Global military spending reached a record US$2.89 trillion in 2025, the highest level ever recorded by the Stockholm International Peace Research Institute (SIPRI) and an 11th consecutive year of growth. That sustained rise in government budgets has drawn investor attention to the companies that build military equipment, from fighter jets to autonomous drones. This article treats “defence stocks” not as a single trade but as two distinct groups. On one side sit the traditional primes: capital-intensive manufacturers with multi-decade contracts and large order backlogs. On the other sit newer defence-technology firms built around software and autonomy. The distinction is not too dissimilar from the one existing in the healthcare sector between traditional multinational pharmaceutical companies and high-growth biotech companies.  We explain what defines a defence stock, how the old and new segments differ, why the sector has attracted capital, the risks involved, and how investors in Singapore may access...