The report “Investing in the Arms Race: The companies building nuclear weapons and their financiers” is a joint publication of PAX and ICAN. The report shows that between January 2023 and September 2025, 301 financial institutions had significant financing or investment relations with nuclear weapon producers, up from 260 institutions in previously published results.
Corporations continue to profit extensively from the enlargement and upgrading of nuclear weapons programmes. The report examines in detail the involvement of 25 companies in the production, maintenance or modernization of nuclear weapons. These companies contribute to the nuclear arsenals of China, France, India, the United Kingdom and the United States.
General Dynamics, Honeywell International and Northrop Grumman are the biggest nuclear weapons profiteers, not including consortia and joint ventures, with outstanding contracts with a potential value of at least $28, $75 and $16 billion respectively. BAE Systems, Bechtel, Leonardo, Lockheed Martin and RTX also hold multi-billion-dollar contracts for nuclear weapon production and/or sustainment.
Banks, pension funds, asset managers and other financial institutions worldwide continue to maintain financial ties to the nuclear weapon industry. This report identifies 301 financial institutions with significant investment or financing relations with one or more of the 25 nuclear weapons producers. Investors held over $709 billion in bonds and shares and just under $300 billion was provided in loans and underwriting.
The report’s findings show a an increase of over $195 billion in share and bond holding values since the last Don’t Bank on the Bomb financial analysis. There was also a $29.8 billion increase in loans and underwriting.
Financial institution are key actors to drive respect for human rights
As part of a concerted push by arms producers and government officials alike to increase the defense sector’s access to private capital amid rising global tensions, pressures have increased significantly on investors to financially back the defence industry. While many financial institutions have stuck to their longstanding policies designed to avoid portfolio exposure to risks associated with nuclear weapons, over the past year some announced they would adjust their policies.
Geopolitical circumstances may have changed, but the humanitarian consequences of any nuclear weapons use remain unacceptable. As key players in the global economy, financial institutions have both the ability and the responsibility to address these risks. Through their leverage, financial institutions are key actors to drive respect for human rights and encourage companies to end their involvement in the nuclear weapons industry.
24 April 2026
Photo credit: U.S. Navy photo by Shelby Thompson. An unarmed Trident II D5 Life Extension (D5LE) missile launches from an Ohio-class ballistic missile submarine (SSBN) off the coast of Florida. (Sept. 17-21, 2025)