Briefings
Short analytical updates on fast-moving developments.
Capacity, Not Contracts: The Real Story Behind This Summer’s Defence Awards
This summer, the US Navy awarded $76.6 billion in submarine contracts. Lockheed Martin agreed a seven-year plan to more than triple PAC-3 missile production. The headlines called it a spending story. It isn't. In both cases, demand was never the constraint, industrial capacity was. Welders, dry docks, and assembly lines take years to build, and no amount of new orders changes that overnight. The real question for investors: which companies can actually convert backlog into throughput, and when will that show up in margins?
20 Sept 2026 · 6 min
The Defence AI Race
A decade of venture-funded autonomy research is colliding with a rearmament cycle.
19 Aug 2026 · 12 min
Can Europe build its own defence-AI champion?
Europe's defence technology ecosystem is entering a new phase.
18 Aug 2026 · 9 min
Why autonomy is moving from experiment to doctrine
Field trials suggest autonomy is now doctrine, not demonstration.
16 Aug 2026 · 6 min
The new capital cycle behind European rearmament
Mapping the capital cycle behind Europe's rearmament.
15 Aug 2026 · 8 min