The defense industry faced numerous challenges in 2024, with major players like Palantir, Boeing, and RTX navigating the complexities of AI adoption, acquisition processes, and international trade. Here are some key takeaways from the year’s biggest news stories.
Palantir, a leading software contractor, released an 18-point wish list for the Pentagon to improve its collaboration with private sector companies. The company wants faster acquisition processes, more freedom to operate, and greater support for innovation.
Boeing, another major defense contractor, announced plans to “do less and do better.” The company will focus on its core business while reducing non-essential activities.
RTX, a satellite technology firm, was fined $200 million for exporting defense technology to China, Russia, and Iran. The company had also established an unconventional business model, with some of its components being used in space contracts.
The Navy’s efforts to boost sub production were bolstered by the addition of a $1 billion non-profit contract. This move pushed third-party funding towards nearly $4 billion.
Meanwhile, Australia gained a new sub drone, designed and built quickly by company Anduril. The US Navy noted that this achievement demonstrated the potential for Unmanned Underwater Vehicles (UUVs) to be developed rapidly.
New solid-rocket maker Ursa Major aims to start production next year, leveraging 3D printing technology to produce missile motors more efficiently.
Source: https://www.defenseone.com/ideas/2024/12/2024-review-business/401844