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‘THAAD Delusion’: Iran war exposes US missile shield limits – The Atlantic

Al Mayadeen | September 30, 2026

The US-Israeli war on Iran has exposed a widening gap between Washington’s promises to protect its allies and its ability to sustain that protection, with expensive missile interceptors being consumed faster than American manufacturers can replace them, The Atlantic reported.

In an investigation titled “The THAAD Delusion,” Christopher Leonard argues that the Terminal High Altitude Area Defense system became a cornerstone of US security arrangements in the Middle East despite being developed for a more limited battlefield role.

Iran’s ability to maintain missile attacks has challenged the assumption underpinning that role: that American forces would survive an opening barrage, then rapidly destroy the launchers responsible.

Instead, a prolonged conflict has placed mounting pressure on interceptor supplies, exposing weaknesses in US military planning, weapons procurement, and industrial capacity.

A missile shield built around a short war

According to the report, THAAD was originally intended to protect critical military deployments during the initial phase of a conflict, allowing US aircraft and naval forces time to respond.

Washington subsequently promoted the system as a central component of broader missile shields for regional allies, including the United Arab Emirates and Saudi Arabia.

The distinction has become consequential during the war on Iran. While THAAD has intercepted ballistic missiles effectively, Leonard writes that Washington neither accumulated enough interceptors for sustained operations nor established the manufacturing capacity needed to replace them quickly.

US interceptor stocks depleted by sustained warfare

Drawing on estimates from the Center for Strategic and International Studies, the report says US forces used more than 150 THAAD interceptors during the 12-day war in 2025 and another 190 to 290 during “Operation Epic Fury.”

CSIS estimated that approximately 250 interceptors remained in the US stockpile. The report notes that additional deliveries could affect those calculations, while Washington has not disclosed its remaining inventories.

The depletion extends beyond THAAD. The investigation also described heavy consumption of Patriot interceptors and offensive weapons, including Tomahawk and JASSM missiles, placing pressure on multiple parts of the US arsenal.

Iran’s sustained attacks strain expensive defenses

The investigation identifies Iran’s combination of ballistic missiles and comparatively inexpensive drones as a major challenge to American defensive planning.

THAAD interceptors cost about $12 million each, according to the report. Repeated Iranian missile launches therefore impose substantial financial and logistical costs even when interceptions succeed.

At the same time, Shahed drones, which the article puts at $20,000 to $50,000 apiece, require separate defenses because THAAD cannot intercept them.

This combination forces defending militaries to confront different threats simultaneously while managing limited ammunition. The report describes regional forces using helicopters and costly air-to-air missiles against drones as pressure on their defenses increased.

Leonard’s central argument is that interception accuracy alone cannot deliver the lasting security Washington offered its partners when the attacker can sustain successive waves.

Industrial weaknesses slow replenishment

The article traces the shortage to years of budget decisions that favored major weapons platforms over ammunition reserves, alongside a concentrated defense industry dependent on vulnerable networks of specialized suppliers.

THAAD missiles require intricate assembly and components sourced from hundreds of companies. Expanding production involves increasing capacity throughout that network, rather than simply adding workers at a final assembly plant.

Pentagon assessments cited in the report found that substantial increases in production for several missile systems could require billions of dollars and take years.

The investigation also scrutinizes defense contractors’ spending priorities. Lockheed Martin distributed $6.8 billion through dividends and share buybacks in 2024, while RTX returned $3.7 billion to shareholders, even as industry representatives argued that factory expansion required advance funding or long-term government contracts.

Washington’s protection promises face scrutiny

The implications reach beyond ammunition shortages. US weapons sales helped bind allied militaries to Washington through shared equipment and reliance on American supplies, the report notes.

However, delayed deliveries and competing wartime demands have prompted some partners to seek alternatives, raising questions about the reliability of those arrangements.

In the Middle East, Leonard argues, attacks on infrastructure and military installations have also challenged the perception that hosting US forces guarantees security.

Stephen Wertheim, a senior fellow at the Carnegie Endowment for International Peace, told The Atlantic that the consequences could reshape Washington’s regional position.

“We could be moving away from a Middle East that can be fairly described as being an American-dominated region,” he said.

