THAAD Missile Battery Looks like Pete Hegseth tried to make a financial killing off of the war of aggression the US launched against Iran on 28 February 2026. According to the Financial Times :
Pete Hegseth’s broker at Morgan Stanley contacted BlackRock in February to make a multimillion-dollar investment in a defense-focused Exchange-Traded Fund (ETF) called IDEF.
This $3.2 billion fund is built around companies that benefit from increased military spending, including RTX, Lockheed Martin, Northrop Grumman, and Palantir — all major Pentagon contractors.
The request came just weeks before the U.S.-Israeli strike on Iran, a campaign Hegseth helped shape and strongly supported within the Trump administration.
BlackRock flagged the inquiry internally because of Hegseth’s high-profile role. The investment didn’t go through, but only because the ETF wasn’t yet available on Morgan Stanley’s platform.
BlackRock, Morgan Stanley, and the Pentagon declined to comment.
If you do the analysis on the weapons expended so far in the month-long war with Iran, the opportunity for war profiteering is quite clear. The US/Israeli Ramadan War has drained the US inventory of its two ballistic missile defense systems. Both US PAC-3 (Patriot) and THAAD interceptor inventories are significantly depleted or nearing critical levels as of late March 2026, after accounting for prior conflicts (Ukraine support, June 2025 12-day Israel-Iran war) and the ongoing 2026 Iran war (Operation Epic Fury). The high expenditure rates, combined with historically low peacetime production, have created a serious “race of attrition” that cannot be quickly reversed. Both the PAC-3 (Patriot Advanced Capability-3, specifically the MSE variant) and the THAAD (Terminal High Altitude Area Defense) interceptors are primarily manufactured by Lockheed Martin . Combined Estimate of Remaining US Inventories (Rough Synthesis) Exact classified figures are not public, so these are reasoned ranges drawn from consistent reporting (CSIS, Payne Institute, RUSI, JINSA, DoD budget data, and conflict usage estimates). Numbers reflect US-owned/controlled operational stocks (not including allies’ separate purchases). PAC-3 MSE (Patriot terminal-phase interceptors) :
- Pre-2026 baseline: Roughly 1,600–2,000 modern PAC-3 MSE (out of a broader Patriot family inventory sometimes cited around 2,000 total, with older variants mixed in). As I have mentioned in previojous posts, cumulative production upper bound of ~4,620 through 2025 (with ~620 delivered in 2025) is reasonable as a global total, but the US retained share is smaller after Foreign Military Sales.
- - Major draws: Hundreds fired by US forces in the first 16 days of the 2026 war (estimates of ~402 in early reports, with some higher figures in intense periods prior usage in Ukraine (hundreds total over years) and the June 2025 war; plus Gulf partner support.
- - Current remaining (late March 2026) : There are few, if any, PAC 3 missiles left in the US inventory in Israel and the Persian Gulf. There are an estimate 1,400 PAC 3s remaining in INDOPACOM’s pre-war planning stock. Stocks available for sustained Middle East operations outside pre-positioned or diverted units are, under the most optimistic assumptions, critically low. The two-missile (or more) salvo doctrine multiplies consumption per threat. Yet, I have seen videos where at least four PAC 3s are fired at one target… which means the consumption rate is even worse than estimated.
- THAAD (high-altitude ballistic missile interceptors) :
- Pre-2026 baseline: Around ~534–632 (MDA procurement/delivered figures; some estimates reference higher cumulative including pipeline or foreign orders). Production has been extremely low (~96 or fewer per year historically).
- - Major draws: Significant usage in June 2025 (~92–150 interceptors, often cited as ~25% or up to 30% of inventory additional heavy expenditure in the 2026 war (estimates of ~198 in the first 16 days, or ~40% of pre-conflict on-hand inventory in some analyses). Gulf/Middle East operations have consumed a large share.
- - Current remaining (late March 2026) : Reports indicate fewer than 400 ready/reserve interceptors in some estimates, with others warning of depletion risk within weeks (e.g., by mid-April) if current tempo continues. Some analyses describe ~30–40%+ of the stockpile already expended in the current conflict alone on top of prior usage.
- US stocks of these two high-end ballistic missile defense interceptors are effectively strained to the point of operational risk for prolonged high-intensity defense. THAAD is in a more acute near-term crisis due to tiny production rates, while PAC-3 has a somewhat better (but still insufficient) ramp underway. If the war continues at saturation-attack levels, further constraints (or changes in tactics/priorities) become likely. Exact numbers remain opaque for operational security reasons, but the trend is clear: both systems are depleted or nearing depletion. Which means that Lockheed Martin can expect a major influx of cash to boost production and try to replenish exhausted missile air defense inventories.
I wonder who else in the Trump administration and the US Congress are making money off of this bloody war?
Judge Napolitano and I discussed the insanity of US plans to deploy ground forces to Iran: Back in Florida with my Florida shirt. Nima appeared dressed appropriately. Too bad we have to discuss the horror unfolding in the Middle East: My conversation with Waqas Ali. Some interesting observations about the conflict between Sunnis and Shias: Danny Haiphong and I discuss the latest in the war on Iran: --- I thank you for your invaluable support by taking time to read or comment. I do not charge a subscription fee nor do I accept advertising. I want the content to be accessible to everyone interested in the issues I am discussing. However, if you wish to make a donation, please see this link .