BackECONOMY
Investments in nuclear weapons production surge: study
A fresh ICAN and PAX study finds financial institutions increasing investments in companies that produce nuclear weapons, with 301 institutions involved as of September 2025 and a 15% rise from the previous year. The report details billions in equity, debt, and underwriting, and notes developments such as the lapse of New START and a large pool of assets avoiding such investments by end-2025.
Why It Matters
The findings suggest ongoing funding of nuclear arms and a potential impact on global arms race dynamics and disarmament efforts, amid rising military spending and shifting security alliances.
Timeline
6 Events
April 23, 2026: Fresh ICAN and PAX report details top producers, investors and lenders
April 23, 2026
A fresh report released on Friday identifies 25 companies involved in producing nuclear weapons, with Honeywell International, General Dynamics and Northrop Grumman as top producers; other major producers include BAE Systems, Bechtel and Lockheed Martin. The top three investors by shares and bonds are Vanguard, BlackRock and Capital Group, while the top three lenders are Bank of America, JPMorgan Chase and Citigroup. From January 2023 to September 2025, investors held over $709 billion in shares and bonds in the 25 producers, and nearly $300 billion was provided in loans and underwriting.
February 2026: New START treaty lapse between Russia and the United States
February 2026
In February 2026, New START, the last remaining treaty between Russia and the United States limiting deployment of nuclear warheads, lapsed.
December 2025: $4 trillion assets under management avoid investing in nuclear weapons producers
December 2025
As of the end of 2025, the total value of assets under management by institutions that explicitly avoid investing in such companies stood at more than $4 trillion.
September 2025: Nearly $300 billion in loans and underwriting to nuclear weapons manufacturers
September 2025
Nearly $300 billion was provided in loans and underwriting to nuclear weapons manufacturers, up nearly $30 billion since the last report.
September 2025: Investors hold $709 billion in shares and bonds in 25 producers; up $195 billion
September 2025
From January 2023 to September 2025, investors held more than $709 billion in shares and bonds in the 25 nuclear weapons-producing companies, an increase of $195 billion from the previous period.
September 2025: 301 institutions invest in nuclear weapons producers; 15% rise from 2024
September 2025
The Dont Bank on the Bomb report reported that 301 banks, pension funds, insurance companies and other financial institutions had financing or investments in companies involved in producing nuclear weapons as of September 2025, a 15% increase from the previous year.