• US military has fired more missiles than in any year since Desert Storm.
• Interceptor depletion is a major concern, with Patriot and THAAD stockpiles drawn down.
• The US government is increasing capacity and introducing competition to address the issue.
• The missile complex faces systemic constraints, including limited production capacity.

The US missile restocking crisis may indicate a shift in global defense priorities, with a focus on modern warfare and asymmetric threats. This could lead to increased investment in defense contractors and a reinvigoration of the supply chain, which suggests a potential boon for the industry, but also raises concerns about cost overruns and strategic risks.