happens to Diagnostics.

7. Delivery Hero — ~$14bn

Berlin · Founded 2011 · Brands: foodpanda, Talabat, Glovo, PedidosYa

Delivery Hero may not be on this list next year. On 16 July 2026, Uber launched a formal takeover offer at €41.50 per share in cash — roughly $14.8bn of equity value — after an earlier €33 approach valuing the company near €10bn was rejected as too low.

The deal is unusually well-advanced. Uber already held a 24.99% stake plus derivatives taking its economic interest to about 36.8%; Prosus has irrevocably committed to tender, which would lift Uber to roughly 53%. Both Delivery Hero boards unanimously support the offer, and the company has separately agreed to sell operations covering 14 markets to SSW Partners. The combination would span 99 countries and create the largest food-delivery group outside China — if it survives what will be a complex regulatory review.

For Germany, it is a familiar ending: the country’s most valuable consumer-internet company being absorbed by an American acquirer after years of shareholder pressure and a CEO departure.

What to watch: antitrust review, and the acceptance threshold.

8. Hensoldt — ~$10bn

Taufkirchen, near Munich · Radar, optronics, electronic warfare

Hensoldt is where Germany’s rearmament and its software ambitions intersect. This is not a maker of vehicles or shells; it builds the sensors and electronics that make platforms see — and increasingly the software that connects them.

The order book tells the story. Full-year 2025 order intake rose 62% to €4,710m, lifting the backlog by a third to €8,833m on a 1.9x book-to-bill. The first quarter of 2026 was extraordinary: orders more than doubled to €1,483m — a book-to-bill near 3.0 — pushing the backlog up 41% to a record €9,801m, driven by the Schakal and Puma programmes and Eurofighter Mk1 radar extensions. Revenue rose 15% in the core business to €496m and adjusted EBITDA jumped 46.7% to €44m. In March it agreed to buy Dutch optronics specialist Nedinsco.

The honest caveat: converting that backlog into cash has been slower than converting it into headlines.

What to watch: first-half results on 31 July — specifically cash conversion and the ramp-up of radar production.

9. Nemetschek — ~$8.6bn

Munich · Founded 1963 · Software for the built world

Nemetschek is Germany’s second software story, and it got caught in the same AI downdraft as SAP — falling well below its 200-day average even as the business performed.

And it does perform. Full-year 2025 revenue was around €1.2bn with earnings up nearly 24% to €217m. The first quarter of 2026 delivered 17% revenue growth, double-digit ARR growth and a record 95% recurring revenue share, with guidance reaffirmed at 14–15% organic growth and a 32–33% EBITDA margin. Its pending HCSS acquisition is intended to expand its addressable market by roughly 30%. Brands including Graphisoft’s Archicad serve more than seven million users across design, build, manage and media segments.

The gap between analyst targets near €90 and a share price in the €50s–60s captures the central question of 2026: is vertical software’s moat real, or is it rented?

What to watch: whether recurring revenue holds as AI design tools mature.

10. Zalando — ~$7.3bn

Berlin · Founded 2008 · Europe’s largest pure-play online fashion platform

Zalando makes the list, but only just — and its position is contested by Aixtron on any given day.

Operationally it has turned a corner. Full-year 2025 revenue rose 17% to €12.3bn, and first-quarter 2026 adjusted EBIT jumped 39% on double-digit GMV growth. It is integrating About You, expanding its Scayle B2B software unit into the US with a Levi Strauss partnership, rolling out AI-driven Nomagic robots across fulfilment, and buying back stock.

The market has not rewarded any of it. Shareholders are down roughly 31% over three years despite strong earnings growth — a stark reminder that European e-commerce is priced as retail, not as technology.

What to watch: whether Scayle’s B2B software growth eventually earns a software multiple.

Just outside the top 10

The next tier is genuinely close, and #10 changes hands regularly:

• Aixtron (~$6.8bn) — deposition tools for GaN and SiC; record backlog, but exposed to silicon-carbide overcapacity
• Scout24 (~$6.3bn) — digital marketplaces
• United Internet (~$5.4bn) and 1&1 (~$4.9bn) — internet and mobile
• AUTO1 (~$5.3bn) — online used-car marketplace
• IONOS Group (~$4.9bn) — European cloud and hosting
• Bechtle (~$4.8bn) — IT services
• Aumovio (~$4.5bn) — Continental’s spun-off automotive electronics
• Elmos (~$3.5bn), Siltronic (~$3.0bn), Jenoptik (~$2.8bn)

Several of these — Aixtron, Siltronic, SUSS MicroTec and Elmos — have joined the MDAX, quietly making Germany’s mid-cap index more technology-heavy than it has ever been.

