A new report from Pax and Ican shows the number of financial institutions investing in the nuclear weapons industry has risen 15 percent to 301. Stock and fund investments now total over 709 billion dollars. “This is the most dangerous time in my life regarding nuclear weapons,” says ICAN program director Susi Snyder.
Pax and Ican have released the annual report “Don’t bank on the bomb”, subtitled “Investing in the Arms Race”. Covering January 2023 to September 2025, it identifies 25 companies involved in the nuclear weapons industry. The number of financial institutions, such as banks, pension funds, and insurers, rose from 260 to 301—the first increase in five years.
Investors hold over 709 billion dollars, equivalent to about 6,550 billion kronor, in stocks and funds in these companies. The firms also received roughly 300 billion dollars in loans and guarantees, up 30 billion dollars. Top investors include U.S. asset managers Vanguard, Blackrock, and Capital Group; lenders feature Bank of America, JPMorgan Chase, and Citigroup.
Companies include arms giants like Northrop Grumman and Airbus. “Pressure has increased on the finance sector to invest more in defense, including nuclear weapons,” says Susi Snyder. Swedish bank SEB appears on the list after changing policy last year to allow dealings with firms headquartered in NATO countries.
Snyder dismisses SEB’s prior loan conditions: “It protects SEB’s reputation but doesn’t stop the nuclear weapons problem.” She expresses concern over Sweden’s government: “It used to be a strong voice for disarmament, but no longer.”