The report “Investing in the Arms Race: The companies building nuclear weapons and their financiers” (2026) analyses the contracts and activities of 25 companies heavily involved in the nuclear weapons industry.
Recent changes to the list:
No longer fully listed
- Jacobs Solutions (United States)
In September 2024, Jacobs completed the spin-off of its Critical Mission Solutions and Cyber & Intelligence government services businesses, now merged with Amentum. The spin-off also included the business segment connected to the management and operation of the Nevada National Security Site. Since then, Jacobs Solutions states not to manufacture nuclear warheads or nuclear components and that it “is not providing any products or services in support of the NNSS and has no opportunities associated with that site in [its] pipeline.” As a result, Jacobs Solutions has been moved to the Watchlist.
New full profiles in this report
- Amentum (United States)
As a privately-held company, Amentum was in previous Don’t Bank on the Bomb reports included under the Watchlist. However, in September 2024, Amentum completed a merger with Jacobs Solutions’ Critical Mission Solutions (CMS) and Cyber & Intelligence (C&I) Businesses, where the combined organization became a publicly traded company. As a result of the merger, Amentum also became part of the Mission Support and Test Services (MSTS) consortium that manages and operates the Nevada National Security Site (NNSS).
- BWX Technologies (United States)
Since October 2024, the joint venture PanTexas Deterrence, led by BWXT, manages and operates the Pantex Plant – the primary U.S. site for nuclear weapons assembly. BWXT is also part of the Lawrence Livermore National Security consortium, that manages and operates the Lawrence Livermore National Laboratory, responsible for the life extension and modernization of nuclear warheads. For the 2024 Don’t Bank on the Bomb analysis, financial data on BWXT was not available in our research timeline and the company was included under the Watchlist, but has now been added to the list of companies fully profiled.
Watchlist
The 25 companies fully profiled in this report are heavily involved in the nuclear weapons industry through building key components for nuclear weapons or otherwise contributing to nuclear weapon development, manufacture, possession, stockpiling or use: acts that are all prohibited under the Treaty on the Prohibition of Nuclear Weapons (TPNW).
Still, there are other companies involved in nuclear weapon-related activities, for example the building of exascale computers used in nuclear simulations. Some of them are included in the watchlist. The watchlist also includes companies for which ties to the nuclear weapons enterprise have been identified, but who act as subcontractors or for whom sufficient details verifying their involvement are not available. For other companies, no investments or financing relations with private financial institutions were identified (this is often the case for companies that are privately-held) or we did not have access to such data at the time of writing, but information may still be of interest. For financial institutions and others seeking to implement comprehensive exclusions from any nuclear weapon associated company, the watchlist should, at a minimum, trigger additional due diligence.
Last updated: 2026-06-08 15:10:39