Themes · defense
Defense & drones
FollowFollowingUnfollowPrimes, sensors, missiles, drones — everything in the defense complex except launch. As of the 2026-10-19 session · marker ITA.
Movers · last 20 sessions
A move is a move in either direction. The base rate is what a random liquid name did over the same 20 sessions; a theme that moves more than the base rate is unusual, not right.
Members · the tape
| Ticker | Sector | Bucket | Mkt cap | Last | 20d | 5d | Notable days (14) | Play fired (last 14d) |
|---|---|---|---|---|---|---|---|---|
| USAR | Mining & Metals | Primes/Platforms | $2.2B | $10.09 | -40.7% | -14.7% | 1 | — |
| INFQ | Finance Services | C4ISR/EW/Sensors | $1.9B | $8.77 | -37.8% | -15.8% | — | — |
| VOYG | Aerospace & Defense | Primes/Platforms | $1.5B | $25.10 | -33.4% | -7.7% | 1 | — |
| RCAT | Software | Drones/UAS | $569M | $4.70 | -32.9% | -13.3% | — | — |
| UMAC | Telecom | Drones/UAS | $784M | $16.40 | -32.4% | -16.5% | — | — |
| SATL | Telecom | C4ISR/EW/Sensors | $562M | $3.93 | -29.6% | -16.2% | — | — |
| AVAV | Aerospace & Defense | Drones/UAS | $6.0B | $117.95 | -27.0% | -10.2% | — | — |
| FEIM | Technology Hardware | C4ISR/EW/Sensors | $641M | $65.12 | -26.8% | -10.4% | 2 | — |
| BKSY | Telecom | C4ISR/EW/Sensors | $634M | $17.13 | -26.8% | -14.2% | 2 | — |
| BBAI | Software | C4ISR/EW/Sensors | $1.0B | $2.13 | -26.8% | -7.0% | 2 | — |
| PL | Telecom | C4ISR/EW/Sensors | $4.7B | $13.54 | -21.5% | -15.2% | — | — |
| VSAT | Telecom | C4ISR/EW/Sensors | $8.2B | $60.41 | -21.0% | -11.0% | 3 | — |
| KTOS | Aerospace & Defense | Drones/UAS | $7.3B | $39.12 | -20.0% | -5.9% | 5 | — |
| ONDS | Telecom | Drones/UAS | $2.8B | $6.04 | -18.4% | -8.9% | — | — |
| AXON | Aerospace & Defense | Drones/UAS | $31B | $386.00 | -14.7% | -7.0% | — | — |
| LASR | Semiconductors | C4ISR/EW/Sensors | $1.9B | $34.79 | -13.5% | -9.6% | 2 | — |
| CLS | Technology Hardware | Primes/Platforms | $35B | $301.00 | -12.9% | -12.8% | 2 | — |
| CW | Industrial Machinery | Primes/Platforms | $18B | $497.11 | -12.5% | -1.4% | 3 | — |
| MRCY | Technology Hardware | C4ISR/EW/Sensors | $4.6B | $75.99 | -11.3% | -1.9% | 4 | — |
| VVX | Internet & Digital Services | C4ISR/EW/Sensors | $2.2B | $69.58 | -10.0% | +0.8% | 2 | — |
| BWXT | Industrial Machinery | Primes/Platforms | $12B | $136.20 | -7.6% | -2.7% | — | — |
| DRS | Aerospace & Defense | C4ISR/EW/Sensors | $9.4B | $35.18 | -7.3% | -1.2% | 3 | — |
| HXL | Chemicals | Primes/Platforms | $7.0B | $91.61 | +5.4% | +7.8% | 1 | — |
| EMBJ | Aerospace & Defense | Primes/Platforms | $13B | $73.25 | -4.9% | +1.8% | 4 | — |
