Investments in Nuclear Weapons Production Rise Sharply
Campaigners warn that the trend could accelerate already growing military expenditures at a time when multiple regions are experiencing active or escalating conflicts. They also argue that long-standing efforts toward nuclear disarmament are weakening.
A report released by the International Campaign to Abolish Nuclear Weapons (ICAN), which was awarded the Nobel Peace Prize, together with the organization PAX, found that a growing number of banks, pension funds, insurers, and other financial actors are investing in firms linked to nuclear weapons manufacturing.
As of September 2025, the report identified 301 financial institutions with ties to companies involved in nuclear arms production. This represents a 15% increase compared to the previous year, reversing a previous downward trend.
A senior ICAN official described the development as a worrying shift, saying that increasing financial involvement in nuclear weapons production contributes to heightened global risks. The official added that attempts to profit from such industries ultimately support further escalation.
The report notes that the nine countries possessing nuclear weapons — Russia, the United States, China, France, the United Kingdom, Pakistan, India, Israel, and North Korea — are all actively modernizing their arsenals, with some also expanding their capabilities.
It also highlights broader concerns that rising demand for nuclear weapons is being driven by ongoing military tensions across Europe, Asia, and the Middle East.
Adding to concerns over arms control, the report points out that in February the New START agreement — the last remaining treaty limiting deployed nuclear warheads between Russia and the United States — expired, further weakening the global nuclear disarmament framework.
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