A report by the International Campaign to Abolish Nuclear Weapons (ICAN) and PAX reveals a troubling rise in investments in nuclear weapons production, with 301 financial institutions now financing companies involved in this sector, marking a 15% increase from the previous year. As of September 2025, these institutions hold over $709 billion in shares and bonds of nuclear weapons producers, a rise of $195 billion from previous analyses. Major companies like Honeywell International, General Dynamics, and Northrop Grumman are at the forefront of this production. The report also identifies the top investors, including US firms Vanguard, BlackRock, and Capital Group, alongside lenders like Bank of America and JPMorgan Chase. This trend has raised concerns among anti-nuclear activists about a potential new arms race, particularly as nuclear-armed states modernize their arsenals amid increasing global tensions. However, the report also notes that it is possible for financial institutions to avoid investing in nuclear weapons while still achieving significant profits, with over $4 trillion in assets managed by those opting out of such investments.