Space, defense and state enterprises
184 companies assessed. 65 of them, 35.3%, sit in the two least protected bands, against 53.3% across all 10,525 companies assessed.
The picture
Space, defense and state enterprises split into two very different worlds right now. On one side sit the state-owned giants with legal monopolies or near-monopolies: China's CNNC, CASC, CASIC and CETC, along with Rafael, Naval Group, and BWX Technologies. These companies build nuclear submarines, missile systems, and reactor cores that only one or two entities on earth are licensed to produce. Nobody is taking their customers because there is nowhere else for those customers to go. On the other side sit commercial space and satellite companies that thought they had defensible businesses and are now watching SpaceX, Anduril, ICEYE, and China's own private launchers eat into their share. Blue Origin, Viasat, SES, Telesat, and Eutelsat are all losing ground to Starlink's launch cadence and broadband reach. Kratos and AeroVironment are losing head-to-head drone contracts to Anduril and Shield AI. Maxar and Capella are losing imaging deals to ICEYE's faster-scaling constellation. The one thing deciding who survives is whether a company's business depends on a government-granted monopoly or on winning open competitions against faster-moving private rivals. Monopoly status is holding up fine. Competitive markets in launch, satellite broadband, imaging, and autonomous systems are being reshuffled hard, and several small players (Orbex, Rebellion Defense, ABL Space) have already folded or lost their footing entirely.
All 184 companies, most protected first
| Company | Standing |
|---|---|
| Aselsan Turkey's state-backed maker of missiles, radar, EW and air-defense systems for its own military and exports | Hard to displace |
| Astra Microwave Products Indian maker of RF and microwave hardware for defense radar, EW and space systems | Hard to displace |
| Bharat Electronics State-owned Indian maker of defense radar, sonar, and communication electronics | Hard to displace |
| BWX Technologies Sole US builder of naval nuclear reactor cores and fuel for the Navy | Hard to displace |
| CAE Inc. CAE builds and operates full-flight simulators and training systems for airlines and defense forces | Hard to displace |
| China Aerospace Science and Industry Corporation (CASIC) State-owned Chinese conglomerate holding the legal monopoly on PLA missile production | Hard to displace |
| China Aerospace Science and Technology Corporation China's state-owned prime for rockets, missiles, and crewed spaceflight | Hard to displace |
| China Electronics Corporation (CEC) State-owned Chinese conglomerate building chips, defense electronics, and IT systems | Hard to displace |
| China Electronics Technology Group Corporation (CETC) State-owned Chinese conglomerate building defense electronics, radar, and PLA systems | Hard to displace |
| China National Nuclear Corporation (CNNC) State-owned Chinese nuclear operator, one of only two entities licensed to run reactors and build weapons | Hard to displace |
| Cochin Shipyard India's leading state-controlled shipbuilder, the only yard that has built an aircraft carrier | Hard to displace |
| Codan Limited Australian maker of tactical radios, soldier-network hubs, and metal detectors for defense and safety | Hard to displace |
| Curtiss-Wright Corporation Maker of certified components for military jets, submarines, and nuclear reactors | Hard to displace |
| Daicel Corporation Japanese chemicals maker: airbag inflators, LCP/POM plastics, cellulose acetate | Hard to displace |
| Dassault Aviation French builder of Rafale fighter jets and Falcon business jets | Hard to displace |
| Data Patterns (India) Limited Indian designer of radar, electronic warfare, and test systems for defense and space | Hard to displace |
| Diehl Defence German maker of IRIS-T missiles and guided air-defense systems for NATO nations | Hard to displace |
| Elbit Systems Israeli maker of defense electronics, sensors, and weapons systems for militaries worldwide | Hard to displace |
| FN Herstal Belgian state-owned maker of military and police small arms, rifles, and weapon systems | Hard to displace |
| FNSS Defence Systems Turkish maker of tracked and wheeled armored vehicles, wholly owned by Nurol Holding | Hard to displace |
| Garden Reach Shipbuilders & Engineers State-owned Indian shipyard building warships and support vessels for the Navy | Hard to displace |
| General Atomics Private defense prime that builds MQ-9 Reaper drones and other military aircraft | Hard to displace |
