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Trump Orders Nuclear Weapons Testing. Here’s Who Gets Rich.
President Donald Trump’s latest headline wasn’t about tariffs, interest rates, or rallies. It was about nuclear weapons—and the financial fallout may prove just as explosive as the tests themselves.
On October 29, Trump announced that he has ordered the Pentagon to “immediately” resume U.S. nuclear weapons testing “on an equal basis” with Russia and China, effectively ending a 33-year voluntary moratorium that has been in place since 1992.
The announcement, made on Truth Social just before his meeting with Chinese President Xi Jinping, sent shockwaves through both Washington and global defense markets. It also sent investors scrambling to figure out which companies stand to profit if the U.S. truly reenters the nuclear testing era.
The Policy Shock
The last confirmed American nuclear test took place in 1992 under President George H. W. Bush at the Nevada Test Site. Since then, the U.S. has relied exclusively on subcritical simulations—computerized experiments that replicate nuclear detonations without producing explosive yield.
Resuming full-scale testing would require a complete rebuild of dormant infrastructure and supply chains, including:
- Reactivation of the Nevada National Security Site (NNSS) for live testing.
- Refurbishment of nuclear materials and containment facilities.
- Upgrades to delivery systems (missiles, submarines, and aircraft).
- Expanded contracts for monitoring, safety, and cybersecurity systems.
That translates into tens of billions of dollars in new federal procurement, most of it funneled toward a handful of defense contractors already deeply embedded in the nuclear ecosystem.
The Strategic Logic
Trump’s rationale echoes a long-standing hawkish argument inside the Pentagon: if Russia and China are testing, the U.S. cannot afford to fall behind.
But the economic reality is just as clear. A resumption of testing would unleash massive federal investment across the defense-industrial base, extending from warhead design to data analysis, engineering, and logistics.
To put it simply: deterrence spending becomes industrial stimulus.
The Companies Poised to Gain
If testing restarts, the following publicly traded companies are positioned to benefit directly.
Northrop Grumman (NYSE: NOC)
The most leveraged name in the U.S. nuclear triad rebuild. Northrop is the prime contractor for the LGM-35 Sentinel ICBM program, replacing the Minuteman III. It also manages command-and-control systems, radars, and early-warning networks. Approximately 30% of its current backlog is already tied to nuclear modernization—a share that would expand significantly if testing resumes.
Lockheed Martin (NYSE: LMT)
Builder of the Trident II D5 submarine-launched ballistic missile and a key partner on nuclear-capable aircraft programs like the F-35. Testing would likely trigger a new wave of contracts for telemetry, missile guidance, and weapons simulation systems. Trading near 17x forward earnings, Lockheed could be one of the few large-cap defense names still priced for upside.
General Dynamics (NYSE: GD)
The company behind the Columbia-class nuclear submarine and several key ground-based weapons systems. As deterrence spending increases, General Dynamics benefits from both new construction and expanded maintenance contracts. Its defense backlog now exceeds $100 billion, positioning it to capture long-term recurring revenue from any testing initiative.
Honeywell International (NYSE: HON)
Honeywell operates parts of the U.S. nuclear weapons complex through the Department of Energy’s National Nuclear Security Administration (NNSA). It manages critical component production, materials handling, and safety systems. Honeywell stands to gain from the operational side of testing, not just delivery systems—making it a quiet but significant winner.
Raytheon Technologies (NYSE: RTX)
A core supplier for missile defense, radar, and hypersonic intercept programs, Raytheon’s technologies are central to nuclear test monitoring and verification infrastructure. If the Pentagon restarts live tests, Raytheon’s sensors, guidance systems, and telemetry technologies will be essential to ensure safety and precision.
The Secondary Beneficiaries
Several mid-cap contractors could benefit indirectly from construction, logistics, and site modernization work.
- BWX Technologies (NYSE: BWXT) – Manufactures nuclear reactors and fuel systems for submarines and carriers; already supports NNSA programs and could see new testing-related R&D contracts.
- AECOM (NYSE: ACM) – Large federal engineering firm likely to win environmental and infrastructure modernization work at the Nevada site.
- Leidos Holdings (NYSE: LDOS) – Provides classified IT, cybersecurity, and simulation support to the Department of Defense and Department of Energy.
- Fluor Corporation (NYSE: FLR) – Historically manages Los Alamos operations and cleanup projects across federal energy facilities.
These companies wouldn’t build warheads but would handle the infrastructure and compliance work that makes testing possible.
The Macroeconomic Ripple
A return to nuclear testing would redirect billions in federal spending into industrial and defense supply chains.
Key second-order effects could include:
- Rising demand for uranium and specialty materials, benefiting producers such as Cameco (NYSE: CCJ) and Energy Fuels (NYSE: UUUU).
- New contracts for environmental engineering and remediation firms managing long-term containment risks.
- A near-term boost to defense sector employment and fiscal stimulus concentrated in the U.S. Southwest.
In short: one order in Washington could reawaken an entire Cold War-era ecosystem of American manufacturing.
The Political and Regulatory Risks
Nevada’s congressional delegation and Democratic leaders are already preparing legal and legislative challenges. Senator Jacky Rosen and Representative Dina Titus have both vowed to block any nuclear testing, citing prior commitments from Trump-era appointees that it would never happen.
The outcome likely depends on whether Trump’s order leads to an actual DOE/NNSA funding request in the next federal budget. If so, procurement documents and contract solicitations could begin surfacing by early 2026.
Investors tracking NNSA’s contract database and DoD’s modernization reports will be the first to see where the money flows.
The Investment Takeaway
- Short term: Headline-driven re-ratings for the Big Five defense primes (LMT, NOC, GD, HON, RTX).
- Medium term: Engineering and nuclear infrastructure players (BWXT, FLR, ACM, LDOS) see increased contract activity.
- Long term: If full-scale modernization proceeds, total U.S. defense spending could exceed $1 trillion annually within five years—effectively a multi-decade growth cycle for the sector.
In today’s market, where investors chase AI and green energy themes, the next bull run in industrial America might be built on something far less glamorous: containment silos and missile silos.
The Bottom Line
Trump’s nuclear-testing order may never lead to a live detonation, but it’s already detonated a new narrative in markets: the return of defense-industrial primacy.
If testing truly resumes, it will not only mark the end of America’s nuclear restraint—it will mark the start of a generational capital boom for the companies that design, build, and manage the world’s most dangerous weapons.
The Nevada desert might be quiet for now. The balance sheets in Bethesda, Falls Church, and Waltham won’t be.
DISCLAIMER: This analysis of the aforementioned stock security is in no way to be construed, understood, or seen as formal, professional, or any other form of investment advice. We are simply expressing our opinions regarding a publicly traded entity.
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