Ammunition, armored vehicles, guns, naval: Rheinmetall, the German defense giant
Rheinmetall, Germany’s leading land weapons manufacturer, is aggressively pursuing its ambition to become a global “one-stop shop” for defense forces across all domains—land, sea, air, space, and cyber. Benefiting from a global surge in defense spending, especially in Europe following Russia’s war on Ukraine and U.S. uncertainty under Donald Trump, the company is rapidly expanding through acquisitions, partnerships, and new factories. Its order book has tripled since 2022, and its market value has soared nearly twentyfold. Rheinmetall has joined forces with U.S. firms like Anduril and Lockheed Martin, entered the naval and space sectors, and is building vast ammunition and armored vehicle production capacities across Europe. While CEO Armin Papperger is hailed as a visionary, critics question whether Rheinmetall can deliver on its vast commitments and whether its close ties to U.S. investors and partners make it a “Trojan horse” for American influence in Europe’s defense industry. The company’s growing dominance—especially its bid to absorb KNDS, co-maker of the Leopard and Leclerc tanks—has fueled fears in France that Germany may sideline European collaboration in favor of its own defense agenda.