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Private equity growth investments in defense technology reached $4 billion in the first nine months of 2026, up from $500 million in 2024, according to CNBC. The sharp rise has prompted warnings that the sector's investment boom could be overheating. CNBC's report did not detail specific valuations or named deals, and it did not include a response from the firms involved. The coverage frames the surge as a notable shift in capital flowing into defense-related companies.