The US defense industry, traditionally dominated by a handful of giants born from post-Cold War consolidation, is on the verge of a radical transformation stemming from both Washington’s interests and stock market investors.

The European defense sector is undergoing a transformation, driven by the expansion of financial instruments, an increasingly volatile geopolitical context, and the need to strengthen the continent’s strategic autonomy. While NATO remains the primary security framework for the continent, rising national defense spending and stricter EU participation rules are altering the dynamics of access, influence, and prospects for member states in this constantly evolving landscape.