The defense debate has quietly flipped. The question is no longer whether governments will spend. It's whether the factories can keep up. NATO members committed to 5% of GDP on defense by 2035, up from 2%, a generational increase funded by multi-year government budgets. The money is real and it is contracted. But the orders are now landing faster than the industrial base can fill them. Look at the order books. One of Europe's largest defense manufacturers just reported a record backlog near 80 billion euros. A leading European sensor and radar maker crossed 10 billion for the first time in its history, with order intake doubling in a single half-year. In the US, the Navy signed a $22.9 billion deal simply to take one missile's annual production from about 60 to more than 1,000. Read those together and the constraint is obvious. As one defense CEO put it this summer, the bottleneck is no longer the budget. It is industrial capacity. That is the real case for defense infrastructure. The durable opportunity isn't a single platform or prime contractor. It is the production capacity, the munitions lines, the sensors, and the critical materials that all of this scaling actually runs on. When demand outruns supply for years, the value accrues to whoever can build. $AMMO the Defense Infrastructure ETF