Across the private markets, one of the more familiar stories goes something like this: defense and aerospace are booming.
It makes sense—as companies like Anduril (last valued at $30.5 billion) appear more important than ever, and newer entrants to the sector attract capital and gain traction. (For example, Sarconic, which is building autonomous vessels, raised $600 million in a Series C in February.) But recent numbers tell a more complex story for the space as a whole, especially when it comes to private equity.
