Vertical
Defense
Drones, autonomy, and the hardware of deterrence
Defense spending is rotating from exquisite, decades-long platforms toward attritable, autonomous, software-defined systems — and drones sit at the center of that shift. Recent moves toward funding deals with American drone makers have put the sector squarely in focus.
We track the manufacturers, the autonomy and ISR stacks, and the component suppliers underneath them.
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62 companies
Axon Enterprise, Inc.AXON
Market cap$40B
Conviction5 / 5
Autonomous systems
Read profileThales S.A.HO
Market cap$55B
Conviction5 / 5
Defense IT & servicesDefense primes
Read profilePalantir Technologies Inc.PLTR
Market cap$282B
Conviction5 / 5
Battlefield AIVision models
Read profileSaab ABSAAB-B
Market cap$32B
Conviction5 / 5
Defense primesISRLoitering munitions
Read profileGE AerospaceGE
Market cap$367B
Conviction5 / 5
Aerospace componentsDefense primes
Read profileSafran S.A.SAF
Market cap$155B
Conviction5 / 5
Aerospace componentsDefense primes
Read profileTransDigm Group IncorporatedTDG
Market cap$69B
Conviction5 / 5
Aerospace componentsDefense primes
Read profileGeneral Dynamics CorporationGD
Market cap$105B
Conviction5 / 5
Defense primes
Read profileLockheed Martin CorporationLMT
Market cap$134B
Conviction5 / 5
Defense primesHypersonics
Read profileRTX CorporationRTX
Market cap$287B
Conviction5 / 5
Defense primes
Read profileRheinmetall AGRNMBY
Market cap$55B
Conviction4 / 5
Defense primes
Read profileBAE Systems plcBAESY
Market cap$77B
Conviction4 / 5
Defense primes
Read profileHEICO CorporationHEI
Market cap$19B
Conviction4 / 5
Aerospace componentsDefense primes
Read profileHowmet Aerospace Inc.HWM
Market cap$116B
Conviction4 / 5
Aerospace components
Read profileNorthrop Grumman CorporationNOC
Market cap$77B
Conviction4 / 5
Defense primesAutonomous systems
Read profileKongsberg Gruppen ASAKOG
Market cap$27B
Conviction4 / 5
Defense primesLoitering munitions
Read profileHuntington Ingalls Industries, Inc.HII
Market cap$11B
Conviction4 / 5
Defense primes
Read profileDassault Aviation SAAM
Market cap$26B
Conviction4 / 5
Defense primesAerospace components
Read profileCurtiss-Wright CorporationCW
Market cap$28B
Conviction4 / 5
Defense primesAerospace components
Read profileMoog Inc.MOG.A
Market cap$12B
Conviction4 / 5
Industrial automationAerospace components
Read profileL3Harris Technologies, Inc.LHX
Market cap$56B
Conviction4 / 5
Defense primesISR
Read profileElbit Systems Ltd.ESLT
Market cap$38B
Conviction4 / 5
Defense primesDrones & UASISR
Read profileBooz Allen Hamilton Holding CorporationBAH
Market cap$8.7B
Conviction4 / 5
Defense IT & services
Read profileLeidos Holdings, Inc.LDOS
Market cap$14B
Conviction4 / 5
Defense IT & servicesISR
Read profileTeledyne Technologies IncorporatedTDY
Market cap$30B
Conviction4 / 5
ISR
Read profileHensoldt AGHAG
Market cap$10B
Conviction4 / 5
ISRDefense primes
Read profileRENK Group AGR3NK
Market cap$5.1B
Conviction4 / 5
Defense primes
Read profileRolls-Royce Holdings plcRR
Market cap$156B
Conviction4 / 5
Aerospace componentsDefense primes
Read profileTextron Inc.TXT
Market cap$17B
Conviction4 / 5
