The Intelligence from The Economist Spoils of war: money flows into defence tech
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May 4, 2026 
Andrew Palmer, host of Boss Class, leads a brisk workplace emoji training. Henry Tricks, US technology editor, analyzes defence tech upstarts like Palantir, SpaceX and Anduril and how AI and cheap drones are reshaping military spending and strategy. They explore political ties, recent contracts and the changing economics of conflict.
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Cheap Drones Change The Cost Of Engagement
- Cheap drones have reshaped battlefield economics so expensive missiles are illogical against low-cost UAVs.
- Henry Tricks notes proliferation in Ukraine and Iran makes million-dollar interceptors inefficient versus cheap drones.
Neoprimes Are Shaking Up Defence Procurement
- A new cohort of 'neoprimes' is disrupting US defence procurement with software, satellites and autonomous systems.
- Henry Tricks identifies Palantir, SpaceX and Anduril as the leading neoprimes reshaping capabilities and supply.
Policy Endorsements Turn Startups Into Long Contracts
- Government endorsements have converted tech projects into long-term programmes of record and large contracts.
- Examples: Palantir's Maven got funding locked in and Anduril saw contracts consolidated into a potential $20bn, 10-year deal.