Not listed, but significant: Bosch, Celonis, Helsing and Trade Republic are all major German technology companies. None appear here because none are publicly traded — market cap simply does not exist for them.

What this ranking actually tells you about German tech

1. The picks-and-shovels economy won. Germany does not have an AI model lab worth mentioning. What it has is the machinery underneath: power semiconductors (Infineon), grid and turbine equipment (Siemens Energy), factory automation (Siemens). In 2026, owning the physical layer of the AI buildout beat owning the application layer — decisively.
2. Software got repriced, not broken. SAP and Nemetschek both grew. Both fell hard anyway. The market is not disputing this year’s revenue; it is discounting the durability of software’s moat a decade out. That is an unusually philosophical thing for a market to price, and it may prove wrong.
3. Germany’s tech value is old. Siemens dates to 1847. SAP to 1972. Nemetschek to 1963. Infineon and Siemens Energy are both Siemens spin-offs. The single largest new-economy company on this list is being acquired by an American one.
4. The concentration is severe. The top five are 91% of the top ten. Three of the ten are Siemens or its descendants. If you own “German tech,” you largely own Munich-area industrial engineering.

Risks and caveats

• These figures are a snapshot. Infineon swung from €89.67 to €67.21 and back within weeks. Any ranking of this kind is stale the moment it publishes.
• Adjacent ranks are within noise. Deutsche Telekom and Siemens Energy trade places routinely, as do Delivery Hero and Hensoldt.
• Corporate structure is in flux. Siemens is spinning off Healthineers; Healthineers may carve out Diagnostics; Siemens Energy has restructuring options on the table; Delivery Hero is under offer. Several of these entries will look different in a year.
• Classification changes everything. Add Deutsche Börse, Rheinmetall or Hochtief and this becomes a different list.
• Currency matters. Roughly $960bn of value here is reported in euros. Dollar-based comparisons move on FX alone.

Frequently asked questions

What is the biggest tech company in Germany? Siemens AG, at roughly $236bn as of 17 July 2026. It overtook SAP during spring 2026. If you define “tech” strictly as software and IT, SAP (~$218bn) is the largest.

Is SAP still Europe’s most valuable company? No. SAP briefly took that title in March 2025 but lost it later that year amid concerns about AI’s impact on enterprise software, and it has since been overtaken domestically by Siemens.

Why is Siemens Energy on a tech list? It is an energy-technology manufacturer whose 2026 re-rating is driven almost entirely by AI data-centre power demand. Some classifications place it under Utilities or Capital Goods instead — a judgment call we disclose above.

Does Germany have any big consumer internet companies? Not really, and that is the defining feature of this list. Delivery Hero was the largest, and it is currently subject to a takeover offer from Uber. Zalando is the only other consumer platform in the top ten.

How many German tech companies are in the DAX? SAP, Siemens, Siemens Energy, Deutsche Telekom, Infineon and Siemens Healthineers are all DAX constituents. Hensoldt, Nemetschek and Zalando sit in the MDAX or have moved between indices.

Where can I check these numbers myself? Deutsche Börse publishes live index data; each company’s investor relations site publishes quarterly results. Aggregators such as CompaniesMarketCap update daily — but cross-check any single source, as feeds frequently disagree by a few percent.

Sources

• CompaniesMarketCap — Largest German companies by market capitalisation (retrieved 17 July 2026)
• Siemens AG — ONE Tech Company strategy and Healthineers deconsolidation releases (Nov 2025; Apr 2026)
• SAP SE — FY2025 results and 2026 outlook (29 Jan 2026); Sapphire 2026 announcements (13 May 2026)
• Reuters — SAP shares post steepest daily fall since 2020 (29 Jan 2026)
• Deutsche Telekom — Q1 2026 results and guidance upgrade (May 2026)
• Siemens Energy — Q2 FY2026 results and raised outlook (May 2026); S&P Global, gas turbine outlook (30 June 2026)
• Infineon Technologies — ams OSRAM completion (1 July 2026); Dresden Smart Power Fab opening (3 July 2026); FY2026 guidance updates
• Siemens Healthineers — Q2 FY2026 results and guidance revision (7 May 2026)
• Uber Technologies — Delivery Hero acquisition offer announcement (16 July 2026)
• Hensoldt — FY2025 results (Feb 2026) and Q1 2026 results (5 May 2026)
• Nemetschek — Q1 2026 quarterly statement (Apr 2026)
• Zalando — FY2025 and Q1 2026 results (Mar/May 2026)

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