Why it’s on the map
Pentagon put $1B directly into its Missile Solutions (solid rocket motor) unit (Jan 2026), converting to equity at IPO. Backlog $42B.
Government money & contracts
$1B Pentagon investment in Missile Solutions.
Customers & commercial
DoW.
Catalysts
IPO postponed to mid-2027; new CEO strategy (Aug).
Risk
Governance turnover; ~$4.8B of cap lost on IPO delay.
Tariff durability
Policy-backed.