| Hanwha Systems South Korean defense electronics maker building radars, missiles, satellites for the military | Hard to displace |
| Havelsan Turkish state-owned defense software firm building C4ISR, simulators, and military AI systems | Hard to displace |
| Hensoldt German maker of radar, EW, and optronics for Eurofighter, IRIS-T, naval and land platforms | Hard to displace |
| Hindustan Shipyard Limited State-owned Indian shipyard building naval ships and submarines for the government | Hard to displace |
| Honeywell Aerospace Tier-1 supplier of avionics, engines, and aircraft systems, spun off from Honeywell in June 2026 | Hard to displace |
| Hyundai Rotem South Korean maker of K2 tanks, armored vehicles, and trains for export and home | Hard to displace |
| ICEYE ICEYE runs a fleet of radar satellites that image Earth through clouds and darkness for governments and insurers. | Hard to displace |
| IHI Corporation Japanese industrial group building jet engines, defense hardware, and space and infrastructure gear | Hard to displace |
| Israel Aerospace Industries Israeli state-owned maker of missiles, radar, drones and air defense systems like Arrow and Barak | Hard to displace |
| Israel Weapon Industries (IWI) Israeli maker of military rifles like the Tavor and Negev, tied closely to the IDF. | Hard to displace |
| Kongsberg Gruppen Norwegian maker of NASAMS air defense, NSM/JSM missiles, and naval sensors | Hard to displace |
| Korea Aerospace Industries South Korea's state-backed maker of fighter jets, trainers, and helicopters | Hard to displace |
| Korea Shipbuilding & Offshore Engineering (KSOE) South Korean shipbuilder building commercial vessels and naval ships for Korea and allied navies | Hard to displace |
| Korean Air Aerospace Division Korean Air's aerospace arm builds military drones and MRO, and supplies Boeing/Airbus structural parts | Hard to displace |
| Larsen & Toubro Defence L&T's defence arm builds artillery, tanks, submarines, and missiles for India's military | Hard to displace |
| Leonardo DRS US defense electronics maker building sensors, radar, and infrared systems for military platforms | Hard to displace |
| Leonardo S.p.A. Italian aerospace, defense, and security company building helicopters, jets, satellites, and defense electronics | Hard to displace |
| LIG Nex1 South Korean maker of missiles, radar, and air-defense systems for the military | Hard to displace |
| Mazagon Dock Shipbuilders State-owned Indian shipyard building navy destroyers and submarines | Hard to displace |
| MBDA Tri-national European missile maker owned by Airbus, BAE, and Leonardo, arming 90+ militaries | Hard to displace |
| Mercury Systems Makes secure embedded processing and RF hardware for military jets, radar, and missiles | Hard to displace |
| Mishra Dhatu Nigam (MIDHANI) State-owned Indian maker of special metal alloys for defense, space, and nuclear programs | Hard to displace |
| Moog Inc. Moog makes precision motion control hardware for aircraft, defense, and space systems | Hard to displace |
| Nammo Norwegian-Finnish maker of ammunition, rocket motors, and missile propulsion systems | Hard to displace |
| Naval Group French state-majority builder of nuclear submarines and frigates for France and allies | Hard to displace |
| NewSpace India Limited Government-owned company that sells ISRO rocket launches and satellites to commercial and defence customers | Hard to displace |
| Otokar Turkish maker of armored military vehicles and buses, majority owned by Koç Holding | Hard to displace |
| Patria Finnish maker of armored vehicles, F-35 parts, and F135 engines for NATO militaries | Hard to displace |
| Planet Labs PBC Planet Labs runs 200+ satellites that image nearly all of Earth's land daily and sells that data. | Hard to displace |
| PT PAL Indonesia Indonesia's state-owned shipyard building navy frigates, submarines, and export warships | Hard to displace |
| QinetiQ Group UK defense company running physical test ranges and engineering services for the MoD and allies | Hard to displace |
| Rafael Advanced Defense Systems Israeli state-owned maker of Iron Dome, Iron Beam, TROPHY, and SPIKE missile systems | Hard to displace |
| Rheinmetall AG Germany's largest defense prime, making tanks, ammunition, and now warships | Hard to displace |
| Roketsan Turkish state-backed maker of missiles, rockets, and loitering munitions | Hard to displace |
| Saab AB Swedish defense maker of Gripen jets, GlobalEye radar planes, and submarines | Hard to displace |
| Sierra Nevada Corporation Private defense contractor building sole-source military aircraft and electronics systems | Hard to displace |
