Canada’s Defence Business Census is Now Open
SMEs can shape how capital, compliance, and procurement support get built
🎯 Three-Shot Burst
Following the success of our national market mapping survey last fall (many of its conclusions are reflected in Canada’s defence industrial strategy), The Icebreaker is partnering with BDC to make sure Canadian dual use SMEs get to shape procurement going forward.
What’s Next: This survey is explicitly designed to capture financing pressure, procurement friction, certifications, cybersecurity requirements, export restrictions, long sales cycles, and the other real constraints SMEs face.
It runs March 24 to April 6, takes ~10 minutes, and will help governments and capital providers understand the challenges and support Canadian SMEs need to win in defence.
Bottom Line: Canada’s banks and policymakers have moved quickly to endorse multinational defence-finance vehicles, but Canadian defence SMEs still need reliable domestic credit channels, guarantees, and underwriting standards that treat lawful defence production as bankable.
If you want the system to work for Canadian dual use SMEs, you need to show up in the data. If Canadian dual use SMEs stay silent, then existing primes and foreign incumbents will define the market, the barriers, and the support agenda for them.
Stand up and be counted — take a few minutes to influence what support, capital, and market access look like next.
Related:
BDC expands Defence Platform to $6 billion and names a StrongNorth Fund leader
BDC leads negotiations as Canada hosts international partners to advance establishment of the Defence, Security and Resilience Bank
Canadian Defence Industry Resilience (CDIR) Program is opening new doors for companies ready to step into the defence and security market
Ottawa spending $1.4-billion to ramp up domestic ammunition production capacity. The Canadian Shield Institute weighs in, giving this announcement a 3 out of 10 sovereignty score:
Over $1 billion of the $1.4 billion investment will go to General Dynamics Canada, a subsidiary of the American defence company…
In areas like building nitrocellulose production capacity, a capability that our existing and vast wood pulp industry could meet with government support and partnership, there is no excuse to not direct the investment to a truly Canadian option.
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Dominion Dynamics is expanding our team and we’re looking for ambitious Canadians who want to build sovereign technology for the future of national defence.
🤝 Deal Corner
Defence Tech Exits: Swarmer, Merlin, and CSG
On March 17, Swarmer — a Ukrainian drone autonomy software company founded in 2023 — listed on Nasdaq and closed up 520% on its first day of trading. It now trades at a 1,000x revenue multiple — a remarkable achievement since revenues declined in 2025 even as losses quadrupled.
Simultaneously, Merlin — which designs autonomous flight systems — also had a successful IPO and raised $200M, valuing the company at $1B.
Related:
Kraken Robotics Announces $24 Million in Defence Orders; the company is also seeking new talent for its software department in all product areas
Is defence tech a ‘proper’ VC-backable vertical?
MDA Space wins $32-million contract to build telescopes for space surveillance
Brave1 packs rooms in the US with its Ukraine defence tech roadshow
15 defence startups to watch in 2026, according to VCs
US Navy and Hadrian Team Up on Alabama Submarine Facility
‘Cruise missile’ drones and low-cost Shahed knockoffs listed on Alibaba
Photonic names former Microsoft Xbox head Don Mattrick CEO… From dropping out of film school to leading Xanadu’s bold IPO, quantum trailblazer Christian Weedbrook is no stranger to calculated risks
Telesat shares soar on hopes for defence spending by Canada and allies
Defence and housing take centre stage at N3 Summit
Toronto Argonaut turned military outfitter wants Canadian Army to be ‘brilliant at the basics’
French-Italian VC 360 Capital raises €85m for deeptech fund backed by European defence prime… Becoming the First French Defence Unicorn
UK drone interceptor start-up in funding talks at $1bn-plus valuation
The Battlefield is the Next Betting Market
Enigma Emerges from Stealth
Silicon Valley Bet on War: The Bets are Paying Off
The Danger of Vibe Patriotism in Defence Tech
High-speed combat drone production starts at new US Anduril plant in days… Anduril has effectively become the gatekeepers for US counter drone tech
Arc has secured $50 million in Series C funding to scale production of electric tugs, ferries, and defence vessels
Rheinmetall Walked Away. Germany Should Take the Hint… Merz’s €600 Billion Defence Push Is Rippling Across Germany
Iran war puts Europe’s air defence startups in the spotlight: ‘The gap is impossible to ignore’
A Pentagon Sovereign Wealth Fund?
Only 1 Canadian company cracks Resilience’s 100 Startups to Watch in 2026
US procurement: Issues with the Ancient Arsenal Argument… SBIR’s Back and New PAEs… Navy unveils acquisition reform, establishes five more PAE organizations
How Defence Programmes Actually Shape Industrial Decisions
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Barrack Hill: Navigating Canada’s defence and procurement landscape with precision.
⚔️ Combat Readiness
Palantir’s Maven artificial intelligence system will become an official program of record
The designation marks a shift from earlier pilot programs and short-term contracts to a standardized capability expected to be deployed across the US armed forces. Programs of record typically receive stable, multi-year funding and are integrated across service branches, streamlining procurement and adoption.
Canada’s space commander reveals major threats to our sovereignty, security.
