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Independent research & opinion. Gradings are automated / LLM-assisted and may contain errors or hallucinations; nothing here is a statement of fact, financial advice, or an accusation of wrongdoing by any party. Claims about identifiable people or organizations reflect public records + good-faith interpretation; intent is not inferred from association. Methodology & disclaimer.

Defense leg — primes + defense-tech × the rare-earth chokepoint

Built from research/defense-rare-earth.json (web-verified: CSIS, Modern War Institute/West Point, GAO/CRS-cited reporting, DoD FY26 budget, Arnold/Dura Magnetics). Per-unit REE figures are widely-cited GAO/CRS-lineage estimates — treat as order-of-magnitude. Models: models/graph/defense_web.py, models/z3/defense_chokepoint.py.

Thesis. US weapons systems are materially dependent on rare-earth magnets China controls — and China has moved from owning the supply to explicitly denying it to foreign militaries. This is the hard, near-term national-security chokepoint behind the defense-contractor leg.

1. The per-system dependency (order-of-magnitude)

SystemREE kg/unitSamarium kgNote
F-35~418 (~900 lb)22.6SmCo magnets for high-temp (missile nose cones); Lockheed = largest US samarium user. Block-4 upgrade slipped 2026→2031, +$6B.
Virginia-class sub~4,200 (~9,200 lb)50
Arleigh Burke destroyer~2,36030
Tomahawk / JDAM / Predator / radar~5~1small per-unit, huge in volume

2. China's control — and the weaponization

This is exactly the condition the Z3 defense_chokepoint model encodes: REE independence is UNSAT until ~2028 (the earliest the domestic Mountain Pass heavy-REE + magnet capacity and allied separation can plausibly close the gap).

3. The domestic/allied response

The same state-circular financing as macro-critical-minerals (MP Materials: DoD as largest shareholder + $110/kg NdPr floor + 10-yr offtake), plus magnet-makers (Arnold, Dura), and the DoD FY26 budget lines — a quasi-nationalized supply build racing the ~2028 horizon. Cross-ref macro-critical-minerals, geopolitics-defense-industrial-base, geopolitics-contested-resource-states.

4. Limits

Per-unit REE figures are estimates (GAO/CRS lineage) — directional, not precise. The pace of domestic/allied capacity is the swing variable; the Z3 model treats ~2028 as the binding date.

Sources: MWI West Point — China's REE weaponization; CSIS — consequences of China's export restrictions; Modern Diplomacy / Karve International on per-system dependency.

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