Truist says Golden Dome concept selected, Lockheed Martin called out by name

Truist notes that the White House has announced the selection of a $175B concept for the Golden Dome defense system. $25B of initial funding has been allocated in the current Reconciliation Bill working its way through Congress. The CBO has estimated the program could cost as much as $831B over 20 years, offering both a challenge to approval and potential upside to the contractors involved. During the press conference, L3Harris (LHX) was specifically called out by name twice, the firm notes. In addition to L3Harris, Lockheed Martin (LMT) and RTX (RTX) were also referenced in discussing the roll of the traditional defense industry in the project. In describing the selected concept, the White House emphasized the role of Silicon Valley and a diverse range of contractors that would ideally participate in the program. SpaceX, Palantir (PLTR), and Anduril have all been widely rumored as likely participants in the program as well. Within Truist’s coverage Northrop Grumman (NOC), Leonardo DRS (DRS), Kratos Defense (KTOS), Moog (MOG.A), and Mercury Systems (MRCY) have all called out potential opportunities from Golden Dome.