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Demand is still strong.

L2 order book showing non MM bids over the MM ask.

MMs will try to maintain an orderly market but they are also trying to position themselves for the next wave. They have a job to do and they need to make sure they also make money doing it.

First of many announcements from Google ahead of Trumps visit.

Google owner reveals £5bn AI investment in UK ahead of Trump visit https://www.bbc.com/news/articles/crmek723dz9o

Could also be an announcement on significant spend in the defence sector today.

If so, I’m sure Whitespace/DH will be well placed.

Looks like author has corrected the article and removed any reference to AIM listing.

https://www.share-talk.com/defence-holdings-from-rebrand-to-reality-2/

This article is well worth a read. It was published on Substack on 28th Aug before all the hype since.

It’s worth getting on Substack to read it.

Let me know if you’d rather not get on Substack and I’ll ask author if I can repost it on here.

https://open.substack.com/pub/thatstocksguy/p/defence-holdings-the-ground-floor?r=1ahtff&utm_medium=ios

Great UT12 Sep 2025 16:42

Great UT size and price. Easier for me to get ChatGPT to explain it.

What this means

1. Price = strength

• Closing at 1.70 (the high) shows buyers were in control into the auction.

• If sellers had the upper hand, UT would have landed closer to 1.55.

2. Volume = confirmation

• 2.39m is a chunky UT, especially when most individual trades earlier were in the 50k–300k range.

• This means a lot of those bids/offers were real and not just spoofing.

3. Implication for demand

• Buyers were willing to lift right up to the best offers to secure size.

• The fact they cleared 2.39m shares at the high print suggests genuine demand rather than weak book games.

Great UT size and price. Easier for me to get ChatGPT to explain it.

What this means

1. Price = strength

• Closing at 1.70 (the high) shows buyers were in control into the auction.

• If sellers had the upper hand, UT would have landed closer to 1.55.

2. Volume = confirmation

• 2.39m is a chunky UT, especially when most individual trades earlier were in the 50k–300k range.

• This means a lot of those bids/offers were real and not just spoofing.

3. Implication for demand

• Buyers were willing to lift right up to the best offers to secure size.

• The fact they cleared 2.39m shares at the high print suggests genuine demand rather than weak book games.

Trying soooooo hard 😂

The most active MM on ALRT just moved off the 1.7 ask and added themselves to the bid.

They may be trying to balance their position and still need stock.

Right on cue

It did exactly the same last Friday, paused over lunch, widened spread, dropped bid to hit stop losses and create doubt, then off to the races again at 13:45 expect similar day after day.

Widening the spread and paid de-ramper appears on the board at exactly the same time. MM's have run out of stock again.

Already excited for next week regardless of the hourly fun and games.

Ii will take 2m at 1.377 and keeps ticking up slightly

While typing, they will now pay full ASK of 1.4 for 2m when bid/ask is 1.35/1.40 bonkers 🤪

But I still can’t add so therefore locked out of trading it also. ☹️

I’ve never seen a lockout last this long before! It’s bizarre.

No explanation from ii.

The price volatility has settled down for the last two trading sessions.

MMs can’t keep up with demand if retail was unrestricted

I asked perplexity is this announcement is just spin and fluff like the NATO CoW one on Tuesday.

This morning’s ALRT RNS carries substantive commercial and strategic developments, not merely “fluff”, as it announces Project Ixian’s move from internal build to operational launch, direct defence sector engagement, and a partnership with a Magnificent 7 tech provider.

Evidence of Substance

• Product Launch, Not Just Concept: The RNS announces Project Ixian’s transition from development—already completed with external collaboration—to commercial rollout and operational deployment scheduled for December. This is more substantial than aspirational language or vague product plans.

• Military End-User Workshops: The product’s features have been designed through direct engagement with frontline UK military end-users, giving operational credibility and an immediate customer base, which is uncommon in early-stage tech defence RNSs.

• Major Technology Partnership: Collaboration “with one of the Magnificent 7” lends infrastructure scale and credibility, rare for small UK-listed companies in defence software—this indicates concrete external validation, not just PR.

