Aero & Defense Weekly Recap

Research evidence excerpt

Aero & Defense Weekly Recap

TD SECURITIES (USA) LLC WEEKLY REPORT

July 10, 2026

■Aerospace & Defense Electronics: Aero & Defense Weekly Recap

Government Technical Services

■Aerospace & Defense Electronics:

Commercial Aerospace

■Aerospace & Defense Electronics: Defense

Gautam Khanna THE TD COWEN INSIGHT

617 946 3978

This note aggregates some observations from the week in A&D.

gautam.khanna@tdsecurities.com

Ed Keller (1) Space - NASA released the draft RFP for the replacement to the ISS (CLD contract), with

214 406 7726 an initial award expected in Spring 2027. The draft RFP reads favorably to VOYG's Starlab

ed.keller@tdsecurities.com

offering (owns 61% stake). Read our takeaways here. Separately, the US Space Force added

Anton Rinnert Impulse Space and Relativity Space to the NSSL Phase 3 Lane 1 contract. This allows the

646 562 1455 companies to compete for task orders under a $5.6B IDIQ after a successful first launch. SPCX,

anton.rinnert@tdsecurities.com ULA, Blue Origin, RKLB, and Stoke Space have already been onboarded. IRDM, which is being

Chuka Isioji acquired by RKLB, completed a $367MM acquisition of the remaining 61% of Aireon. Aireon

646 562 1345 provides aircraft tracking using IRDM satellites.

chuka.isioji@tdsecurities.com

(2) Defense - HII/GD are still awaiting awards for Virginia- & Columbia-class subs, and the

Barrett Taylor Army has yet to reprogram funding for TXT's MV-75. Both are concerns heading into Q2 print,

646 562 1409 although the contracts could be awarded any day. LMT agreed to acquire Ultra Maritime

barrett.taylor@tdsecurities.com for $3.45B. Ultra Maritime specializes in advanced sub sea warfare and anti-submarine

capabilities, broadening LMT's RMS portfolio. RTX announced plans to work with European