This past month, we were invited by the Bundesphere, the German military, to observe basic training as a squad of recruits ran punishing drills, honing the skills they would need to defend against an enemy assault. >> Everything we are training here for could be one day real. We don't hope that. Um, but we're preparing exactly for that >> because of the war in Ukraine. >> Yes, of course. >> A new class of drugs can save the lives of children like Maisie. Trouble is, one dose costs millions of dollars. >> It ...

Company Overview - Karman Holdings operates as a specialized provider of mission-critical systems and hardware for the aerospace and defense sector, focusing on high-performance solutions for applications in space, missile defense, and hypersonics [6] - The company reported a market capitalization of $9.1 billion and revenue of $428.2 million for the trailing twelve months (TTM), with a net income of $11.3 million [4] - Karman's latest quarter showed record revenue of $121.8 million, reflecting a 42% year-over-year increase, alongside adjusted EBITDA of $37.7 million and a 31% margin [10] Financial Position - StepStone Group acquired 292,428 shares of Karman Holdings, valued at approximately $21.11 million, making it the fund's second-largest disclosed U.S. equity holding [2][3] - This new position represents 9.9% of StepStone's 13F reportable assets under management [3] - Karman shares were priced at $68.44, more than tripling from the February IPO price of $22 per share [3] Business Strategy and Market Position - Karman generates revenue primarily through the sale of specialized aerospace and defense hardware, including payload protection systems and propulsion solutions, serving government agencies and defense contractors [8] - The company's funded backlog reached a record $758.2 million, up 31% since year-end, providing multi-year revenue coverage across missile defense, hypersonics, and space launch programs [10] - Karman's competitive edge lies in its integrated capabilities in design, manufacturing, and testing, which support advanced aerospace and defense initiatives [6] Investment Perspective - StepStone's investment in Karman highlights a strategy to gain exposure to defense and space spending, focusing on fundamentals rather than short-term market fluctuations [9] - Karman's demand is closely tied to government and defense budgets, making its earnings less sensitive to economic swings but reliant on execution and sustained federal spending [11] - Future returns for Karman will depend on backlog conversion and margin discipline rather than multiple expansion alone [11]

Germany will buy up to 500 RCH 155 self-propelled howitzers as part of a historic effort to push through €52 billion ($60.5 billion) in defense orders before Christmas https://t.co/aEmddLLV4K ...

European defense stocks are rallying as Germany prepares to greenlight more defense spending, and Morgan Stanley analysts say there are bigger gains ahead https://t.co/4uoZTu1D6i ...

The Israeli cabinet approved a 2026 budget aimed at maintaining high defense spending resulting from two years of conflict, while seeking to boost the strained economy via concessions to middle-class workers https://t.co/ajsui3v3ov ...

From @WSJopinion: Today, in the face of many significant adversaries, spending more on defense is simply necessary. It must not be controversial, writes @SenMcConnell.https://t.co/oDDEn1jiBV ...

"We expect that the next 10 to 15 years, defense spending will continue."Hensoldt CEO Oliver Doerre tells @annaedwardsnews that while a peace deal would be welcome for Ukraine, it wouldn't change the security situation in Europe https://t.co/B4EpRv1np7 https://t.co/pXtR9rQO50 ...

Australia’s massive defense spending under the Aukus agreement is poised to further fuel the nation’s hottest housing market, Perth https://t.co/G6BFLQNRQF ...

Poland is aiming to spend a big chunk of the loans to build up its drone capabilities and defenses in the face of aerial incursions by Russia https://t.co/x9klx9Ugr8 ...

When Russia invaded Ukraine, Europe's defence vulnerabilities were exposed. Now a new generation of defense startups are fusing A. I.with sensors, drones and battlefield software. They're being fueled by soaring defense spending, which Bloomberg Intelligence says needs to jump to $720 billion. It's been described as a fundamental change to the architecture of defense, moving from hardware, heavy arsenals to software and AI driven autonomy.Germany's Helsing epitomizes the shift. Europe's most valuable defens ...