PitchBook：2025年三季度航空航天与国防报告（英文版）

More clarity on tariffs, a new defense budget with well-outlined strategic priorities, and an improved production outlook for Boeing seem to have aided the deal environment in aerospace & defense (A&D) in Q3 2025. The vertical totaled 87 deals in Q3, up 78% from Q2’s 49 deals and up 3.6% from a year ago, when A&D had 84 deals. In terms of deal value, the first nine months of 2025 accounted for $21.7 billion in deal value, down 29.8% from $30.9 billion in the first nine months of 2