| Sky Perfect JSAT Corporation Japan's largest satellite operator, running GEO fleet, pay-TV, and defense links | Hard to displace |
| Solar Industries India Indian maker of industrial explosives and defense munitions like Pinaka rockets and BrahMos boosters | Hard to displace |
| ST Engineering Singapore's state-backed defense, aerospace MRO, and urban engineering conglomerate | Hard to displace |
| STM Defence Turkey's state-designated systems integrator for naval, drone, and C4ISR defense programs | Hard to displace |
| Tata Advanced Systems Tata Group's defense and aerospace manufacturer building fighter parts, aircraft, drones, and armored vehicles | Hard to displace |
| Teledyne Technologies Makes sensors, imaging systems and instruments for defense, aerospace and industrial customers | Hard to displace |
| Turkish Aerospace Industries Turkey's state-owned prime building fighter jets, helicopters, drones, and trainers | Hard to displace |
| Adani Defence & Aerospace Adani's defense arm building fighters, munitions, and drones for India's military. | Defensible for now |
| Aerospace Industrial Development Corporation Taiwan's sole builder of indigenous military jets and trainer aircraft | Defensible for now |
| ArianeGroup Franco-German rocket and missile motor maker behind Ariane 6 and France's M51 | Defensible for now |
| Austal Australian shipbuilder building naval and defense vessels for the US, Australian, and allied navies | Defensible for now |
| Aviation Industry Corporation of China (AVIC) China's state-owned aerospace giant and sole legal builder of PLA military aircraft | Defensible for now |
| Avio S.p.A. Italian maker of Vega rocket engines and solid propellant for European and US defense | Defensible for now |
| Baykar Turkish maker of Bayraktar combat drones, world's top UCAV exporter for 3 years | Defensible for now |
| Bharat Dynamics Limited India's state-owned maker of missiles, torpedoes, and Akash/Astra weapon systems | Defensible for now |
| Canon Electronics Japanese maker of document scanners, precision motors, and small CE-SAT satellites, now a Canon Inc. subsidiary | Defensible for now |
| Castelion Startup building low-cost, mass-produced hypersonic missiles for the US military | Defensible for now |
| China South Industries Group Corporation State-owned Chinese maker of ordnance, artillery, and armored vehicles | Defensible for now |
| China State Shipbuilding Corporation (CSSC) World's largest shipbuilder, building navy and commercial vessels for China at massive scale | Defensible for now |
| Embraer Defense & Security Brazilian defense arm building the C-390 military transport jet and other combat aircraft | Defensible for now |
| Exail Technologies French maker of naval navigation systems, gyroscopes, and underwater drones | Defensible for now |
| Exolaunch German maker of satellite deployment hardware for SpaceX and other rideshare launches | Defensible for now |
| Fincantieri Italian state-backed builder of warships and cruise ships, 230 years in business | Defensible for now |
| Gilat Satellite Networks Israeli maker of satellite ground terminals for aviation, defense, and operators | Defensible for now |
| Hanwha Aerospace South Korean maker of K9 howitzers, Chunmoo rockets, and other defense hardware | Defensible for now |
| Hanwha Ocean South Korean shipbuilder making LNG carriers, tankers, and naval vessels, formerly DSME | Defensible for now |
| Hanwha Techwin Maker of security cameras, video analytics, and chip-packaging equipment under Hanwha Group | Defensible for now |
| HawkEye 360 Runs satellites that detect and map radio signals for militaries and governments | Defensible for now |
| Hindustan Aeronautics Limited State-owned Indian aerospace maker of fighter jets, helicopters, and engines for the military | Defensible for now |
| Impulse Space Builds orbital transfer vehicles (Mira, Helios) that move satellites once they reach space | Defensible for now |
| KNDS Franco-German maker of Leopard 2 and Leclerc tanks, artillery, and armored vehicles | Defensible for now |
| Muon Space Builds and flies custom satellite constellations for defense and climate customers | Defensible for now |
| NanoAvionics Lithuanian maker of small satellite buses, majority owned by Kongsberg since 2022 | Defensible for now |
| Navantia Spain's 100% state-owned naval shipbuilder, building submarines, frigates, and warships | Defensible for now |
| Norinco Group State-owned Chinese maker of tanks, ammunition, and military ordnance for the PLA and export buyers | Defensible for now |
| OHB SE German satellite and space systems maker, prime contractor for ESA and German defense programs | Defensible for now |
