DroneShield’s Rise and Collapse Exposes the Fragility of Defence-Tech Hype

DroneShield's trajectory this year has been as dramatic as it has been instructive. The company surged into the ASX 200, added billions in market value, and became the poser child for Australia's booming defence-technology narrative. Investors were captivated by a business building systems capable of countering one of the most disruptive threats in modern warfare: low-cost drones.

And then, almost overnight, it unravelled.

What began as one of the most striking success stories on the Australian market has turned into a sharp lesson in governance, hype cycles and the structural risks unique to defence-tech companies. . .