ASELSAN has become the first company on Borsa Istanbul to exceed roughly $44 billion in market value, marking a major milestone for Turkey’s defense industry and its capital markets.
The record shows how defense technology has moved from a strategic industrial priority into one of the strongest investment themes in Turkish equities. It also comes at a time when geopolitical risk is reshaping investor behavior across global markets.
ASELSAN shares reached ₺442 on May 4, after starting the year at ₺230.20. That pushed the company’s market capitalization above ₺2 trillion, equal to roughly $44 billion based on current exchange rates. The stock has gained about 91% since the beginning of the year.
Defense stocks are trading on global security risk
Russia’s war with Ukraine, Europe’s renewed focus on military spending and the Iran war, now past its 60th day, have increased volatility across global defense stocks. Investors are paying closer attention to companies with large order books, export capacity and advanced defense technologies.
ASELSAN sits directly inside that trend.
The company has become one of the clearest market proxies for Turkey’s defense technology expansion. Its rise reflects both geopolitical demand and investor confidence in Turkey’s domestic defense ecosystem.
ASELSAN is backed by orders and exports
ASELSAN reported ₺34.3 billion in revenue in the first quarter of 2026. New export contracts reached $629 million, while its backlog rose to $20.7 billion. That backlog gives investors stronger visibility over future revenue and supports the view that ASELSAN’s growth is tied to longer-term defense demand.
The company’s export-oriented strategy has also helped it stand apart from many international peers. While defense stocks globally have moved with geopolitical risk, ASELSAN has benefited from its role in radar systems, communications, electronic warfare, air defense and other high-value defense technologies.
Turkey’s market is pricing a strategic industry
For years, banks, industrial groups and large conglomerates shaped the direction of Borsa Istanbul. ASELSAN’s move above roughly $44 billion shows that defense technology now belongs among the market’s most important value drivers.
The signal is clear. Investors are no longer treating Turkey’s defense industry only as a national security story. They are pricing it as an export-oriented, technology-led and geopolitically relevant sector.
Still, the rally carries risk. Defense stocks can move sharply when geopolitical expectations change. High valuations may also increase pressure if investors begin taking profits or if order conversion slows.
For now, ASELSAN’s record marks a clear turning point. Turkey’s defense industry is becoming more visible not only on the battlefield and in export markets, but also in the country’s capital markets.