Rapid Fire Friday: USA-IRI Watch - UKR Patriots - PRC Booster Catch - TUR F-35

Research evidence excerpt

Rapid Fire Friday: USA-IRI Watch - UKR Patriots - PRC Booster Catch - TUR F-35

TD Securities (USA) LLC POLICY NOTE

July 10, 2026

■WRG Aerospace & Defense Rapid Fire Friday: USA-IRI Watch - UKR

Patriots - PRC Booster Catch - TUR F-35

Roman Schweizer THE TD COWEN INSIGHT

202 868 5305 ■USA-IRI: Ceasefire shaky after strikes

roman.schweizer@tdsecurities.com

■USA-UKR: Patriot games

Liz Huseynov

646 562 1421 ■NATO: "A lot of love"

liz.huseynov@tdsecurities.com

■TUR F-35: TUR sells S-400s to UAE

■PRC: PRC recovers booster

■Launch: New NSSL cos.

■ISS: Comm'l space station RFP

■Directed Energy: Lockheed Martin-nLIGHT deal

■GCAP: $6B 6th-gen contract

■Munitions: Leidos wins SOCOM buy

■Undersea: Lockheed acquires Ultra - CAN picks TKMS

■XOTW1: Missile deals

■XOTW2: Northrop touts MRC

Watch List

■USA-IRI: Heading into the weekend, it's unclear whether attacks will expand or wind down.

While it appears most CENTCOM strikes were focused on IRI units and systems to control

the Strait of Hormuz, media reports say strikes also hit vehicle and rail bridges (including

ones important to moving trade out of country). After CENTCOM's attacks, IRI struck targets

in BRN, KUW and QAT. Unconfirmed social media reports suggested some attacks in IRI

were conducted by GCC states.

■USA-UKR: President Trump announced UKR would be given a license to manufacture Patriot

missiles, which could mean either/both PAC-2 (RTX) or PAC-3 (Lockheed Martin). JPN and

GER have licenses but only JPN has built them so far. We would expect USA cos to partner

with UKR cos - we don't expect full tech transfer. We except UKR to move fast.

■NATO: After a shaky start, Trump & NATO leaders appeared to end the summit on a good

note. NATO unveiled major new investments in missile defense, ISR, drones, munitions, and