Flyby: 250 Years of Independence - A Reflection on the Cost of Freedom

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Flyby: 250 Years of Independence - A Reflection on the Cost of Freedom

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July 3, 2026 10:00 AM GMT

Morgan Stanley & Co. LLCMAerospace & Defense | North America Kristine T Liwag

Equity Analyst

Flyby: 250 Years of Kristine.Liwag@morganstanley.comJustin M Lang +1 212 761-2980

Justin.Lang@morganstanley.com +1 212 761-6251

Independence - A Reflection on Jason T Holcomb

Research Associate

Jason.Holcomb@morganstanley.com +1 212 761-5592

the Cost of Freedom Gabrielle Knafelman

Gaby.Knafelman@morganstanley.com +1 212 761-4838

As we approach Independence Day, we take a moment to Shaina C Zuber

consider the costs of war incurred by the US over its history. ResearchShaina.Zuber@morganstanley.comAssociate +1 212 761-6353

The Price of Conflict Aerospace

North America

Ahead of Independence Day celebrations, we pause to reflect on the cost of conflict Industry View Attractive

since the Revolutionary War. Before delving into the economic cost of war, we Defense

respectfully recognize that the true cost of armed conflict is not measured in Industry View Attractive

dollars, but rather in the number of lives affected, including the brave men and

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women who sacrificed their lives as well as the civilians impacted. We sincerely

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thank those who served and continue to serve to help uphold U.S. freedom.

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The Economic Toll Acquired by RKLB

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Conflict has generally grown more costly, per data collected by Congressional

Momentum, 'Show-me' Execution; Initiate at EW

Research Service (CRS). The cost of conflict in the modern era significantly exceeds

and $23 PT

the cost of historical conflict in inflation-adjusted dollars. For example, the cost of