US awards Lockheed Martin a record $58.6B contract to produce Patriot missile interceptors

By Reuters 30 July 2026, 1:27 am

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The US Army has awarded Lockheed Martin a contract worth up to $58.62 billion for production of Patriot interceptor missiles, the Department of Defense says, a record contract awarded as conflicts across the globe diminish US weapons stockpiles.

The US has supplied large quantities of ‌weapons to allies while also using munitions in its own military operations in Iran, raising concerns about inventories of key air defense and precision-guided weapons.

The award converts a previous one-year contract action worth $4.7 billion awarded in April into a seven-year draft agreement, creating a multiyear procurement plan for the interceptors from fiscal 2026 through 2032, the US Army says.