The recurring report "Don't bank on the bomb" shows that the number of financial institutions - such as banks, pension funds, insurance companies - that finance or invest in the nuclear weapons industry has increased by 15 percent, from 260 to 301 compared to the previous report.
For the first time in five years, the number of investors has increased. Share and fund values continue to rise. One surprise in this year's report is that we have seen more direct loans and underwriting to the nuclear weapons industry, says Susi Snyder at ICAN (International Campaign to Abolish Nuclear Weapons).
The report, which covers the period January 2023–September 2025, identifies 25 companies as involved in the nuclear weapons industry.
“The pressure is increasing”
Investors hold just over $709 billion, equivalent to approximately SEK 6,550 billion, in shares and funds in the 25 companies, which have been provided with approximately $300 billion in loans and guarantees during the same period. Both values have clearly increased.
Pressure has really increased on the financial sector to invest more in the defense industry in general, including lifting restrictions on manufacturers of indiscriminate or controversial weapons, such as nuclear weapons, Snyder says.
Among the 25 companies are weapons giants such as Northrop Grumman, but also companies that the average person might associate with other things, such as aircraft manufacturer Airbus.
They do more than just make nuclear weapons. And no investor says they want to fund nuclear weapons specifically, just as no one says they want to fund only artillery production. But general investments free up funds for other purposes, Snyder says.
Changed policy
A Swedish financial institution appears on the long list of financiers: SEB.
The large bank has appeared in previous reports. SEB responded to the magazine Syre in 2022 that loans to such companies are conditional on not being used for the development and production of nuclear weapons.
An argument Snyder dismisses.
It doesn't stop the problem with nuclear weapons, but it protects SEB's reputation.
Last year, SEB changed its policy to allow business relationships with companies in the nuclear weapons industry as long as those companies have their headquarters in a NATO country.
Snyder says the trend can be reversed, but is concerned about countries like Sweden.
The Swedish government used to be a very strong voice for nuclear disarmament and non-proliferation and I am concerned that it is no longer so.
The report “Don't bank on the bomb” is produced by the peace organization Pax and the anti-nuclear weapons organization ICAN. This year it is titled: “Investing in the Arms Race”. It covers the period January 2023–September 2025.
During that period, the following were found:
301 financial institutions that finance 25 companies in the nuclear weapons industry. In last year's report, there were 260 financial institutions and 24 companies.
Investments total just over $709 billion, equivalent to approximately SEK 6,550 billion, in shares and funds in those companies, an increase of almost $200 billion.
The largest investors are major US asset managers such as Vanguard, BlackRock and Capital Group.
The 25 companies have also received approximately $300 billion in loans and guarantees, an increase of $30 billion. Among lenders, the US is once again at the top, including Bank of America, JPMorgan Chase and Citigroup.
To be listed in the report as a financier, a holding of 0.5 percent or more of outstanding shares or bonds is required.
Sources: ICAN, Pax
