PitchBook：2025年二季度航空航天与国防报告（英文版）

Uncertainty about tariffs, geopolitical tensions, and the economy conspired to slow A&D deals in Q2, with a 32% decline from a year ago, when it had 60 deals. Q2 deal count was also down 27% from Q1, which had 56 PE deals. However, adding in PitchBook’s forecast of estimated deals, the first half of 2025 still had healthy deal activity, with an estimated 125 deals compared with 119 deals in the first half of 2024. In terms of deal value, the first half of 2025 accounted for $19.7 billion