Valuation Trends: Val. Trends #935: USAF’s Collaborative Combat Aircraft moves forward

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Valuation Trends: Val. Trends #935: USAF’s Collaborative Combat Aircraft moves forward

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Valuation Trends

Val. Trends #935: USAF’s Collaborative

Combat Aircraft moves forward

Industry Overview

US Air Force CCA production award 22 June 2026

This past week, the US Air Force (USAF) selected Anduril and General Atomics, both Equity

private companies, to build its first operational Collaborative Combat Aircraft (CCA; the Americas

loyal wingman drones meant to fly alongside crewed fighters). The firms each received Aerospace/Defense

engineering and manufacturing development and production contracts. The contracts Ronald J. Epstein

came about four months ahead of schedule, covering the first three production lots and Research Analyst

are meant to field at least 150 systems by the end of the decade. The prototypes lose BofAS+1 646 855 5695

their "Y" designations, so Anduril's becomes the FQ-44 and General Atomics' the FQ- r.epstein@bofa.com

42A. It is notable that Anduril, founded in 2017, has no prior aircraft heritage, Mariana Perez Mora

Research Analyst

suggesting the USAF is willing to lean in on non-traditional contractors. While this could BofAS

be a warning shot across the bow for the traditional primes, the spotlight is now on +1 646 855 5696

mariana.perezmora@bofa.com

General Atomics and Anduril to perform.

Alexander Preston

BofASA multi-billion-dollar program +1 646 855 3599

The actual dollar values of the awards are classified and the USAF declined to disclose alexander.preston@bofa.com

award sizes or how many aircraft comprise each lot. USAF previously outlined a target

for CCA unit cost at around 1/3 the cost of an F-35A. With a Lot 17 F-35A running about

$82.5 million, that puts the CCA target under $30 million per aircraft.