Anduril's "largest shipyard since WWII" is real. Arsenal-2, Sparrows Point near Baltimore: → $3.7B of Anduril's own capital → 2M+ sq ft, ~40 football fields → Navy contract worth $2.9B, paid on demonstrated production → Hiring in 2029, operations in 2030 Same site where Bethlehem Steel built Liberty ships in WWII. Hence the Baltimore clipper reference. Arsenal-2 builds Virginia-class components and modules. Torpedo tubes first, then bows and sterns. Final assembly stays with $GD Electric Boat and $HII Newport News. The Navy buys ~2 Virginia-class subs a year. Industry has been delivering ~1.1–1.2. The bottleneck is capacity, not demand. Anduril is adding a big new module supplier to take load off the two prime yards. ⚠️ Anduril has no heavy-industry track record. Nuclear-grade welding, certification and skilled labor are a different game from drones and software. ⚠️ 2030 is a long way out. Little help for sub deliveries this decade. ⚠️ "Largest since WWII" is about new build scale. WWII yards built whole ships. Who benefits (my read): $GD $HII: near term, relief. More outsourcing = faster deliveries. Long term, watch whether Anduril becomes a competitor for their module work. $BWXT: open up the hull bottleneck and the reactor becomes the next one. That's pricing power. Anduril is private, so you can't buy it. The bigger signal: defense tech is moving from drones and software into the primes' heavy-industry turf.