U.S. Awards $58.6 Billion Contract to Rebuild Patriot Stocks

The U.S. Army awarded Lockheed Martin a contract worth up to $58.6 billion to produce Patriot interceptor missiles. The seven-year agreement converts an April one-year deal into a multiyear procurement plan running from fiscal 2026 through 2032. Lockheed said the funding supports plans to triple PAC-3 MSE production capacity by the end of 2030 and raise annual output to 2,000 interceptors. The award comes as U.S. inventories have been strained by weapons supplied to allies and by American military operations against Iran.