Rheinmetall is the archetype of a German defense conglomerate that’s been waiting decades for Berlin to finally rediscover its wallet. For years, they made armored vehicles, shells, and the occasional high-tech doodad while the Bundeswehr starved under post–Cold War “peace dividend” diets. Then Russia invaded Ukraine, Scholz mumbled about a Zeitenwende, and Rheinmetall suddenly went from dusty Mittelstand supplier to the darling of European rearmament. Their share price reacted like someone had just discovered that tanks still exist.

The company’s bread and butter is boring but indispensable: ammo, cannons, and vehicles that actually work. In a Europe where armies literally ran out of shells during training exercises, Rheinmetall suddenly became the only adult at the table. They’re scaling artillery production like it’s 1916, and governments are throwing money at them because no one else can do it at speed. The 155mm shell shortage? Rheinmetall practically owns the narrative. They’re positioning themselves as Europe’s arsenal, with factories sprouting in Germany, Hungary, Lithuania, and now even Ukraine, yes, they’re building plants inside the warzone, which is either bold or insane depending on your insurance premiums.

On the vehicle side, the Leopard 2 remains the poster child, even if Rheinmetall technically shares that market with KMW. But Rheinmetall has been clever: while politicians squabble about who gets to build the “next-gen European tank” (the MGCS project, perpetually stuck in PowerPoint hell), Rheinmetall keeps cranking out upgraded Leopards and selling them to anyone nervous about Russia. They’re also pushing the Lynx IFV, which has landed orders in Hungary and Australia, mostly because it’s modern, modular, and not French.

In aerospace and space-adjacent tech, Rheinmetall isn’t Airbus, but they’ve been creeping into sensors, air defense, and directed energy systems, the kind of high-budget R&D projects governments suddenly feel guilty about neglecting. Think less “let’s win contracts today” and more “let’s make sure Rheinmetall gets a seat when Europe pretends to build sovereign missile defenses in 2030.”

The political angle is what makes them interesting. German defense has always been allergic to urgency, but Rheinmetall figured out how to play public pressure and investor hype at the same time. Every press release about a new ammo plant isn’t just about production, it’s a message to Berlin: stop dithering, we’re already moving. They’re milking the contrast between “EU defense integration” (a slow-motion trainwreck) and “Rheinmetall will deliver in two years.” Investors love it, generals love it, bureaucrats hate it.

The risk, of course, is that this boom looks suspiciously like a bubble. If Ukraine’s war freezes into a stalemate and U.S. politics pulls support, Europe might quietly go back to its old habits, underfunding defense while making big speeches. Rheinmetall will still sell shells and tanks, but not at today’s manic pace. They’re riding the wave of urgency now, but history suggests the continent is very good at hitting the brakes once the headlines fade.