'With the invasion of Ukraine and the conflict in the Middle East, war has become a selling point'

T

he stock market is a reliable indicator of the state of the world. Its bubbles, crashes and fads reflect profound economic and political shifts. Over the past three decades, financial markets have followed the rhythm of new technologies (first the internet, then artificial intelligence), over-indebtedness or globalization. Today, the mirror of the world presents a darker image: with Russia's invasion of Ukraine in February 2022 and the conflict in the Middle East, war has become a selling point.

During the initial public offering (IPO) of the German arms supplier Vincorion at the Frankfurt Stock Exchange on March 20, 2026. JEAN-PHILIPPE LACOUR/AFP

Bloomberg reported on Monday, April 20, that two more defense companies were considering going public: Finland's Savox, a supplier of tactical communications systems, and Varjo Technologies, which specializes in virtual reality headsets for military training. They follow Czech-based CSG Group and German companies Gabler and Vincorion, which have recently joined European markets, and will be joined by French-German group KNDS. The manufacturer of the Caesar artillery gun is expected to debut on the Paris and Frankfurt stock exchanges before the summer. The company, which is 50% owned by the French state, could be valued at up to €25 billion, making it the largest IPO of the year in Europe, tied with CSG Group.