Elmet's $450M tungsten ⛏️, Shield AI = $20B 🛡️, US space weapons 🛰️

Department of War takes a $450M preferred equity stake in Elmet

The Department of War put $450 million of redeemable preferred equity into The Elmet Group, the only US-owned fully integrated tungsten and molybdenum producer. Elmet supports more than 100 defense programs including F-35, PAC-3 and PrSM, and the money funds North America's only independent ammonium paratungstate plant. China holds an estimated 85% of tungsten supply, and Washington is now taking equity rather than writing grants.

Shield AI is in talks to raise at a $20B valuation

The Information reported that Shield AI is negotiating a new round at a valuation of at least $20 billion. It closed a $2 billion Series G at $12.7 billion only six months ago, and supplies Hivemind autonomy for the Air Force's CCA program alongside RTX's Collins Aerospace. A repricing this steep in two quarters values autonomy software, not airframes, as the scarce asset.

Sophia Space and SLI set terms for a $300M satellite leasing deal

Orbital compute startup Sophia Space and lessor SLI signed a non-binding $300 million framework covering a 10-satellite edge computing constellation. SLI funds the build, takes ownership at in-orbit acceptance and leases the spacecraft to Sophia's customers, though the deal converts only once Sophia closes its final round. Sophia has raised just $22 million and launches come no earlier than 2028, so leasing is how a small balance sheet buys a constellation.

Castelion wins $43.7M to build the first 444 Blackbeard rounds

Castelion received a $43.65 million Navy order for the first production lot of 444 Blackbeard all-up rounds, running in Rio Rancho, New Mexico through September 2028. It follows the $90 million SBIR Phase III award for early operational capability that USDR covered in August, and builds on prototype rounds already delivered. Castelion has gone from a $1 billion Series C to a 444-missile production lot in under a month.

Boeing takes $552M for the first MQ-25A Stingray production lot

The Navy awarded Boeing a not-to-exceed $552,053,000 undefinitized modification for three MQ-25A Stingray low-rate initial production Lot One aircraft plus long-lead components for three Lot Two aircraft. Work runs in St. Louis through July 2031, with no competition and fiscal 2025 and 2026 aircraft procurement funds obligated at award. The first carrier-based uncrewed tanker entering production sets the reference cost for every uncrewed naval aircraft behind it.

Lockheed lands a $1.21B IDIQ for Precision Strike Missile Increment 2

Lockheed Martin won a $1,211,234,988 IDIQ for Precision Strike Missile Increment 2 Early Operational Capability, solicited as a single bid and running through September 2031. Work locations and funding are set with each order through Army Contracting Command at Redstone Arsenal. PrSM is one of the 100-plus programs the department named in its Elmet tungsten investment the same morning, which is what a chokepoint looks like in practice.

Swarm Aero unveils Gamera, a 9,000-mile Reaper replacement

Startup Swarm Aero debuted a full-scale Gamera model at the AFA conference, a twin-fuselage turboprop with a 72-foot wingspan and 9,000 nautical miles of unrefueled range. It is the second Massed Modular Aircraft entrant to surface after General Atomics' Wildfire, and the first to trade stealth away outright for range. Swarm says it can beat the program's $10 million unit-cost target while carrying the required 2,800-pound payload.

Lockheed will build four more Vectis stealth drones

Skunk Works said it will self-fund four additional Vectis prototypes alongside the one in production, with the first tracking to fly by the end of 2027. The tailless Group 5 drone is about 34 feet long with a 38-foot wingspan, priced at the Air Force's $20 million CCA Increment 1 target. Minimal-tooling assembly cut airframe labor hours by as much as 80%, which is the number that makes the price credible.

Textron and Merlin pitch a cockpit-free SkyCourier for Pacific resupply

Textron and Merlin Labs unveiled an unmanned Cessna SkyCourier concept that deletes the cockpit entirely, replacing it with a flip-up nose for automated loading and Merlin's Pilot AI. The aircraft carries three tons a thousand miles and works from half-mile gravel strips, sized for island outposts that C-130s cannot economically serve. Contested logistics has been discussed for years without a program, and this is a vendor forcing the conversation with an airplane that already exists.

Air Force secretary says the US has space control weapons on orbit

Secretary of the Air Force Troy Meink told the AFA conference that the United States now has on-orbit space control weapons. It is the first public confirmation by a Pentagon official that US space-based weapons exist, and Meink gave no detail on type or number. The Space Force's own framework covers kinetic and non-kinetic orbital strike, so the acknowledgment opens a line vendors can finally sell against.

Air Force targets 500 CCAs by 2032 and names Vengeance and Fury

Meink said the Air Force intends to have at least 500 Increment 1 Collaborative Combat Aircraft in service by 2032. General Atomics' platform is now the FQ-42A Vengeance and Anduril's the FQ-44A Fury, with $996.5 million requested in fiscal 2027 to start procurement. He also committed to 100 Massed Modular Aircraft by 2029 and 500 by 2032, doubling the autonomous fleet math.

Air Force will stand up a point defense career field within two years

Chief of Staff Gen. Ken Wilsbach announced a point defense weapons system pairing kinetic and non-kinetic capabilities for air base defense. A dedicated point defense airman career field will be operational within two years, following Iranian attacks that killed three US soldiers in Jordan and six in Kuwait. A permanent career field turns base air defense into a recurring manpower and procurement line rather than an emergency purchase.

Anduril's YFQ-44A Fury flew in formation alongside F-35s during July testing, executives revealed Monday.

Cornelis Networks raised $205M led by IAG Capital Partners and will co-develop AI data center fabric with Qualcomm.

The Army awarded a $2.5B OTA ceiling to the National Advanced Mobility Consortium to upgrade M1 Abrams turbine engines.

Open Cosmos raised €300M led by European investors to expand four satellite factories across the UK, Spain, Portugal and Greece.

BAE Systems added $818.4M for armored multi-purpose vehicles, lifting that contract to $3.3B.

Karman subsidiary Seemann Composites won a $31.3M IDIQ for Virginia-class submarine propulsor manufacturing.