| Oshkosh Defense Builds the Army and Marine Corps light tactical trucks like the JLTV and Humvee replacement | Defensible for now |
| Paras Defence and Space Technologies Indian maker of defense/space optics, periscopes, and space-mirror systems for ISRO and DRDO | Defensible for now |
| Poongsan Corporation South Korean maker of artillery shells and copper coin blanks, dominant at home | Defensible for now |
| Saronic Technologies Saronic builds autonomous surface vessels for the US Navy and allied navies | Defensible for now |
| Terran Orbital Small-satellite and CubeSat builder, now a wholly owned Lockheed Martin subsidiary | Defensible for now |
| Thales Alenia Space Franco-Italian satellite builder, JV of Thales and Leonardo, serves sovereign and institutional space programs | Defensible for now |
| ThyssenKrupp Marine Systems (TKMS) German builder of non-nuclear submarines and naval systems, spun off from thyssenkrupp in 2025 | Defensible for now |
| Vannevar Labs Builds AI software that reads and analyzes foreign intelligence data for the US military | Defensible for now |
| Zen Technologies Indian maker of military training simulators and anti-drone systems | Defensible for now |
| Almaz-Antey State-owned Russian monopoly making S-300/S-400/S-500 air defense missile systems | Protection under test |
| Antrix Corporation State-owned satellite and launch services arm of India's space agency ISRO | Protection under test |
| Arianespace French rocket operator that flies Europe's Ariane 6 for government and commercial satellite launches | Protection under test |
| Astranis Astranis builds small, cheaper geostationary satellites for broadband and government use. | Protection under test |
| AviChina Industry & Technology Hong Kong-listed maker of Chinese military helicopters and aircraft, majority owned by AVIC | Protection under test |
| China Aerospace International Holdings HK-listed CASC unit making PCBs, LCDs, chargers, plastics, plus a bleeding Shenzhen property arm | Protection under test |
| Globalstar Globalstar runs satellite spectrum and IoT/MSS services, powering Apple's Emergency SOS, being bought by Amazon | Protection under test |
| Iridium Communications Satellite phone and IoT network operator now being bought by Rocket Lab. | Protection under test |
| K2 Space K2 Space builds high-power satellite buses for defense and commercial customers | Protection under test |
| Kratos Defense & Security Solutions Builds low-cost military drones, target jets, and satellite ground systems for defense. | Protection under test |
| Loft Orbital Builds and flies shared satellites so others skip owning hardware | Protection under test |
| Poly Technologies State-owned Chinese conglomerate trading arms and defense gear across roughly 100 countries | Protection under test |
| Rostec State-owned Russian conglomerate of ~800 firms making tanks, planes, and arms for Russia | Protection under test |
| Second Front Systems Second Front helps commercial software companies get security clearance to sell to the Pentagon and NATO | Protection under test |
| Skyrora UK rocket maker building small satellite launch vehicles, no orbital flight yet | Protection under test |
| Varda Space Industries Builds reentry capsules for in-space manufacturing and hypersonic test flights | Protection under test |
| AeroVironment Maker of Switchblade loitering munitions and drones, now merged with BlueHalo for autonomy and space tech | Losing its protection |
| Agnikul Cosmos Indian startup building 3D-printed rocket engines for small satellite launches | Losing its protection |
| AST SpaceMobile Builds satellites that let ordinary phones connect directly to space, no dish needed | Losing its protection |
| Astra Space US maker of small rockets and satellite propulsion engines, once bankrupt, now rebuilding | Losing its protection |
| Astrobotic Technology US lunar lander builder, now Voyager Lunar Systems, still chasing its first Moon landing | Losing its protection |
| Astroscale Holdings Japanese company that inspects, refuels, and removes dead satellites and debris from orbit | Losing its protection |
| Axiom Space Builds private crewed space missions and is developing a commercial replacement for the ISS | Losing its protection |
| Bellatrix Aerospace Indian startup building electric and green propulsion thrusters and orbital transfer vehicles for satellites | Losing its protection |
| BlackSky Technology Runs a real-time satellite imagery constellation for government and defense intelligence | Losing its protection |
| Blue Origin Private rocket and lunar lander company founded by Jeff Bezos in 2000 | Losing its protection |
