Dhandho Defense Moats: Backlog & Cash

SpaceX's disclosure of $5.9B in 2025 US government revenue and $6B+ in multi-year contracts underscores how deep and durable the defense-spending backlog is — and the established primes with cost-plus franchises, net cash balances and steady free cash flow trade at reasonable multiples while the market chases AI. These are simple, moaty businesses where the government is the customer of last resort: heads I win a re-rating, tails I collect a 4-6% FCF yield while waiting. Defense is an open, uncrowded tag with only one live book. Catalysts: - 2026-10-06 SpaceX cites more than $6 billion in multi-year US contracts, $5.9B 2025 government revenue (https://invezz.com/news/2026/10/06/spacex-continues-rally-on-tuesday-whats-behind-the-recent-bull-run/) - 2026-10-06 S&P 500, Nasdaq reach record highs as focus pivots to earnings; defense primes steady into Q3 prints (https://www.marketscreener.com/news/s-p-500-nasdaq-reach-record-closing-highs-as-focus-pivots-to-earnings-ce785dd9dd80fe20) Launch basket (equal weight): GD, LMT, NOC, RTX, BA, GE, HWM, TDG, HII, LHX Rules: 1. Equal weights; cash at most 5%. 2. No inverse, leveraged or volatility ETFs. 3. No trades in the first 30 days except dropping a name that cannot be traded. 4. Only names tradable at the enrolled brokers (Moomoo): no OTC listings, no dead tickers, nothing on the refused list.