A&D M&A has been reshaping the competitive landscape at pace. BAE Systems acquired Ball Aerospace for $5.5 billion. Safran acquired Preligens for AI-enabled satellite image analysis. Lockheed Martin acquired Terran Orbital for satellite manufacturing. Airbus acquired Spirit AeroSystems' commercial aircraft industrial assets. The combined value invested by top investors in defense innovators exceeds $8 billion, with Founders Fund co-leading Hadrian's $260 million Series C round. Leading areas of M&A interest include AI and autonomy, space systems, hypersonics, electronic warfare, and defense-tech startups.
This report provides significant competitor information, analysis, and insight critical to the development and implementation of effective marketing and R&D programs.
Topics Covered
• A&D M&A Overview 2023-2026 — Deal Volume, Value, and Trends
• Major Transactions — Detailed Analysis of Deals Over $500 Million
• Strategic Rationale — Technology Access, Capability Acquisition, and Market Consolidation
• Most Active Acquirers and Their Strategic Agendas
• Divestiture Activity — Portfolio Rationalization and Non-Core Asset Sales
• Valuation Analysis — EV/EBITDA and Revenue Multiples by Segment and Deal Type
• Venture Capital and Defense-Tech Startups — Investment Activity and Platform Companies
• M&A Pipeline — Most Likely Transactions 2026-2027
• Competitive Implications — How Recent M&A Has Reshaped Market Positions
Table of Contents
1. Executive Summary
2. Market Overview
3. A&D M&A Overview 2023-2026
4. Major Transactions
5. Strategic Rationale
6. Most Active Acquirers and Their Strategic Agendas
7. Divestiture Activity
8. Valuation Analysis
9. Venture Capital and Defense-Tech Startups
10. M&A Pipeline
11. Competitive Landscape
12. Regional Market Analysis
13. Strategic Conclusions and Recommendations
14. Appendix
List of Tables
Table 1. A&D M&A Activity 2023-2026 — Market Size and Forecast 2025-2030
Table 2. A&D M&A Activity 2023-2026 — Market Size by Segment 2025
Table 3. A&D M&A Activity 2023-2026 — Market Size by Region 2025-2030
Table 4. A&D M&A Activity 2023-2026 — Key Demand Drivers and Impact Assessment
Table 5. A&D M&A Activity 2023-2026 — Technology and Segment Growth Comparison 2025-2030
Table 6. A&D M&A Activity 2023-2026 — Market Share by Leading Supplier 2025
Table 7. A&D M&A Activity 2023-2026 — Recent M&A and Partnership Activity 2023-2025
Table 8. A&D M&A Activity 2023-2026 — North America Market Size and Forecast 2025-2030
Table 9. A&D M&A Activity 2023-2026 — Europe Market Size and Forecast 2025-2030
Table 10. A&D M&A Activity 2023-2026 — Asia-Pacific Market Size and Forecast 2025-2030
Table 11. A&D M&A Activity 2023-2026 — Investment Opportunity Assessment by Segment
Table 12. A&D M&A Activity 2023-2026 — Key Risks and Mitigation Strategies
Companies Profiled
Airbus
BAE Systems
Boeing
L3Harris
Leonardo
Lockheed Martin
Northrop Grumman
RTX
Safran
TransDigm
