Defense & Military AI
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· Industrials
Latest report
2026-05-01 14:49
Companies providing AI software, data analytics, autonomous systems, or cloud infrastructure specifically contracted for military, intelligence, or national-security applications. Qualifies companies with material DoD/government defense AI contracts or explicit military-use AI product lines, distinct from commercial AI application vendors.
Pool
99
Industries
6
Cohort
36
Cohort MCap
794.8B
Layers
4
Topology Rationale
Defense AI monetizes first through primes and mission-system integrators that embed autonomy, sensing, C2, and analytics into military programs, then relies on a stack of ruggedized electronics, semiconductors, and secure software/cloud infrastructure to train, deploy, and sustain those systems. The layers therefore separate core defense platform/software operators from hardware inputs, digital-enablement infrastructure, and downstream real-estate or service capacity that supports defense AI deployment.
Value-Chain Layers
1
Defense Platform, Mission-System & Autonomy Integrators
Companies that directly contract with defense and national-security customers to deliver AI-enabled platforms, mission systems, ISR, communications, autonomy, and military decision-support capabilities.
24 companies
| Company | Role | Market Cap | Revenue ($M) | Backlog ($M) | Operating Cash Flow ($M) | Capex ($M) |
|---|---|---|---|---|---|---|
|
Palantir Technologies Inc.
PLTR
FY2025
|
defense analytics and mission software supplier
Technology
|
330.7B | 4,475 | — | 2,134 | 34 |
|
GE Aerospace
GE
Q1-2026
|
defense propulsion technologies for military platforms
Industrials
|
296.3B | 12,392 | — | — | — |
|
Raytheon Technologies Corp
RTX
Q1-2026
|
defense electronics, missiles, sensors, and mission systems
Industrials
|
232.7B | 22,076 | 271,000 | 1,855 | 546 |
|
The Boeing Company
BA
Q1-2026
|
defense space and security prime contractor
Industrials
|
176.7B | 22,217 | 694,709 | -179 | 1,275 |
|
Lockheed Martin Corporation
LMT
Q1-2026
|
military aeronautics and mission-systems integrator
Industrials
|
119.4B | 18,021 | 186,427 | 220 | 511 |
|
General Dynamics Corporation
GD
Q1-2026
|
combat, marine, and defense technology platforms
Industrials
|
91.7B | 13,481 | — | 2,155 | 203 |
|
Northrop Grumman Corporation
NOC
Q1-2026
|
mission, defense, aeronautics, and space systems
Industrials
|
81.3B | 9,881 | 95,608 | -1,656 | 167 |
|
Transdigm Group Incorporated
TDG
Q2-2026
|
mission-critical aircraft components for defense platforms
Industrials
|
64.5B | 2,542 | — | — | — |
|
L3Harris Technologies Inc
LHX
Q1-2026
|
communications, spectrum dominance, and mission systems
Industrials
|
60.0B | 5,744 | 40,700 | -95 | -99 |
|
Rocket Lab USA Inc.
RKLB
FY2025
|
space systems and SDA tracking-layer exposure
Industrials
|
44.5B | 602 | 1,850 | -166 | 156 |
|
Elbit Systems Ltd
|
defense electronics and military systems provider
Industrials
|
38.3B | — | — | — | — |
|
Axon Enterprise Inc.
AXON
Q4-2025
|
public-safety AI software and connected defense-adjacent devices
Industrials
|
32.3B | 797 | — | 217 | 62 |
|
Curtiss-Wright Corporation
CW
FY2025
|
defense electronics and aerospace-defense systems
Industrials
|
25.7B | 3,498 | 4,100 | 643 | 90 |
|
BWX Technologies Inc
BWXT
FY2025
|
government operations supporting naval and defense missions
Industrials
|
19.1B | 3,198 | 7,261 | 480 | 185 |
|
Parker-Hannifin Corporation
PH
Q3-FY2026
|
aerospace systems supplier into military platforms
Industrials
|
119.6B | 5,486 | 12,500 | 2,628 | 286 |
|
Huntington Ingalls Industries Inc
HII
FY2025
|
naval platforms plus mission technologies business
Industrials
|
14.3B | 12,484 | — | 1,196 | 402 |
|
Kratos Defense & Security Solutions
KTOS
FY2025
|
unmanned systems and defense government solutions
Industrials
|
11.2B | 1,347 | 1,573 | -42 | 95 |
|
Embraer S.A.
