Top global arms producers’ revenues surge as major wars rage: SIPRI report

From Israel to Elon Musk’s SpaceX and other giant companies in the US and Europe, arms producers had a profitable 2024.

Revenues from sales of weapons and military services by the 100 largest global arms-producing companies reached a record $679bn in 2024, according to new data released by the Stockholm International Peace Research Institute (SIPRI).

The Gaza and Ukraine wars, as well as global and regional geopolitical tensions and ever-higher military expenditures, increased revenues generated by the companies from sales of military goods and services to customers domestic and abroad by 5.9 percent compared to the year before, the organisation said in a report published on Monday.

The bulk of the global rise was attributed to companies based in Europe and the United States, but there were year-on-year increases in all regions except for Asia and Oceania, where issues within the Chinese arms industry drove down the regional total.

Lockheed Martin, Northrop Grumman and General Dynamics led the pack in the US, where the combined arms revenues of arms companies in the top 100 grew by 3.8 percent in 2024 to reach $334bn, with 30 out of the 39 US companies in the ranking increasing their revenues.

However, SIPRI said widespread delays and budget overruns continue to plague key projects such as the F-35 fighter jet, the Columbia and Virginia-class submarines, and the Sentinel intercontinental ballistic missile.