| Capella Space US satellite radar imaging company, ITAR-certified, now an IonQ subsidiary | Losing its protection |
| China Great Wall Industry Corporation (CGWIC) State-owned Chinese broker for commercial satellite launches and space exports, under CASC | Losing its protection |
| China Satellite Communications Co. (China Satcom) State-owned operator running China's GEO satellite fleet for broadcast and data links | Losing its protection |
| China Spacesat Co., Ltd. State-owned satellite maker building China's BeiDou and Guowang spacecraft, listed in Shanghai | Losing its protection |
| ClearSpace Swiss startup building spacecraft to capture and remove dead satellites from orbit | Losing its protection |
| Cubic Corporation Private-equity-owned maker of defense training systems and transit fare-payment hardware | Losing its protection |
| D-Orbit Italian builder of orbital transfer vehicles that ferry and place satellites in space | Losing its protection |
| Dhruva Space Indian satellite systems maker building small satellites and space hardware | Losing its protection |
| Electro Optic Systems Australian maker of remote weapon systems, counter-drone defense, and space tracking tech | Losing its protection |
| Epirus Epirus builds solid-state high-power microwave weapons that fry drone swarms electronically. | Losing its protection |
| Eutelsat Group French satellite operator running GEO TV broadcast plus OneWeb's LEO connectivity network | Losing its protection |
| Firefly Aerospace Builds small rockets and Moon landers for NASA, DoD, and commercial satellite customers | Losing its protection |
| Gilmour Space Technologies Australian rocket maker building the Eris orbital launch vehicle and Bowen spaceport | Losing its protection |
| Hermeus Builds unmanned, reusable hypersonic aircraft and engines for the US military | Losing its protection |
| HyImpulse Technologies German startup building hybrid-propulsion rockets for sovereign European launch | Losing its protection |
| Intuitive Machines Builds robotic lunar landers and space infrastructure for NASA and commercial buyers | Losing its protection |
| Isar Aerospace German startup building the Spectrum rocket for small satellite launches from Europe | Losing its protection |
| ispace Inc. Japanese company building robotic landers to deliver cargo and do business on the moon | Losing its protection |
| Kepler Communications Kepler builds a laser-linked satellite network that relays data between orbit and ground for governments and companies | Losing its protection |
| Maxar Technologies Vantor (ex-Maxar) sells satellite imagery and geospatial intel mainly to US and allied defense agencies | Losing its protection |
| Momentus Inc. Builds and flies orbital transfer vehicles that move satellites to final orbits | Losing its protection |
| MTAR Technologies Indian precision manufacturer making exotic-metal parts for nuclear, space, and defense hardware | Losing its protection |
| Mynaric German laser satellite-communication terminal maker, now a Rocket Lab subsidiary | Losing its protection |
| PLD Space Spanish startup building reusable rockets to launch small satellites to orbit | Losing its protection |
| Poly Group Chinese state conglomerate spanning defense trading, real estate, and art auctions | Losing its protection |
| Redwire Space Builds spacecraft components and in-space manufacturing hardware for government and commercial satellites | Losing its protection |
| Rocket Factory Augsburg German startup building RFA ONE, a small orbital rocket that has never flown | Losing its protection |
| Rocket Lab Builds and flies small Electron rockets, developing medium-lift Neutron, buying Iridium | Losing its protection |
| Satellogic Small satellite operator selling Earth imagery and analytics to defense and government buyers | Losing its protection |
| SES S.A. Luxembourg satellite operator running GEO and MEO fleets after buying Intelsat, chasing government and aviation contracts | Losing its protection |
| Sierra Space Builds the Dream Chaser spaceplane and orbital space habitats for NASA and defense | Losing its protection |
| Skydio Skydio builds autonomous drones for defense, public safety, and infrastructure inspection. | Losing its protection |
| Skyroot Aerospace Indian startup building small orbital rockets, first private Indian company to reach orbit | Losing its protection |
| Spire Global Runs 100+ small satellites collecting weather, RF, and tracking data for governments and firms | Losing its protection |
| Stoke Space Builds Nova, a fully reusable orbital rocket, still pre-flight and pre-revenue | Losing its protection |
