Building or backing a defense tech company? See how the money is really made

Updated October 202670+ pagesPDF

Defense Tech Business Models
Cover of NewMarketPitch's Defense Tech Business Models report, 2026 edition
Are defense companies priced like big tech? Not the old ones. The primes are worth ~1.5 to 3 times their yearly sales, Europe’s war winners ~4 times. Anduril’s last round values it at 28 times its 2025 sales, and Palantir trades at 79 times. Chart from NewMarketPitch's Defense Tech report.
How much does it cost to shoot down a drone? Often far more than the drone. A Stinger missile costs ~$480k, as much as ~14 Shaheds. Interceptor drones now stop Shaheds for $2,000 to $15,000, and lasers are tested at a few dollars a shot. Chart from NewMarketPitch's Defense Tech report.
Are defense startups winning Pentagon contracts? Not many yet. The 100 best-funded US national-security startups raised ~$118B but have won ~$16B of federal contracts. Anduril is the exception, with an Army framework contract worth up to $20B. Chart from NewMarketPitch's Defense Tech report.
Helsing or Quantum Systems: who will build Europe’s drones? Quantum Systems. Its Vector drones have flown in Ukraine since 2022, and three European armies buy them. Helsing shares Germany’s first strike-drone order with Stark, but Ukraine paused new HX-2 orders. Chart from NewMarketPitch's Defense Tech report.
Is Anduril worth more than the old defense giants? More than some of them. At $61B, Anduril is worth more than Thales, Rheinmetall, L3Harris or Saab. Yet its ~$4.3B of expected 2026 sales are 2 to 6 times smaller than theirs, and ~19 times smaller than Lockheed’s. Chart from NewMarketPitch's Defense Tech report.
Did the defense stocks that listed in 2025 and 2026 hold up? Mostly not. Seven of the 11 defense companies that listed in 2025 and 2026 trade below their IPO price, most of them down ~50%. Swarmer, Arxis and Karman are the exceptions, up 60% to 96%. Chart from NewMarketPitch's Defense Tech report.
Have Europe’s defense stocks beaten America’s? By far. Since the eve of the invasion, Saab’s share price is up 1,111% and Rheinmetall’s 954%, while Lockheed and Northrop gained ~40%. Yet RTX alone is still worth more than Rheinmetall, Saab, Leonardo and Thales together. Chart from NewMarketPitch's Defense Tech report.
Anduril or Shield AI: who leads in autonomous aircraft? Anduril. Its Fury drone fighter was picked for US Air Force production in June 2026, and it sells ~7 times more. Shield AI leads on the AI pilot, which flies on Fury, but its own X-BAT jet has not flown yet. Chart from NewMarketPitch's Defense Tech report.
Who is fighting whom in defense tech? In four of five fights, a startup leads its startup rival with a real government order: Anduril in drone fighters and counter-drone, Saronic at sea, Castelion in missiles. Europe is still open. Chart from NewMarketPitch's Defense Tech report.

70+ pages in the full report

Swipe· 70+ pages in the report

Inside the report

  • Which business models are winning
  • Who pays, and how much
  • Who makes money, who burns cash
  • Where the margins really are
  • Who are the top companies today
  • Who’s ahead, and who’s falling behind
  • What are their valuations
  • Who’s getting funded, and by whom
  • What are the biggest unsolved problems
  • What has changed in the last 12 months
  • Where are the biggest opportunities
  • Who are the likely future winners
$149$99one-time payment
Get the report

Verified data with sourcesUpdated in October 2026