Defence, space and dual-use technologies are entering a new investment cycle, but they remain heavily shaped by governments. Rising defence budgets, strategic procurement and national-security priorities are creating demand at a scale rarely seen in the private sector, while governments are increasingly directing capital towards technologies considered strategically important. At the same time, venture capital, growth equity and private equity are backing the companies developing the technologies that governments increasingly need.
The panel will examine where private investors can genuinely create value in a government-heavy sector. Which parts of the defence and dual-use value chain are investable? Where can private capital scale companies beyond government contracts, and where is government funding or procurement effectively a prerequisite? How should investors assess long development cycles, capital intensity, procurement risk and the dependence on a small number of government customers? And can successful companies ultimately develop meaningful commercial markets beyond defence?
