Welcome to The Arsenal Report

Where state policy meets capital investment.

In an era of shifting industrial policy and growing state-level competition, the defense sector faces new challenges and opportunities. From domestic production mandates to targeted investments, a new defense-industrial order is taking shape—driving strategic shifts in procurement, industrial resilience, and supply chains.

As a weekly blog on Substack, The Arsenal Report will provide a sharper understanding of these critical movements.

What You’ll Get This newsletter will focus on the nexus of state-level policy and defense-sector investment, covering:

• How state tax incentives and regulations affect defense supply chain resilience

• The impact of state-level workforce and talent development policies on industrial capacity, and stage-gov/private-sector partnerships such as the CAL FIRE/Sikorsky initiative

• Where private equity and venture capital are targeting defense-related technology and manufacturing

• How shifts in state legislative priorities affect military installations and regional economies

No fluff, no broad geopolitics. Just actionable, forward-looking analysis built for:

• Government affairs professionals

• Private equity investors in aerospace and defense

• Defense contractors and OEMs

• State and local policy strategists

Why This, Why Now? The old defense-industrial order is giving way to something new, with state policy at its core.

• Federal funding decisions are increasingly tied to state-level industrial policy.

• Private investment is flowing into states with favorable legislative and regulatory environments.

• Regional manufacturing hubs are being reshaped by talent pipelines and public-private partnerships.

The Arsenal Report closes the gap between:

• State policy movements and investment opportunities

• Budget decisions and deal flow

• Defense industrial policy and procurement transformation

What to Expect:

• Weekly briefings: 3–5 minute reads with charts and insights on key state-level developments.

• Deep dives: In-depth analysis on new legislation or major investment announcements.

• Premium features (coming soon): Briefings tailored for investors, supplier assessments, and strategy memos.

First Issue Drops Next Wednesday (Nov. 12) Here’s a sneak peek at what’s coming:

• Investment Hotspots: How the shift in defense spending from Virginia to Texas is creating new opportunities for private equity.

• Budget Watch: Who stands to win and who could lose in the DOD’s FY26 priorities.

• Space Race: Colorado sues Trump Administration to keep the US Space Command HQ in Colorado Springs.

Subscribe now and forward to anyone you think is interested in the intersection of policy, capital, and defense.

Subscribe to The Arsenal Report:

✍️ A little bit about your authors:

Jon Nauert is a private equity and operating executive with experience across aerospace and defense, healthcare, water infrastructure, and business services. A husband and father, he is a follower of Christ, a Teddy Roosevelt–style conservationist, a Duke alumnus and a Johns Hopkins student of Global Security and International Affairs.

Paul Roveda has a background in government, international affairs, and geopolitics. He lives in Brooklyn, NY, and in his free time he enjoys cycling, reading, and cheering for the New York Yankees.