September 30, 2026 Posted by | Militarism | , , , , | Comments Off on ‘THAAD Delusion’: Iran war exposes US missile shield limits – The Atlantic

Weapons makers cash in on Trump’s Iran war

Big Pentagon contractors like Lockheed Martin and Northrop Grumman saw billions added to their market value

By Ben Freeman and Janet Abou-Elias | Responsible Statecraft | March 3, 2026

The economic costs of the U.S. and Israel’s decision to start a war with Iran have already reverberated throughout the international economy. Oil prices rose, the stock market fell, and U.S. mortgage rates jumped sharply, raising the cost to buy a home for Americans. Unsurprisingly, public opinion polls have found that Americans are resoundingly opposed to Trump’s Iran war.

Yet, one sector has profited massively from the devastating conflict: Pentagon contractors. Arms supplier stocks as a whole rose 1.5% on Monday, but the largest Pentagon contractors and the contractors with the greatest stake in the conflict saw their share prices rise even more.

Lockheed Martin — the largest Pentagon contractor, which regularly receives more taxpayer dollars than the entire State Department — saw its stock price rise 3.4% Monday. Since the beginning of 2026, Lockheed’s stock price has increased nearly 40%, as tensions between the U.S. and Iran grew. Lockheed makes the THAAD system which has been used to intercept Iranian missiles. In January, Lockheed Martin signed a deal with the Pentagon to quadruple production of the THAAD interceptors — which each cost $12.77 million — from 96 to 400 per year.

RTX (previously Raytheon) stock rose 4.7% in the first day of trading since the Iran war began. RTX makes the Patriot radar and ground systems (Lockheed makes the $4 million Patriot missiles the system fires) that have been widely used in the conflict, which cost as little as $250,000. Multiple Patriot missiles are sometimes used to intercept every Iranian missile. In one case, for example, 11 Patriot missiles were reportedly used to intercept just one Iranian missile.

Of all the major Pentagon contractors, Boeing saw its share price rise the least on Monday, inching up just 1%. This relatively limited, though still sizable, gain is at least partially explained by the firm being the only major Pentagon contractor that does not derive a majority of its revenue from the Defense Department. The firm does, however, make the F-15 EX fighter jet, three of which crashed after being accidentally attacked by Kuwait’s air defense system. The cost of those three jets alone was around $300 million.

The biggest winner on Wall Street yesterday was Northrop Grumman, whose share price rose a remarkable 6%, increasing the company’s market value by billions of dollars in just one day of trading. Northrop’s B-2 Stealth Bombers were used in the recent Iran strikes, as well as in the strikes on Iran six months ago. The B-2s cost taxpayers around $2 billion to buy and more than $150,000 per hour to fly.

For investors and stock analysts, this was all to be expected. After all, the ticker for the global defense sector ETF is literally “War”.

As Jonathan Siegmann, a market analyst at the firm Stifel, succinctly explained to clients Monday, “Defense spending was already set to surge in 2026 and a protracted war with Iran will make the spending more urgent and less controversial.” As Marketwatch summed up the financial markets’ zeal for firms that will profit from the Iran war: “war can be good for business.”

The greatest threat to investors in these firms? Peace. When peace talks begin during prolonged conflicts, investors in defense firms tend to sell, as they did late last year when Russia, Ukraine, and the U.S. were in peace talks. But investment analysts are confident there’s no imminent threat of peace breaking out soon in the current Iran conflict. “Given the U.S. has assembled the largest set of military assets since the 2003 invasion of Iraq, we anticipate this conflict will be unfortunately more extended and violent than we have seen in recent years,” Siegmann said Monday.

In short, while more than 100 children were murdered in a strike on an Iranian school and the number of U.S. service members killed in the conflict continues to climb, war profiteering has a bright future ahead.

Ben Freeman is Director of the Democratizing Foreign Policy program at the Quincy Institute and the author of “The Trillion Dollar War Machine: How Runaway Military Spending Drives America into Foreign Wars and Bankrupts Us at Home” (2025).

March 18, 2026 Posted by | Economics, Militarism | , , , , , , | Comments Off on Weapons makers cash in on Trump’s Iran war