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.
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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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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.
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For decades, America used technology to offset mass. Today, that same technology is proliferating, eroding its advantage, and reshaping the character of warfare:
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🔫 Hot Shots
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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.