|
defense aircraft and security platform exposure
Industrials
|
10.8B | — | — | — | — |
|
Leonardo DRS, Inc. Common Stock
DRS
FY2025
|
defense sensing, computing, and mission equipment
Industrials
|
10.5B | 3,648 | 8,731 | 366 | 139 |
|
AeroVironment Inc
AVAV
Q3-FY2026
|
autonomous systems for military use
Industrials
|
9.3B | 408 | — | -174 | 46 |
|
CAE Inc.
|
defense training and simulation systems
Industrials
|
8.4B | — | — | — | — |
|
Mercury Systems Inc
MRCY
Q2-FY2026
|
embedded processing for defense mission workloads
Industrials
|
4.7B | 233 | 1,500 | 52 | 6 |
|
Voyager Technologies, Inc.
VOYG
FY2025
|
defense and national security space solutions
Industrials
|
1.5B | 166 | 266 | -61 | 145 |
|
Teledyne Technologies Incorporated
TDY
Q1-2026
|
aerospace-defense electronics, imaging, and engineered systems
Technology
|
29.2B | 1,560 | — | 234 | 30 |
2
Ruggedized Components, Sensors, Propulsion & Materials for Defense AI Systems
Suppliers of the physical hardware, sensing, test, power, propulsion, and specialty materials that feed AI-enabled military platforms, edge systems, and defense electronics.
29 companies
| Company | Role | Market Cap | Revenue ($M) | Gross Margin (%) | Capex ($M) | Operating Cash Flow ($M) | Free Cash Flow ($M) |
|---|---|---|---|---|---|---|---|
|
Texas Instruments Incorporated
TXN
Q1-2026
|
analog and embedded processing for edge defense electronics
Technology
|
245.0B | 4,825 | — | 676 | 1,520 | 1,399 |
|
Analog Devices Inc
ADI
Q1-2026
|
signal-chain and sensing semis for communications and industrial systems
Technology
|
190.1B | 3,160 | 64.7% | 109 | 1,369 | 1,259 |
|
Qualcomm Incorporated
QCOM
Q2-FY2026
|
edge compute and communications chip IP
Technology
|
166.6B | 10,599 | 53.8% | 1,082 | 7,414 | 6,332 |
|
Marvell Technology Group Ltd
MRVL
FY2026
|
data and communications silicon for secure networks
Technology
|
136.9B | 2,219 | 51.7% | 114 | 374 | 259 |
|
Monolithic Power Systems Inc
MPWR
Q1-2026
|
power-management chips for compute and embedded systems
Technology
|
75.0B | 804 | 55.3% | — | 250 | — |
|
NXP Semiconductors NV
NXPI
Q1-2026
|
industrial and communications embedded semiconductors
Technology
|
73.0B | 3,181 | 56.2% | 79 | 793 | — |
|
ASE Industrial Holding Co Ltd ADR
|
semiconductor packaging and test manufacturing
Technology
|
67.0B | — | — | — | — | — |
|
Lumentum Holdings Inc
LITE
Q2-FY2026
|
optical components for data links and sensing
Technology
|
61.3B | 666 | 36.1% | — | — | — |
|
Keysight Technologies Inc
KEYS
Q1-2026
|
test and measurement for aerospace-defense electronics
Technology
|
57.5B | 1,600 | — | 34 | 441 | 407 |
|
Coherent Inc
COHR
Q2-FY2026
|
industrial and datacenter photonics components
Technology
|
57.2B | 1,686 | 36.9% | 258 | 104 | -154 |
|
Garmin Ltd
GRMN
Q1-2026
|
navigation, avionics, and positioning hardware
