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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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28 companies

Axon Enterprise, Inc.AXON
Market cap$36B
Conviction5 / 5
Autonomous systems
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General Dynamics CorporationGD
Market cap$94B
Conviction5 / 5
Defense primes
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Lockheed Martin CorporationLMT
Market cap$122B
Conviction5 / 5
Defense primesHypersonics
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Palantir Technologies Inc.PLTR
Market cap$375B
Conviction5 / 5
Battlefield AIVision models
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RTX CorporationRTX
Market cap$242B
Conviction5 / 5
Defense primes
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TransDigm Group IncorporatedTDG
Market cap$70B
Conviction5 / 5
Aerospace componentsDefense primes
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Booz Allen Hamilton Holding CorporationBAH
Market cap$9.5B
Conviction4 / 5
Defense IT & services
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Leonardo DRS, Inc.DRS
Market cap$13B
Conviction4 / 5
ISRDefense primes
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Huntington Ingalls Industries, Inc.HII
Market cap$12B
Conviction4 / 5
Defense primes
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Kratos Defense & Security Solutions, Inc.KTOS
Market cap$12B
Conviction4 / 5
Drones & UASAutonomous systemsISR
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Leidos Holdings, Inc.LDOS
Market cap$16B
Conviction4 / 5
Defense IT & servicesISR
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L3Harris Technologies, Inc.LHX
Market cap$59B
Conviction4 / 5
Defense primesISR
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Northrop Grumman CorporationNOC
Market cap$80B
Conviction4 / 5
Defense primesAutonomous systems
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Rheinmetall AGRNMBY
Market cap
Conviction4 / 5
Defense primes
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Textron Inc.TXT
Market cap$16B
Conviction4 / 5
Defense primesAerospace components
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Anduril Industries, Inc.Private
Market cap
Conviction3 / 5
Autonomous systemsDrones & UASCounter-UAS
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AeroVironment, Inc.AVAV
Market cap$10B
Conviction3 / 5
Drones & UASLoitering munitionsISR
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Epirus, Inc.Private
Market cap
Conviction3 / 5
Directed energyCounter-UAS
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HelsingPrivate
Market cap
Conviction3 / 5
Battlefield AIAutonomous systems
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Karman Holdings Inc.KRMN
Market cap$7.6B
Conviction3 / 5
HypersonicsAerospace components
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Ondas Inc.ONDS
Market cap$6.7B
Conviction3 / 5
Drones & UASCounter-UASISR
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Red Cat Holdings, Inc.RCAT
Market cap$2.2B
Conviction3 / 5
Drones & UASISR
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Saronic Technologies, Inc.Private
Market cap
Conviction3 / 5
Autonomous maritimeAutonomous systems
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Shield AI, Inc.Private
Market cap
Conviction3 / 5
Battlefield AIAutonomous systemsDrones & UAS
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SkydioPrivate
Market cap
Conviction3 / 5
Drones & UASAutonomous systems
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CastelionPrivate
Market cap
Conviction2 / 5
Hypersonics
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Draganfly Inc.DPRO
Market cap$273M
Conviction2 / 5
Drones & UASISR
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Unusual Machines, Inc.UMAC
Market cap$1.5B
Conviction2 / 5
Drones & UAS
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