| Telesat Canadian satellite operator building sovereign-grade LEO network while its GEO business shrinks and debt looms | Losing its protection |
| True Anomaly Builds autonomous spacecraft that chase, inspect, and intercept satellites in orbit | Losing its protection |
| Ukroboronprom State-owned Ukrainian conglomerate building weapons for the war against Russia | Losing its protection |
| Umbra Umbra builds SAR satellites and sells radar imagery to US defense and intelligence agencies. | Losing its protection |
| United Aircraft Corporation (UAC) State-owned Russian aerospace holding making Sukhoi, MiG, Tupolev, Irkut jets for the military and Aeroflot | Losing its protection |
| United Launch Alliance Boeing-Lockheed joint venture that builds and launches Atlas/Vulcan rockets for US defense and NASA | Losing its protection |
| Ursa Major Technologies Makes rocket engines and solid motors for defense and space launch | Losing its protection |
| Vast Space Vast builds commercial space stations, aiming to replace the ISS with Haven-1 and Haven-2 | Losing its protection |
| Viasat Satellite communications company serving defense and commercial aviation, maritime, and broadband customers | Losing its protection |
| Voyager Technologies Space hardware and defense contractor betting its future on a NASA space station project | Losing its protection |
| Walchandnagar Industries Heavy engineering firm forging components for ISRO rockets and DRDO missiles | Losing its protection |
| World View Enterprises Stratospheric balloon company for defense and surveillance, now owned by Ondas Inc. | Losing its protection |
| York Space Systems York builds small satellite buses for the Space Development Agency and commercial buyers | Losing its protection |
| Zhuhai Orbita Aerospace Technology Chinese satellite maker and chip firm, renamed from Orbita to Zhuhai Aerospace Microchips | Losing its protection |
| ABL Space Systems Long Wall, ex-ABL Space Systems, builds Cyclops missile interceptors after rocket failures | Little protection left |
| Motor Sich Ukrainian maker of Soviet-legacy aircraft, helicopter and drone engines, nationalized under martial law | Little protection left |
| Orbex UK vertical-launch rocket startup that folded before reaching orbit | Little protection left |
| Phantom Space Corporation Early-stage US small launch and satellite builder that has never reached orbit | Little protection left |
| Rebellion Defense AI software maker selling analytics and mission tools to the US military | Little protection left |
| Virgin Galactic Virgin Galactic flies paying customers to suborbital space on SpaceShipTwo/Delta rockets | Little protection left |
Questions people ask
- Will SpaceX put satellite companies like Viasat and SES out of business?
- Both are already losing customers to Starlink's lower-latency LEO broadband, with Viasat's communication revenue slipping and Telesat's GEO utilization down to 55%. They still have government and enterprise contracts, but the pressure is real and growing.
- Is Blue Origin falling behind SpaceX in the space race?
- Yes on launch volume, SpaceX flew 85 Falcon 9 missions and holds $5.92B in NSSL contracts versus Blue Origin's $2.39B, while New Glenn is still working through reliability issues.
- Are Chinese state defense companies safe from AI-era disruption?
- Companies like CNNC, CASC, CASIC and CETC hold legal monopolies on things like nuclear weapons and PLA missile production, so there's no visible customer loss or competitive threat in the evidence.
- Why is Kratos Defense losing ground to Anduril?
- Anduril and General Atomics won the flagship USAF Collaborative Combat Aircraft production award over Kratos, and Shield AI and Collins Aerospace took the autonomy software layer Kratos was excluded from.
- What happened to Orbex and ABL Space Systems?
- Orbex collapsed into administration in February 2026 without reaching orbit. ABL Space Systems pivoted to missile interceptors under the name Long Wall but hasn't secured a confirmed Pentagon award while Anduril and Rocket Lab took the relevant contracts.
- Which satellite imaging company is winning against Maxar and Capella?
- ICEYE is pulling ahead with a 62-satellite fleet, a EUR1.76B German sovereign contract, and over EUR250M in 2025 revenue, taking European defense deals that Vantor (formerly Maxar) and Capella also pursue.
What to watch
- Whether Vantor (Maxar) or Capella Space announces a matching sovereign-scale imaging contract in Europe.
- Whether New Glenn achieves a sustained launch cadence comparable to Falcon 9's pace.
Head to head in this sector
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