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“ 200 companies in the S&P 500 had more revenue last year than did SpaceX. This includes Tesla, whose sales were five times higher”

that should justify a valuation five times the one of Tesla.

Rheinmetall plans to start producing “deep strike” weapons for Germany and other nations as early as this year as Europe races to fill capability gaps in its plans to deter Russia. The German arms group said its new joint venture with Dutch defence start-up Destinus, announced last month, would start production late this year or in early 2027.

Rheinmetall Destinus Strike Systems will produce cruise missiles as well as ballistic rocket artillery, the company said as it published its quarterly results on Thursday, with the aim of meeting the demands of Germany and international customers. Destinus, founded in 2021, last month said that it had completed a successful test flight of its new deep-strike system, Ruta Block 2. With a stated range of 700km or more, the missile has a significantly shorter reach than weapons such as the Tomahawk land and naval-based cruise missiles that were due to be deployed to Germany by the US this year. But US President Donald Trump on Friday cancelled the Biden-era plan, which had been aimed at providing Europe with the ability to strike targets inside Russia.

The abrupt U-turn has prompted Berlin and other European capitals to step up their efforts to acquire stopgaps and accelerate projects to develop their own deep precision-strike capabilities. Destinus already supplies cruise missiles to Ukraine and was last month named by Russia’s defence ministry on a list of possible targets because of its role in providing Kyiv with weapons. The new joint venture marks the German group’s first move into producing cruise missiles, muscling in on a market whose dominant regional player is the pan-European group MBDA. Traditionally a maker of tanks, artillery and ammunition, Düsseldorf-based Rheinmetall has been expanding across domains as it harnesses a surge in European defence spending.