The raids took place at the German arm of Airbus Defence and Space and concern contracts worth billions to supply border defence equipment to Saudi Arabia and Romania, the report said. An insider source is to have tipped off authorities.
The Munich prosecutor's office is looking into suspect money transfers amounting to several million euros.
In 2009, Airbus struck a deal with Saudi Arabia to supply surveillance equipment to secure its 9,000-kilometre border for €2 billion, the SZ reported.
The firm is already conducting an internal investigation into the handling of a €1.5 billion sale of Eurofighters to Austria. Airbus also told the SZ that it was undertaking its own investigation into the deals with Romania and Saudi Arabia.
Nearly all defence-equipment suppliers in Germany are currently under investigation for corruption, including Krauss-Maffei Wegmann and Rheinmetall.