A Waterloo chipmaker's quiet bet on defence contracts
Four of its six largest customers are now governments.
By Nadia Brunner· Published August 24, 2026
·1 min read
The company does not use the word defence in its investor materials. Its filings do: four of its six largest customers are now governments or prime contractors, up from one in 2023.
The pivot tracks a hiring pattern — forty new positions this year requiring security clearances — and a quiet expansion of the Northfield Drive fab.
Analysts who cover the company say the margin story is obvious. The question employees raise, in forums the company monitors, is what the company is now for.