(https://www.cnbc.com/2026/08/06/hadrian-defense-tech-ai-manufacturing.html) on the back of Trump's military upgrade plans. Smart capital is treating defense tech as a tariff-protected moat. But here's what the bulls are missing: defense procurement doesn't work like commercial tech. When administrations rotate or budgets tighten, capex cycles freeze hard—and startups at $8B valuations need scale *yesterday* to justify multiples.

Research these companies