Missiles and Munitions

What it holds

Missiles and Munitions 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 differ mainly by scope: rocket and missile totals run about $60–73 billion, missile-only figures range from about $20 billion (guided missiles) to $56 billion (all missiles), and ammunition agrees closely at roughly $25–28 billion in 2024. Solid rocket motor 2024 values run from $6.8 to $10.4 billion, and the vendors' periods and methods differ, so these are not strictly comparable.

Questions

What is Missiles and Munitions?

Missiles, munitions, ammunition and solid rocket motors.

What does Missiles and Munitions hold?

Listed companies that earn their revenue from the parts it takes to build Defense Supercycle: Missiles / Munitions. 6 companies as of 2026-10-28.

What is not in Missiles and Munitions?

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 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

How large is the Missiles and Munitions market?

About 72.6 USD billion (2024), the middle of independent estimates that agree (for example Market.us).

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: appropriations.house.gov/sites/evo-subsites/republicans-appr · comptroller.war.gov/Portals/45/Documents/defbudget/FY2026/Do · comptroller.war.gov/Portals/45/Documents/defbudget/FY2026/FY · militaryspend.org/procurement · everycrsreport.com/reports/R48860.html · gminsights.com/industry-analysis/ammunition-market · marketdataforecast.com/market-reports/missiles-market · researchandmarkets.com/report/missile?utm_code=rl_fzmjl9&utm

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
• 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
• Armour, turrets and vehicle integrated weapon stations: Ground Vehicles, not Industrial Base; ammunition and guided munitions: Missiles / Munitions, not Ground Vehicles
• Unmanned aerial systems: Aircraft, not Missiles / Munitions; loitering munitions: Missiles / Munitions, not Aircraft; unmanned ground and naval vessels follow Ground Vehicles and Shipbuilding

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