| BA | Aerospace & Defense | Primes/Platforms | $151B | $192.28 | -4.5% | +1.6% | — | — |
| CACI | Software | Primes/Platforms | $14B | $616.48 | -4.3% | +0.3% | 5 | — |
| LOAR | Aerospace & Defense | Primes/Platforms | $5.8B | $62.00 | -4.2% | -0.6% | — | — |
| TXT | Aerospace & Defense | Primes/Platforms | $13B | $76.20 | -4.0% | +0.6% | 1 | — |
| MTSI | Semiconductors | C4ISR/EW/Sensors | $20B | $267.79 | -3.9% | -11.9% | 2 | — |
| GD | Aerospace & Defense | Primes/Platforms | $92B | $341.43 | -3.5% | +1.3% | 1 | — |
| HWM | Mining & Metals | Primes/Platforms | $88B | $220.03 | -3.2% | -0.4% | 3 | — |
| NOC | Aerospace & Defense | Primes/Platforms | $72B | $510.65 | -3.0% | +5.3% | 1 | — |
| TDG | Aerospace & Defense | Primes/Platforms | $65B | $1,142.45 | +3.0% | +2.0% | 1 | — |
| OSIS | Semiconductors | C4ISR/EW/Sensors | $3.2B | $194.60 | -2.9% | -0.4% | 2 | — |
| PSN | Software | C4ISR/EW/Sensors | $4.7B | $44.18 | -2.5% | -0.9% | 1 | — |
| AMTM | Internet & Digital Services | C4ISR/EW/Sensors | $4.7B | $19.40 | -2.5% | +2.5% | 1 | — |
| LMT | Aerospace & Defense | Primes/Platforms | $127B | $549.97 | +2.4% | +7.2% | — | — |
| HII | Aerospace & Defense | Primes/Platforms | $11B | $269.64 | -2.3% | +2.1% | — | — |
| GE | Electrical Equipment | Primes/Platforms | $326B | $312.48 | -2.2% | +1.4% | 2 | — |
| TDY | Aerospace & Defense | C4ISR/EW/Sensors | $29B | $619.76 | +1.8% | +1.0% | 2 | — |
| LDOS | Software | C4ISR/EW/Sensors | $16B | $126.05 | -1.7% | +3.7% | 2 | — |
| HEI | Aerospace & Defense | Primes/Platforms | $43B | $308.17 | +1.7% | +3.7% | 3 | — |
| HON | Aerospace & Defense | Primes/Platforms | $133B | $209.98 | +1.7% | +0.1% | — | — |
| LHX | Aerospace & Defense | Primes/Platforms | $46B | $243.84 | -1.3% | +1.6% | — | — |
| ESLT | Aerospace & Defense | Primes/Platforms | $35B | $759.47 | +1.2% | +16.2% | 2 | — |
| RTX | Aerospace & Defense | Primes/Platforms | $260B | $193.16 | -0.9% | +3.5% | 1 | — |
| CAE | Aerospace & Defense | Primes/Platforms | $7.9B | $24.50 | -0.2% | +3.3% | — | — |
| DCO | Aerospace & Defense | Primes/Platforms | $2.5B | $166.60 | +0.1% | -1.4% | 3 | — |
| OSS | Technology Hardware | C4ISR/EW/Sensors | — | no options data since 2026-09-18 | — | — | ||
| ISSC | Software | C4ISR/EW/Sensors | — | no options data since 2026-07-23 | — | — | ||
50 of 51 members shown — 1 has no settled options panel we can price, so it is not on this table. 2 members have no options data for this session and are listed without a price. 18 more names carry the label at low classifier confidence and are left off the desk on purpose.
