U.S. Army soldiers power-up a MIM-104 Patriot surface-to-air missile system at an undisclosed location in Southwest Asia.

Report - October 17, 2025

Missiles and Munitions: Modernization to Drive Rapid Growth

In an evolving global threat environment with advancing missile capabilities, the U.S. is modernizing and strengthening its defenses. This is leading to greater investment across the missiles and munitions sector, underpinned by a strategy to deter and defend.

For example, substantial funding is underway in the nation’s strategic supply and industrial base to restock inventories. In addition, the introduction of the Golden Dome initiative is reshaping defense spending priorities and accelerating demand for new and existing missile defense technologies.

“The current administration is committed to replenishing depleted missile and munitions stockpiles and developing next-generation systems,” says Chris Smith, a managing director in our Aerospace, Defense & Government Services Group. “As a result, the entire value chain is primed for substantial innovation and growth, creating fertile ground for M&A activity.”

In our new missiles and munitions report, we explore: 

  • The diverse factors driving increased investment in defense

  • Key missile programs creating growth across the market

  • The current landscape of investment opportunities

To discuss M&A within missiles and munitions and the broader aerospace and defense sector, please contact our senior professionals.

Access the full report.

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