Space sovereignty for middle powers
Beyond Venture: Space Needs a Complete Capital Stack
The Defence Paradox in Earth Observation: The Enabler and the Hindrance… For Satellite Startups, War Pays Better Than Climate Change
Canadian Space Agency terminates Lunar Rover Mission in 2026-27 Plan
Why Canada Must Build Sovereign Launch Capability to Lead the Space Economy
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Security Compass aligns engineering outputs to SA&A security expectations with structured evidence and change-aware monitoring. Make reassessments simpler by showing what’s implemented, what changed, and what’s validated.
Iran roundup: Who Runs Out of Munitions First in Iran… Why the Blockade Won’t Hold — and What It Means for Prices… U.S. vs. Israel on battlefield tech… America goes on cyber-offence… Iran-backed Iraqi militia Saraya Awliya al-Dam released FPV drone footage showing their drone flying through the U.S. Embassy compound in Baghdad without activating any air defence systems… Pentagon Plans to Mass Produce Attack Drone Used in Iran War… A bootstrapped startup just bombed Iran:
AI warfare: How the Iran war could derail the AI boom… Saab and Cohere sign memorandum of understanding on advanced AI collaboration… Anthropic Denies It Could Sabotage AI Tools During War… AI Mission Planning Tools Are Coming: Your Pilots Are Not Ready to Use Them… US intelligence elevates AI as a top global threat in new report… Compute infrastructure will decide the next phase of the conflict
Canadian bacon: Canada Shifts From Peacekeeping to Building a Strong Military… Canada’s Industrial Transformation in the World Wars and What It Actually Teaches Us… Inside the Mountain Where Americans and Canadians Are Still Tight… CAF members safe after missile intercepted near Israel-Lebanon border… Colt Canada to deliver more than 65,000 rifles to Canadian troops in sped-up procurement process… Europe is eyeing France’s nuclear shield. Should Canada follow?… Why Canada needs a modern merchant fleet
China is after Canada’s pulp and paper industry – it’s a national-security issue
In 1982 there were approximately 100,000 people working simultaneously in the CANDU supply chain, thirteen reactors under construction domestically and internationally at a single point in time
Army ‘Very Close’ to Fully Fielding First US Hypersonic Missile… U.S. Army Receives DARPA’s Optionally Piloted H-60Mx Black Hawk
The U.S. Ammo Shortage Is Worse Than You Think… Magazine Breadth — Not Just Depth — Is Key to Munitions Industrial Base Resilience… Why the Ammunition Surge Is Stalled—and How to Fix It
Thought leadership: What is Deterrence at Scale?… UK publishes ‘future operating environments 2040’… Russia’s drone army is already here… Canada must play to win: From the Arctic to our economy, participation is no longer enough… Lofty goals, real constraints: Canada’s Defence Industrial Strategy… An Era of Global Rearmament and the U.S. Defence Industrial Base
Canada should mandate 70% domestic content on all major defence contracts, giving the Defence Investment Agency authority to enforce it and removing regulatory barriers to sole-sourcing Canadian suppliers
For decades, America used technology to offset mass. Today, that same technology is proliferating, eroding its advantage, and reshaping the character of warfare:
Drone wars: France Introduces Telecom-Based Counter-Drone Network Using 19,700 Towers to Protect Critical Assets… Why making a great drone isn’t enough… How low-cost drones are used in modern military strikes… Q&A with Chad McCoy, Firestorm Co-Founder and Chief Growth Officer… ‘Multiple waves’ of unauthorized drones recently spotted over strategic US Air Force base… The drone swarm is coming, and NATO air defences are too expensive to cope… Why Cheap Drones Destroy Expensive Things - And How to Deal with Them… In tiny Estonia, drones lead booming defence expansion
Arctic shelf: Ships Should Meet the Polar Code Before Entering Canadian Arctic… In Canada’s Frozen North, With Canada’s Frozen Soldiers… Carney’s depressing Arctic confession… Canada wants to build up its long-neglected Arctic. The hard question is how… Canada, the Nordics, and the New Arctic Industrial Base… Forging an Arctic Security Strategy: Why Canada Needs a Coherent Framework Now… Russia Builds $600M Arctic Military Communications Network with Drone Integration… In a more competitive Arctic, Canada’s influence hinges on investment
From the Ukrainian front: Zelenskyy gives King Charles iPad showing Ukraine’s battlefield and airspace situation; Ukraine offers protection to Europe… Ukraine Just Proved a $500 Drone Can Kill a $16M Helicopter… Saudi Arabia Turns to Ukraine for Air Defence Weapons Amid Iran Strikes… Ukraine commands NATO’s simulated enemy for first time in history at Portugal naval drills
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🔫 Hot Shots
Grey war: The US bans all new foreign-made network routers… Companies are now on the front lines of war. They need to act like it… Hackers have hacked into one of China’s main supercomputing centers
Odds & ends: In modern conflict, it’s not enough to be powerful; resilience under pressure is essential… Canadian companies make their case at Nvidia’s GTC conference… These Canadians are preparing for a US invasion… Mobilize by Palantir CTO Shyam Sankar and Defence Lead Madeline Hart is out… EA-18G Growlers Carrying Mixed Load Of Old And New Jamming Pods Are Flying Iran Missions… Australian Rare-Earths Miner Lynas Inks $96M Pentagon Deal
If you’ve got battlefield intel, classified tips, or just want to call in an airstrike on our typos, hit “reply” and sound off. Whether it’s a new tech sighting, a rumour from the mess hall, or feedback on our comms, we want your SITREP.
Thanks for a great review!
Action packed issue!