The Stockholm International Peace Research Institute (SIPRI) reports that global arms revenues soared to a record-setting $679 billion in 2024, driven largely by heightened geopolitical tensions from conflicts such as the war in Ukraine and Israel’s offensive in Gaza. Notably, U.S. companies dominate the market, with four of the five largest arms manufacturers—Lockheed Martin, RTX, Northrop Grumman, and General Dynamics—accounting for approximately $215 billion of the total sales.
Alongside a significant increase in military spending, the report highlights that 77 of the top 100 arms companies experienced revenue growth, with some reporting double-digit increases. In Israel, local arms manufacturers also saw substantial profits amid ongoing conflict, with Elbit Systems generating $6.28 billion. Meanwhile, SpaceX enters the top rankings for the first time, doubling its revenue to $1.8 billion—an important trend given its growing influence and role in the arms sector.
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