• Policy and Regulatory Alignment: The RNS explicitly ties Project Ixian to named UK government cyber and security initiatives (National Security Act 2023, Cyber Resilience Bill, SDR25), indicating a clear strategic sales window and increasing likelihood of near-term funding.

• Commercial Milestone: A value realisation phase begins December, setting up a tangible near-term catalyst and opportunity for contract wins or revenue events.

• Elevated Tone: The RNS contains some promotional language (“operate at the scale of the primes”, “proven to perform at allied scale”). However, these statements are substantiated by partnership and end-user involvement, reducing the risk of pure marketing spin.

Bottom Line

The RNS is much more than marketing fluff—it reports a real AI product launch, credible external partnerships, and near-term operational milestones, materially advancing Defence Holdings’ threat-relevant market position. The biggest outstanding question is the penetration and scale of upcoming contracts, but the news itself is clearly substantive.

It will be interesting to see if ii let their clients buy.

If not, you know it’s being held down again and MMs don’t have enough stock to supply one of the biggest online retail brokers.

Perplexity offers unbiased opinion, better than anyone on this board.

Commercial Significance

Project Ixian is positioned as Defence Holdings’ inaugural AI-enabled information operations platform, developed with direct input from UK military end-users for true operational fit. The Magnificent 7 partnership (likely a US big-tech cloud provider) enables hyperscale, sovereign-grade resilience out of the gate, distinguishing Defence Holdings from smaller defence technology peers. Commercial rollout starts December, giving the company a near-term catalyst and potential government/critical infrastructure contracts as UK/EU funding shifts towards digital resilience.

Policy and Strategic Tailwind

This launch is well-aligned with UK national security priorities named in the recent Strategic Defence Review 2025, the National Security Act 2023, and imminent cyber bills. Ixian directly addresses escalating threats demonstrated by active Russian and Telegram-linked destabilisation campaigns, creating urgency for government spending and adoption.

Competitive Position and Upside

Defence Holdings asserts that Project Ixian’s scale rivals that of established primes—a claim buttressed by its tech partnership, operational collaboration, and alignment to regulatory and legislative changes. If the product delivers operational results in December, Defence Holdings could secure a differentiated position in sovereign software-led defence and digital resilience sectors.

Key Observations

• First-mover launch of AI information-operations product timed to urgent UK/EU threat priorities.

• Magnificent 7 collaboration gives scale credibility, likely lowering procurement barriers for government buyers.

• Direct military workshops mean genuine operational relevance, supporting customer traction.

• December rollout is a significant near-term revenue and validation milestone, with potential for public-sector contract wins and reputation lift.

Summary: This RNS marks a strategically important launch for Defence Holdings (ALRT), with real momentum in sovereign AI/Cyber capabilities, meaningful government policy alignment, and a clear commercial roadmap into one of defence’s fastest-growing segments.

For those not on X

Defence Holding message

Introducing our first sovereign AI product build: Project Ixian.

Developed under Defence Technologies, Project Ixian targets information operations, one of the most urgent and contested domains in modern defence.

Information operations involve the deliberate control, distortion, or denial of information to destabilise societies and undermine institutions.

It spans disinformation, cyber activity, narrative manipulation, and digital sabotage all identified in #SDR25 as critical sovereign threats.

Project Ixian has been shaped directly with UK frontline end-users through workshops and testing.

This ensures true product-market fit: capabilities designed for the realities faced by those on the ground, not just in planning rooms

Developed with Whitespace engineers and one of the world’s Magnificent 7 partners, Project Ixian embeds hyperscale AI-native infrastructure from day one.

Resilient. Scalable. Trusted at allied level.

Project Ixian will enter its first phase of value realisation in December, marking the beginning of its commercial rollout and long-term deployment potential.

Defence holding X post says it all. 👏👏

https://x.com/wearedefence/status/1966019159751299197?s=46&t=b-QLZ9zQTpnPknxJrLMhww

Will be interesting to see if Peel & Singer hang around on the offer for long.

if Berenberg don't hang around long you could be looking at a quick jump to 1.45

Will be interesting to see if you can buy in more volume tomorrow and if ii investors will be allowed to play.

If announcement tomorrow, they won’t let investors in again.

If no RNS, they may allow buys which in itself could cause another spike.