What if Software-defined entrants undercut legacy primes on cost and speed?
Anduril- and SpaceX-style new entrants win share with cheaper, faster systems, compressing legacy-prime growth expectations and pressuring incumbent multiples.
how we built this number — every step
The class rate is measured from our dated, sourced event library (decade-normalized Poisson — the full table is public at base_rates.json). The variant’s share within its class is the analyst’s editorial call, published so you can audit it. A wider range means thinner precedent. Full recipe: methodology · scored at Reality Check.
The butterfly cascade
How this trigger trickles across markets, left → right — the root shock, its first‑order moves, then the ripple effects. Drag any node; tap a market for its real price history.
Resolution timeline — how this probability is moving
Our model's odds (gold) over time vs the crowd's (Polymarket, blue), from the past toward the 1–3 years horizon. Each dot is a real macro event that nudged the probability — green pushed it up, red pushed it down. Tap a dot for the source. The gold path is an illustrative reconstruction anchored to today's estimate — real dated events, not a live re-estimate history.
What it would mean
If this plays out, it is a mixed shock. Anduril- and SpaceX-style new entrants win share with cheaper, faster systems, compressing legacy-prime growth expectations and pressuring incumbent multiples. The trigger decomposes into signed root‑shocks — Defense spending ▲ · Risk appetite ▼ — which propagate through our causal graph to the markets below.
If it happens — the markets it would move
Biggest moves first. Projected moves are cascade-model priors; hist A–B% = what comparable past events actually did (measured abnormal returns), and model prior · unmeasured marks markets with no analogue backing yet. Tap any market for its price history.
| Market | Class | Projected move | |
|---|---|---|---|
| 1 | Solana SOLon Hyperliquid 📈 chart | Crypto | ▼ -0.2% hist -1.05–+0.84% · other way +0.89% (n=12) |
| 2 | MicroStrategy MSTRon Hyperliquid 📈 chart | Equity | ▼ -0.2% hist -2.81–+5.82% · other way +26.92% (n=12) |
| 3 | Lockheed LMT 📈 chart | Equity | ▲ +0.2% hist -1.05–+2.32% · other way -3.24% (n=12) |
| 4 | Nasdaq 100 NDXon Hyperliquid 📈 chart | Index | ▼ -0.2% hist -0.18–+0.13% · other way -0.37% (n=12) |
| 5 | Northrop NOC 📈 chart | Equity | ▲ +0.2% hist -0.84–+2.0% · other way -1.37% (n=12) |
| 6 | Hyperliquid (HYPE) HYPEon Hyperliquid | Crypto | ▼ -0.2% model prior · unmeasured |
Probable recommendation
Historical precedent — what analogous events actually did
Across 38 analogous events (overlap‑weighted), as abnormal returns — market beta stripped, so it's the event's own effect, not the market backdrop. Shown at 20 days (persistent) and 5 days (immediate); ↺ fades = the two horizons disagree. Confidence = consistency × sample × significance.
| Asset | History says | Abnormal (20d · 5d) | Hit | n | Confidence | vs cascade |
|---|---|---|---|---|---|---|
| Volatility VIX | LONG | +6.2% · 5d +3.0% | 66% | 29 | 0.27 | · |
| High-yield credit HYG | SHORT | -0.6% · 5d -0.2% | 66% | 19 | 0.25 | · |
| MSTR MSTR | LONG | +5.8% · 5d -1.1% ↺ fades | 53% | 23 | 0.05 | ⚠ differs |
| NOC NOC | LONG | +1.9% · 5d +1.2% | 52% | 31 | 0.04 | ✓ matches cascade |
| 10y yield DGS10 | LONG | +2bp · 5d +5bp | 52% | 34 | 0.04 | · |
| Bitcoin BTC | SHORT | -4.2% · 5d -3.0% | 51% | 18 | 0.02 | · |
| SOL SOL | LONG | +1.1% · 5d -5.5% ↺ fades | 45% | 9 | 0.00 | ⚠ differs |
| LMT LMT | LONG | +2.2% · 5d +0.1% | 49% | 34 | 0.00 | ✓ matches cascade |
| NDX NDX | LONG | +0.2% · 5d -0.9% ↺ fades | 45% | 31 | 0.00 | ⚠ differs |
| Gold XAU | LONG | +0.5% · 5d -0.9% ↺ fades | 47% | 21 | 0.00 | · |
| US dollar DXY | SHORT | -0.1% · 5d +0.1% ↺ fades | 46% | 34 | 0.00 | · |