Technology
|
48.8B | 1,753 | — | 67 | 536 | 469 |
|
Microchip Technology Inc
MCHP
Q3-FY2026
|
microcontrollers and embedded control devices
Technology
|
48.8B | 1,185 | — | — | — | — |
|
STMicroelectronics NV ADR
|
mixed-signal and embedded semiconductors
Technology
|
46.8B | — | — | — | — | — |
|
ON Semiconductor Corporation
ON
FY2025
|
power and sensing semiconductors for rugged systems
Technology
|
38.9B | 5,995 | 33.1% | 341 | 1,760 | 1,419 |
|
Heico Corporation
HEI
Q1-2026
|
electronic technologies and aerospace parts supplier
Industrials
|
36.4B | 1,179 | — | 13 | 179 | 165 |
|
VeriSign Inc
VRSN
Q1-2026
|
digital trust infrastructure for secure communications
Technology
|
24.8B | 429 | — | 7 | 272 | 265 |
|
MACOM Technology Solutions Holdings Inc
MTSI
Q1-2026
|
RF and microwave semiconductors for defense links
Technology
|
20.2B | 272 | 55.9% | 13 | 43 | 30 |
|
Allegheny Technologies Incorporated
ATI
FY2025
|
specialty alloys and aerospace-defense materials
Industrials
|
20.0B | 4,587 | — | 281 | 614 | — |
|
Hexcel Corporation
HXL
Q1-2026
|
composite materials for defense and space platforms
Industrials
|
7.1B | 502 | — | 25 | 19 | -6 |
|
AAR Corp
AIR
Q3-FY2026
|
parts, repair, and expeditionary aerospace support
Industrials
|
4.2B | 845 | — | 8 | 75 | — |
|
nLIGHT Inc
LASR
Q4-2025
|
laser products for directed-energy and sensing applications
Technology
|
3.7B | 79 | — | — | — | — |
|
Astronics Corporation
ATRO
Q4-2025
|
aerospace electrical and electronic components
Industrials
|
2.4B | 860 | — | — | — | — |
|
Ducommun Incorporated
DCO
FY2025
|
military-space electronics and structural systems
Industrials
|
2.1B | 825 | — | 15 | — | — |
|
Albany International Corporation
AIN
Q4-2025
|
engineered composites for aerospace structures
Consumer Cyclical
|
1.6B | 321 | — | 22 | 74 | 51 |
|
Power Solutions International, Inc. Common Stock
PSIX
FY2025
|
power-generation equipment usable in rugged deployments
Industrials
|
1.5B | 722 | — | 10 | 24 | 14 |
|
Howmet Aerospace Inc
HWM
FY2025
|
engine and structural components for defense aerospace
Industrials
|
94.8B | 8,252 | — | 453 | 1,884 | 1,431 |
|
FTAI Aviation Ltd.
FTAI
FY2025
|
aerospace products and engine-related support
Industrials
|
21.9B | 2,507 | — | — | — | — |
|
Woodward Inc
WWD
Q1-2026
|
defense aerospace controls and energy systems
Industrials
|
21.5B | 996 | — | 44 | 114 | 70 |
|
Qnity Electronics, Inc
Q
FY2025
|
interconnect and semiconductor technology components
Technology
|
29.6B | 4,754 | 46.2% | 285 | 1,273 | — |
3
AI Compute, Foundry, Networking & Secure Digital Infrastructure
Providers of accelerators, memory, foundry capacity, interconnect, cloud infrastructure, cybersecurity, and core systems software that enable defense AI model training, inference, and secure deployment.
