Defense Sector Segments
Primes & Market
The top defense contractors by revenue (US primes, European primes, and the Asia-Pacific giants) plus public-market and M&A activity.
Lockheed Martin
World's largest defense contractor; F-35, F-22, THAAD, PAC-3, $176B backlog.
RTX Corporation
Patriot, AMRAAM, Tomahawk, F-35 engines; $221B backlog (incl. commercial aero).
Northrop Grumman
B-21 Raider, Sentinel ICBM, GBI/NGI missile defense, classified space.
General Dynamics
Virginia + Columbia subs, Abrams, Stryker, ammunition, Gulfstream.
Boeing Defense
Boeing Defense ($24B); won F-47 NGAD Mar 2025; KC-46, P-8 Poseidon.
BAE Systems
UK's largest; Astute/Dreadnought subs, Type 26 frigates, GCAP partner.
Domains
How $870B+ of US DoD spending splits across Air, Sea, Land, Space, Cyber, and Nuclear, plus equipment fleet and munition production.
Lockheed Martin
Air dominance: F-35, F-22, JASSM, THAAD, plus Sikorsky helicopters.
Huntington Ingalls Industries
Sea: largest US shipbuilder: Virginia, Columbia, DDG-51, Ford-class CVN.
General Dynamics
Land + Sea: Abrams + Stryker; Electric Boat sub yard.
Northrop Grumman
Air + Nuclear: B-21 strategic bomber, Sentinel ICBM (Nunn-McCurdy review).
Programs
The major MDAPs: what they cost, who's prime, and how cost growth + Foreign Military Sales pipelines are reshaping the procurement queue.
Lockheed Martin
F-35 ($2T lifecycle), THAAD, PAC-3, AGM-158 JASSM/LRASM, T-50/F-50 trainer bid.
Boeing Defense
F-47 NGAD prime (won Mar 2025); KC-46 + T-7A fixed-price losses.
Northrop Grumman
B-21 production ramp; Sentinel ICBM in 47% cost-growth restructure.
General Dynamics
Columbia SSBN first-of-class delivery slipped to 2027.
Defense Tech
$45B+ raised since 2020. The new wave: Anduril, Shield AI, Saronic, Helsing, Skydio, Palantir: autonomous systems + AI software disrupting incumbents.
Anduril
$60B+ valuation; CCA Increment 1 winner; Lattice + Bolt + Roadrunner + Fury.
Palantir Technologies
$300B+ market cap; TITAN ($618M), Project Maven, JADC2, AIP platform.
Shield AI
Hivemind autonomous flight; V-BAT VTOL UAS; VENOM-AFT F-16 autonomy.
Saronic
Autonomous USVs; $4B Series C Aug 2025; Replicator + Port Alpha shipyard.
Helsing
European AI defense; €5.4B valuation; HX-2 strike drone deployed Ukraine.
AeroVironment
Switchblade 300/600; acquired BlueHalo $4.1B (space + directed energy).
Geopolitics
$2.72T global spending in 2024 (+9.4%). NATO at 18 of 32 members above 2% GDP. Active conflicts driving demand: Ukraine, Gaza, Sudan, Red Sea.
Rheinmetall
European rearmament play; 155mm shells 70K → 700K target by 2027; stock 5x'd.
Hyundai Rotem
K2 tank export winner; Polish $13B contract; export-led growth.
Mitsubishi Heavy
Japan's defense budget 2x'd 2022-2027; GCAP partner; F-X program.
Israel Aerospace Industries
Combat-tested portfolio; Arrow 3 Germany €4B; multi-front war demand.