The world's top 100 arms-producing and military services companies recorded a combined revenue of $679 billion in 2024, with U.S. firms accounting for $334 billion – nearly half of the total – according to a report released by the Stockholm International Peace Research Institute (SIPRI) on Monday.

The report found that revenues of the top 100 companies rose 5.9 percent year on year in 2024, driven mainly by firms in Europe and the United States. The 39 U.S. companies on the list saw their collective revenue grow 3.8 percent to $334 billion. SpaceX entered the Top 100 for the first time, with arms sales reaching $1.8 billion, double its 2023 figure.

According to SIPRI, the global revenues for arms-producing and military services hit the highest level on record last year, fueled by the Russia-Ukraine conflict, the Israel-Palestine conflict, rising geopolitical tensions worldwide and increasing military spending by many countries.

Founded in 1966, SIPRI is an institute dedicated to research on arms control and disarmament.