US Department of Defense Signs $58.62 Billion Contract for Patriot Missile Production

The U.S. Army has signed a contract with Lockheed Martin worth $58.62 billion to produce Patriot interceptor missiles, in a record deal that comes amid dwindling U.S. weapons stocks due to ongoing conflicts around the world, according to the U.S. Department of Defense.

The United States has supplied its allies with large quantities of weapons while using ammunition in its military operations in Iran, raising concerns about stocks of key air defense systems and precision-guided munitions.

Estimates suggest that rebuilding some of these stocks could take more than three years, as the White House faces difficulties in approving a record budget for fiscal year 2027.