23 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | Operating Margin (%) |
|---|---|---|---|---|---|---|
|
NVIDIA Corporation
NVDA
FY2026
|
AI accelerator and data-center compute platform
Technology
|
5.1T | 215,938 | 6,042 | 102,718 | — |
|
Microsoft Corporation
MSFT
Q3-FY2026
|
secure cloud and systems software stack
Technology
|
3.2T | 82,886 | 30,876 | 46,679 | — |
|
Taiwan Semiconductor Manufacturing
|
foundry capacity for advanced defense-relevant chips
Technology
|
2.0T | — | — | — | — |
|
Broadcom Inc
AVGO
Q1-2026
|
networking silicon plus infrastructure software
Technology
|
1.9T | 19,311 | 250 | 8,260 | 44.3% |
|
Micron Technology Inc
MU
Q2-2026
|
memory for AI compute and edge systems
Technology
|
584.7B | 23,860 | 5,004 | 11,903 | 67.6% |
|
Advanced Micro Devices Inc
AMD
FY2025
|
data-center and embedded AI processors
Technology
|
549.6B | 34,639 | 974 | 7,709 | 11.0% |
|
Intel Corporation
INTC
Q1-2026
|
compute silicon and foundry services
Technology
|
474.9B | 13,577 | 4,963 | 1,096 | -23.1% |
|
Oracle Corporation
ORCL
Q3-FY2026
|
cloud infrastructure and data platforms
Technology
|
471.2B | 17,190 | 48,250 | 23,514 | — |
|
Arm Holdings plc American Depositary Shares
|
CPU architecture for edge and embedded compute
Technology
|
214.2B | — | — | — | — |
|
Palo Alto Networks Inc
PANW
Q2-2026
|
cybersecurity platform protecting mission IT
Technology
|
147.2B | 2,594 | — | — | 15.3% |
|
Crowdstrike Holdings Inc
CRWD
FY2026
|
endpoint and cloud workload security
Technology
|
114.7B | 1,305 | 302 | 1,612 | — |
|
Cloudflare Inc
NET
FY2025
|
edge network and security services
Technology
|
74.6B | 2,168 | 316 | 603 | -9.6% |
|
CoreWeave, Inc. Class A Common Stock
CRWV
FY2025
|
GPU cloud capacity for AI workloads
Technology
|
60.3B | 5,131 | 10,309 | 3,058 | -1.0% |
|
Fortinet Inc
FTNT
FY2025
|
network security appliances and services
Technology
|
63.7B | 6,800 | 365 | 2,591 | 30.7% |
|
Nebius Group N.V.
|
AI/cloud infrastructure capacity provider
Communication Services
|
35.7B | — | — | — | — |
|
Globalfoundries Inc
|
foundry manufacturing for strategic semiconductors
Technology
|
34.4B | — | — | — | — |
|
Astera Labs, Inc.
ALAB
FY2025
|
connectivity silicon for high-speed AI servers
Technology
|
33.7B | 853 | 38 | 319 | 20.3% |
|
Credo Technology Group Holding Ltd
CRDO
Q3-FY2026
|
high-speed connectivity semis for AI networks
Technology
|
32.4B | 406 | — | — | — |
|
United Microelectronics
|
foundry capacity for mature-node embedded chips
Technology
|
32.1B | — | — | — | — |
|
Zscaler Inc
ZS
Q2-FY2026
|
zero-trust secure access infrastructure
Technology
|
21.7B | 816 | — | 204 | -6.0% |
|
MongoDB
MDB
FY2026
|
database platform for operational AI applications
Technology
|
20.8B | 2,464 | 5 | 505 | -6.0% |
|
CyberArk Software Ltd
|
identity security for sensitive defense environments
Technology
|
20.6B | — | — | — | — |
|
Tower Semiconductor Ltd
|
specialty foundry for analog and RF devices
Technology
|
23.7B | — | — | — | — |
4
Engineering, Data Management, Observability & Defense-IT Enablement
Software and service providers that support defense program design, simulation, workflow automation, data handling, and the facilities footprint around secure government AI and IT deployments.
5 companies
| Company | Role | Market Cap | Revenue ($M) | Remaining Performance Obligations ($M) | Free Cash Flow ($M) | Operating Margin (%) |
|---|---|---|---|---|---|---|
|
Cadence Design Systems Inc
CDNS
Q1-2026
|
EDA tools enabling defense chip and system design
Technology
|
91.1B | 1,474 | — | 307 | 29.3% |
|
Autodesk Inc
ADSK
FY2026
|
engineering design software for defense development
Technology
|
49.8B | 7,206 | 8,300 | 2,409 | 22.0% |
|
Snowflake Inc.
SNOW
FY2026
|
data platform for analytics and model operations
Technology
|
48.8B | 4,684 | 9,770 | 1,120 | -31.0% |
|
Datadog Inc
DDOG
FY2025
|
observability tooling for mission software infrastructure
Technology
|
47.4B | 3,427 | — | 915 | -1.0% |
|
COPT Defense Properties
CDP
FY2025
|
real estate serving defense IT and secure tenant demand
Real Estate
|
3.6B | 764 | — | — | — |
Report History
| Generated | Pool | Layers |
|---|---|---|
| 2026-05-01 14:49 | 99 | 4 |