Investments in companies connected to nuclear weapons production are on the rise, prompting anti-nuclear organisations to warn the trend could contribute to a renewed global arms race.
According to the International Campaign to Abolish Nuclear Weapons (ICAN) and the group PAX, a growing number of financial institutions are backing firms involved in the development and maintenance of nuclear arsenals. The published findings come at a time of heightened geopolitical tensions and increasing military spending worldwide.
The report cites 301 banks, pension funds, insurance companies, and other financial actors that had investments or provided financing to such companies as of September 2025. This represents a 15% increase compared to the previous year.
Susi Snyder, programme director at ICAN and a contributing author of the report, claims
For the first time in years, the number of investors trying to profit from an arms race is on the rise.
This is a short term and risky strategy that contributes to a dangerous escalation.
Snyder warns that it is “impossible to profit from an arms race without feeding one.”
The report highlights that the world’s nine nuclear-armed states—including the United States, Russia and China—are continuing to modernise and, in some cases, expand their arsenals. It says this, in turn, is driving demand for companies involved in nuclear weapons production.