Investors · who is in, who is only talking
8 people bullish, 2 of them positioned; 0 bearish, 0 of them positioned (last 90 days, latest dated view per person).
| Bullish | Stance | Date | Where | Said as |
|---|---|---|---|---|
| Neil Howe | view only | 2026-10-18 | Thoughtful Money (Adam Taggart) | Defense |
| Momei Qu | positioned | 2026-10-14 | Bloomberg Surveillance | Defense |
| Jenny Harrington (Gilman Hill) | positioned | 2026-10-06 | CNBC Halftime Final Trades | Defense |
| Michael Every | view only | 2026-09-26 | Macro Voices | Defense |
| Stefan Hoops | view only | 2026-09-22 | Bloomberg The Close | Defense |
| Mark Skousen | view only | 2026-09-18 | Wealthion | Defense |
| Griffonomics | view only | 2026-09-13 | Capital Allocators | Defense |
| Cathie Wood | view only | 2026-09-04 | ARK Invest | Defense |
| Bearish | Stance | Date | Where | Said as |
|---|
Our record on this theme
3 published picks; 1 matured to 20 sessions: mean +6.2% · median +6.2% · 1 up / 0 down.
| Ticker | Play | Published | 10d | 20d | State |
|---|---|---|---|---|---|
| RCAT | Small-Cap AI & Defense Momentum | 2026-08-28 | -10.3% | — | |
| USAR | Small-Cap AI & Defense Momentum | 2026-08-28 | -11.9% | — | |
| OSIS | Quiet Institutional Options Accumulation | 2026-07-22 | +13.0% | +6.2% |
Every published pick inside the theme, losers included. A matured row is a close-to-close move from the pick's entry; open rows have no 20-session number yet.
Entrants · small-cap 8-Ks read into this theme (last 60 days)
| Filed | Ticker | Company | What | Read |
|---|---|---|---|---|
| 2026-10-16 | MOBX | MOBIX LABS, INC | entering | Mobix Labs is pivoting from RF semiconductors toward a national security critical-minerals platform, announcing an acquisition chain that brings in Winner Water Services, a DoD/DoE-funded rare earth recovery company with $53M in government awards. “Winner has earned six consecutive awards from the Department of Energy and the Department of Defense, totaling $53 million...Winner will be the first operating company to join our National Security Matters platform” filing
|
| 2026-10-13 | ENVX | Enovix Corp | capacity | Enovix reported Q3 revenue of $11M (up 38% YoY) with drone/defense now 70% of revenue, committed $19M to double its NDAA-compliant Korean manufacturing capacity, and realigned its entire leadership structure around defense battery growth. “We are investing $19 million now to efficiently double the capacity of our Korean plant…Drone and defense customers accounted for approximately 70% of Q3'26 revenue…total drone, defense and industrial pipeline grew 18% to approximately $216 million” filing
|
| 2026-10-13 | ONDS | Ondas Inc. | entering | Ondas and Palantir launched Regna AI, a new standalone sovereign-AI company targeting defense and government customers with fine-tuned open-weight models deployed on classified infrastructure, with an initial focus on ISR missions. “Regna AI is a new, standalone company built so governments own and control both their AI models and their data...We believe Regna AI can become a foundational AI platform for the U.S. Department of War” filing |
| 2026-10-07 | WOLF | WOLFSPEED, INC. | financing | Wolfspeed received a conditional $1.5 billion loan commitment from the U.S. Department of War to expand domestic silicon carbide and GaN semiconductor manufacturing for defense and national security applications. “upgrade its gallium nitride (GaN) epitaxy capabilities for next generation communications infrastructure and electronic warfare systems and develop radiation-hardening capabilities” filing
|
| 2026-09-28 | AMPX | Amprius Technologies, Inc. | contract | Amprius Technologies signed a US Government contract worth up to $75 million to build domestic high-energy-density battery manufacturing capacity for small military drones. “establish a high-volume, commercially viable, domestic manufacturing capability for advanced silicon-anode high-energy density lithium-ion pouch cells…tailored for small Unmanned Aerial Systems (Groups 1, 2, and 3)” filing
|
| 2026-09-24 | ACHR | Archer Aviation Inc. | entering | Archer Aviation clears HSR antitrust review for its acquisition of Boeing's Wisk Aero, Insitu, and SkyGrid subsidiaries, a deal that pivots the eVTOL air-taxi startup into defense-grade autonomous UAS and airspace intelligence systems. “create an end-to-end physical AI platform for aerospace and defense, combining Wisk, Insitu and SkyGrid's pioneering autonomy, electric vertical take off and landing (eVTOL) aircraft, unmanned aircraft systems (UAS) and airspace intelligence technologies” filing |
