The Opportunity Set: Golden Domes, Golden Fleets, and Global Growth

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The Opportunity Set: Golden Domes, Golden Fleets, and Global Growth

directed-energy systems, creating opportunities across primes, space entrants, missile- Navy UJTS / T-45 Replacement (TXT/defense incumbents, and newer software / autonomy vendors. • Leonardo; SNC/NOC/General Atomics) -

$13BBIn shipbuilding, Golden Fleet has become more defined and larger in scope, with the Trump-class

Landing Ship Medium (GD;HII) - $4.4BBbattleship / BBG(X) opportunity now framed around an initial $43.5BB for the first three ships, •

compared with our prior $22BB estimate for the first ship / early tranche. The program is expected Next Gen Logistics Ship / TAOL (GD;Vard- •

to anchor the high end of the Navy’s future surface fleet, while FF(X), unmanned ships, logistics Hanwha) - $5.9BB

vessels, and sealift recapitalization provide a broader set of shipbuilding opportunities around Navy Unmanned Ships / MUSV •

the Golden Fleet architecture. Internationally, the opportunity set is increasingly being supported (LDOS;HII;Saronic;Sea

by allied recapitalization programs, including Canada’s $44BB Patrol Submarine Project, Canada’s Machines;Birdon;PacMar;Galliano) - $6BB

$12.9BB nTACS helicopter modernization, India’s fighter and armored-vehicle programs, Saudi fighter Manpack Radios (RTX;LHX) - $8BB •recapitalization, and the UK’s Multi-Role Strike Ship. Offsets include 2026 YTD awards such as Canada nTACS (BA;LMT;TXT) - $12.9BBPeru fighter jets, UK New Medium Helicopter, Italy tanker replacement, SB-AMTI, GCAP bridge work, •

Canadian Patrol Submarine Project / CPSPand Romania’s defense package, as well as program cancellations / restructurings including FCAS •

(thyssenkrupp;Hanwha) - $44BBtermination and the continued shift away from legacy programs into new replacement architectures.