Rheinmetall's €73 Billion Backlog Signals NATO Defence Buildup Is Already Priced In

German defence contractor Rheinmetall's order book swelled to €73 billion in Q1 2026, up from €63 billion six months prior, as NATO allies commit to 3.5% defence spending by 2035. The company guides for 2026 sales growth of 40–45%, implying €14–14.5 billion revenue. The backlog surge raises a harder question for investors: how much of NATO's decade-long rearmament is already contracted versus still to be tendered.