PitchBook：2025年一季度航空航天与国防报告（英文版）

Despite concerns about tariffs, geopolitical tensions, and a less favorable US stance on aid to Ukraine, deal activity in A&D remained robust in Q1. A&D had an estimated 73 deals in Q1, up 24% from 59 one year ago, but down 7.6% from Q4 2024, as Q4 has historically been a seasonally high quarter for A&D deal activity. Deal activity remained consistent across all three categories in the vertical, with relatively similar deal activity across commercial aerospace, airlines, and defen