PXDAILY PXS
Perception & Sensing

Research snapshot · 6/29/26

LHXL3Harris Technologies, Inc.

Directed energy C-UAS (vehicle-mounted HEL)

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HOLD
Conviction●●●○○3 of 5
Research target350Snapshot target
Thesis statusINTACTLast reviewed 6/29/26
Market cap54.26BSnapshot value
The thesis

Aerial & Drone Systems / Defense → Counter-UAS kill chain → Interceptor propulsion bottleneck (SRM duopoly)

Catalysts

Post-Aerojet acquisition: L3Harris+Northrop/NGIS are the US tactical SRM duopoly. PAC-3 MSE, SM-6, AMRAAM, GMLRS all depend on L3Harris/Aerojet motors. DoD SRM capacity is documented chokepoint (SASC testimony: 18-36 month motor lead times). FY23/24 NDAA SRM industrial base expansion funding flows directly to L3Harris/Aerojet facilities. C-UAS interceptor ramp (Coyote Block 3, AIM-9X configs) requires LHX SRM supply.

What breaks it

DoD SRM expansion program canceled; Aerojet integration fails materially; budget sequestration cuts interceptor procurement; NOC gains dominant SRM position

Social sentiment

X: defense operators cite SRM as top DoD munitions bottleneck; L3Harris/Aerojet named as duopoly supplier for C-UAS interceptors

Snapshot · 6/29/26
Smart money

🟢 Lean-Bull · ins-$3.8M · 13F 14+/11- · short↓0.15

Snapshot · 6/29/26