Defense primesAerospace components
Read profileApplied Intuition, Inc.Private
Market cap—
Conviction4 / 5
Autonomous systemsBattlefield AI
Read profileLeonardo DRS, Inc.DRS
Market cap$13B
Conviction3 / 5
ISRDefense primes
Read profileKratos Defense & Security Solutions, Inc.KTOS
Market cap$8.9B
Conviction3 / 5
Drones & UASAutonomous systemsISR
Read profileCACI International IncCACI
Market cap$11B
Conviction3 / 5
Defense IT & servicesISR
Read profileAeroVironment, Inc.AVAV
Market cap$7.6B
Conviction3 / 5
Drones & UASLoitering munitionsISR
Read profileKarman Holdings Inc.KRMN
Market cap$6.3B
Conviction3 / 5
HypersonicsAerospace components
Read profileQuantum-Systems GmbHPrivate
Market cap—
Conviction3 / 5
Drones & UASISRAutonomous systems
Read profileVannevar Labs, Inc.Private
Market cap—
Conviction3 / 5
Battlefield AIDefense IT & services
Read profileDroneShield LimitedDRO
Market cap$1.3B
Conviction3 / 5
Counter-UAS
Read profileHelsingPrivate
Market cap—
Conviction3 / 5
Battlefield AIAutonomous systems
Read profileSkydioPrivate
Market cap—
Conviction3 / 5
Drones & UASAutonomous systems
Read profileAnduril Industries, Inc.Private
Market cap—
Conviction3 / 5
Autonomous systemsDrones & UASCounter-UAS
Read profileThe Boeing CompanyBA
Market cap$165B
Conviction3 / 5
Defense primes
Read profileMercury Systems, Inc.MRCY
Market cap$6.2B
Conviction3 / 5
Defense primesISR
Read profileStark DefencePrivate
Market cap—
Conviction3 / 5
Loitering munitionsAutonomous systems
Read profileOndas Inc.ONDS
Market cap$4.4B
Conviction3 / 5
Drones & UASCounter-UASISR
Read profileAlmonty Industries Inc.ALMTF
Market cap$3.8B
Conviction3 / 5
Specialty & defense metals
Read profileEpirus, Inc.Private
Market cap—
Conviction3 / 5
Directed energyCounter-UAS
Read profileKraken Robotics Inc.KRKNF
Market cap$1.3B
Conviction3 / 5
Autonomous maritimeISR
Read profileSaronic Technologies, Inc.Private
Market cap—
Conviction3 / 5
Autonomous maritimeAutonomous systems
Read profileShield AI, Inc.Private
Market cap—
Conviction3 / 5
Battlefield AIAutonomous systemsDrones & UAS
Read profileTrue Anomaly, Inc.Private
Market cap—
Conviction3 / 5
Space defenseISR
Read profileBigBear.ai Holdings, Inc.BBAI
Market cap$1.3B
Conviction3 / 5
Battlefield AIDefense IT & services
Read profileHadrian Automation, Inc.Private
Market cap—
Conviction3 / 5
Aerospace components
Read profileMach Industries, Inc.Private
Market cap—
Conviction3 / 5
Loitering munitionsCounter-UAS
Read profileRed Cat Holdings, Inc.RCAT
Market cap$1.2B
Conviction2 / 5
Drones & UASISR
Read profilenLIGHT, Inc.LASR
Market cap$3.9B
Conviction2 / 5
InterconnectDirected energy
Read profileSyntec Optics Holdings, Inc.OPTX
Market cap$284M
Conviction2 / 5
Interconnect
Read profileUnusual Machines, Inc.UMAC
Market cap$925M
Conviction2 / 5
Drones & UAS
Read profileCastelionPrivate
Market cap—
Conviction2 / 5
Hypersonics
Read profileElectro Optic Systems Holdings LimitedPrivate
Market cap—
Conviction2 / 5
Directed energyCounter-UASSpace defense
Read profileRadiant Industries, Inc.Private
Market cap—
Conviction2 / 5
Microreactors
Read profileDraganfly Inc.DPRO
Market cap$156M
Conviction2 / 5
Drones & UASISR
Read profile