| 2026-09-23 | ONDS | Ondas Inc. | m&a | Ondas, already a defense autonomous-systems provider, acquired three Israeli defense-tech firms adding counter-UAS acoustic sensing, unmanned-platform teleoperation, and GNSS-denied navigation to its platform. “Ondas Acquires Three Defense Technology Businesses to Expand Its Integrated Autonomous Defense Systems Platform...acoustic intelligence, resilient communications, remote operations and GNSS-denied navigation” filing |
| 2026-09-14 | ONDS | Ondas Inc. | m&a | Ondas acquired Gate Technologies (Israel) and Bron Technologies (Poland) for up to ~$315M plus earn-out, adding electronic safe-and-arm and fuzing technology for missiles, rockets, and loitering munitions to its existing defense autonomy platform. “acquired GATE Technologies, an Israeli developer of Electronic Safe & Arm Devices and advanced electronic fuzing technologies...integrated into more than dozens of weapon systems, including rockets, missiles, UAVs and loitering munitions” filing
|
| 2026-09-10 | LPTH | LIGHTPATH TECHNOLOGIES INC | update | LightPath Technologies reported fiscal 2026 results showing revenue nearly doubled to $71.7M on surging defense optics demand, with backlog up 197% to a record $110.9M driven by counter-UAS and germanium-free infrared programs. “Received an $11 million follow-on infrared camera order from a leading global technology customer for counter-unmanned aircraft system (UAS) applications and $13 million in follow-on optical assembly orders from a leading counter-UAS and defense systems supplier.” filing
|
| 2026-09-10 | FEIM | FREQUENCY ELECTRONICS INC | update | Frequency Electronics reports record Q1 FY2027 revenue and backlog driven by its established defense and space precision timing products. “FEI is a world leader in precision time and frequency generation technology, which is incorporated into commercial and U.S. Government satellites, C4ISR, and Electronic Warfare ("EW") systems.” filing
|
| 2026-08-31 | SAIC | Science Applications International Corp | update | SAIC reports routine Q2 FY2027 earnings of $1.88B revenue with raised full-year guidance, reflecting ongoing execution across its defense and intelligence IT portfolio. “a premier mission integrator driving our nation's digital transformation across the defense, space, intelligence, and civilian markets” filing
|
| 2026-08-24 | USAR | USA Rare Earth, Inc. | m&a | USA Rare Earth announced the $1.55B capitalization of a U.S. government-backed SPV to purchase 100% of Serra Verde's Phase 1 rare earth output, satisfying a key condition to close its acquisition of the only non-Asian commercial producer of all four magnetic rare earths. “The Department of War has committed to a $750 million investment in the SPV...to the aerospace and defense platforms that safeguard national security” filing
|
| 2026-08-20 | OSIS | OSI SYSTEMS INC | update | OSI Systems reported record fiscal 2026 revenues of $1.79B and a $1.9B backlog, with its security screening and optoelectronics divisions continuing to serve defense and aerospace customers. “We are excited by the opportunities we see across our aerospace, defense, healthcare, technology and industrial Optoelectronics customer base.” filing
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13 filings shown; 3 more were read and filed here below the confidence floor, so they are not on this table.
An analyst model reads every 8-K from a universe company under $5B and files it under the theme it enters or reports inside, quoting the filing. This says who walked in and what they said; whether entrants outperform is a separate question we have not measured.
Membership is a current classification, not a history: a name that entered the theme last month reads as if it were always here. Entrants come from 8-Ks of universe companies under $5B only. Nothing on this page is a recommendation; the tape says what is unusual, the voices say who is in, the record says how our own picks did, the filings say who walked in.
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