Defense Supercycle

What it holds

Defense Supercycle follows the money through the Defense bill of materials: the parts it takes to build it, and the companies that earn their revenue supplying them. Each company is read from its own reports, so a holding reflects what it actually sells into the theme, not what it says about it.

How it breaks down

Shares of the strategy as of the data date.

Largest companies

The market

Estimates diverge mainly because vendors define scope differently: C4ISR figures agree closely, while electronic warfare, military aero engines, ammunition and space militarization vary widely. SIPRI spending is a demand proxy, not a market size, and figures overlap across segments, so they should not be summed.

Questions

What is Defense Supercycle?

Defense electronics, aircraft, missiles and munitions, ships, ground vehicles and the industrial base.

What does Defense Supercycle hold?

Listed companies that earn their revenue from the parts it takes to build Defense Supercycle: C4ISR / Electronics, Prime / Platform OEM Sleeve, Aircraft, Space, Shipbuilding, Missiles / Munitions. 44 companies as of 2026-10-28.

What is not in Defense Supercycle?

Prime contractor integrated platform programs: Prime / Platform OEM Sleeve, not Aircraft, Shipbuilding, Missiles / Munitions or Space; single-domain pure plays stay in their domain bucket Airborne radar, electronic warfare and avionics sold as subsystems: C4ISR / Electronics, not Aircraft Complete military aero engines and engine modules: Aircraft, not Industrial Base; raw castings, forgings and specialty metals sold to engine makers: Industrial Base, not Aircraft

Sources

Every part of the bill of materials is researched from published industry sources, and every company from its own annual reports and exchange data. Nothing is estimated that cannot be sourced.

Industry research: agora.eto.tech/instrument/2561 · appropriations.house.gov/sites/evo-subsites/republicans-appr · armscontrolcenter.org/fiscal-year-2026-defense-budget-reques · breakingdefense.com/2025/06/pentagon-procurement-budget-fy26 · breakingdefense.com/2025/07/global-military-space-spending-g · comptroller.war.gov/Portals/45/Documents/defbudget/FY2026/Do · comptroller.war.gov/Portals/45/Documents/defbudget/FY2026/FY · comptroller.war.gov/Portals/45/Documents/defbudget/FY2026/bu · dataintelo.com/report/defense-and-aerospace-forgings-market · federalbudgetiq.com/insights/defense-industrial-base-update/ · finance.yahoo.com/economy/policy/articles/defense-firms-soar · ir.atimaterials.com/news-events/news-details/2025/ATI-Announ · media.defense.gov/2025/Jan/08/2003626039/-1/-1/0/UKRAINE-INF · militaryspend.org/procurement · nova.space/in-the-loop/2025-in-review-a-year-of-acceleration · nova.space/press-release/global-space-spending-reaches-137b- · orbital-intel.com/space-defense-spending/ · s27.q4cdn.com/226628310/files/doc_financials/2024/ar/ATI-202 · spacenews.com/defense-spending-lifts-europes-space-economy/ · straitsresearch.com/report/military-aircraft-market

What it is not

Where an item could belong to two parts, these rules decide which owns it; items outside every part are not counted.

• Prime contractor integrated platform programs: Prime / Platform OEM Sleeve, not Aircraft, Shipbuilding, Missiles / Munitions or Space; single-domain pure plays stay in their domain bucket
• Airborne radar, electronic warfare and avionics sold as subsystems: C4ISR / Electronics, not Aircraft
• Complete military aero engines and engine modules: Aircraft, not Industrial Base; raw castings, forgings and specialty metals sold to engine makers: Industrial Base, not Aircraft
• Solid rocket motors: Missiles / Munitions, not Space; liquid or launch vehicle propulsion for satellites: Space, not Missiles / Munitions
• Interceptors and munitions: Missiles / Munitions, not C4ISR / Electronics; fire control and sensor radars: C4ISR / Electronics, not Missiles / Munitions; Space based sensors and tracking layers: Space, not C4ISR / Electronics
• Satellite buses, launch and on orbit Space systems: Space, not C4ISR / Electronics; ground terminals and ground based communications: C4ISR / Electronics, not Space
• Shipboard combat systems, sonar and radar: C4ISR / Electronics, not Shipbuilding; hull, propulsion and ship integration: Shipbuilding, not C4ISR / Electronics
• Armour, turrets and vehicle integrated weapon stations: Ground Vehicles, not Industrial Base; ammunition and guided munitions: Missiles / Munitions, not Ground Vehicles
• Defense electronics components: C4ISR / Electronics, not Industrial Base; mechanical castings, forgings and metals: Industrial Base, not C4ISR / Electronics
• Unmanned aerial systems: Aircraft, not Missiles / Munitions; loitering munitions: Missiles / Munitions, not Aircraft; unmanned ground and naval vessels follow Ground Vehicles and Shipbuilding
• Airframe structures and assemblies: Aircraft, not Industrial Base; raw forgings and specialty metals: Industrial Base, not Aircraft
• Program development and embedded software: follow the product the contract delivers, not C4ISR / Electronics, applied to all buckets alike

Not investment advice. Figures are dated and sourced; ThematIQ does not estimate figures it cannot source.