Welcome to today's Defense Business Briefing, your weekly roundup of the latest defense industry news.

F-35 program breaches the $2 trillion cost threshold in new report to Congress

The F-35 Joint Strike Fighter program has reported a new cost estimate that breaks the $2 trillion barrier to acquire and operate, including a revised aircraft and engine tab of $485 billion that essentially doubles the original price tag formulated based on Lockheed Martin's design.

Air Force's new software-based acquisition model is shaking up the way industry does its bidding

As autonomy and other innovative technology emerge rapidly out of research and development and into the field, the Air Force is changing the way it thinks about acquisition to center systems over platforms, forcing industry to also pivot how it presents products.

DOD investing $4.2M to increase terbium, other rare earth element production

The Defense Department is awarding $4.2 million to Rare Earth Salts to develop and expand the production of terbium, a crucial element for rare earth magnets in many key defense systems, according to an announcement.

DOD commits $26M to uphold radiation-hardened microelectronics supply chain

The Defense Department awarded $25.8 million to Honeywell to domestically manufacture or procure strategic radiation-hardened microelectronics, according to an announcement.

Austin: U.S. working to co-develop substitute S-300 and R-27 missiles with Ukraine

Defense Secretary Lloyd Austin announced that the United States, with help from several European companies, is working with the Ukrainian weapons industry to "design and build" substitute munitions for the Soviet-era S-300 surface-to-air missile system and the R-27 air-to-air missile.

Commerce levies controls on quantum, semiconductor tech, with new exception for partners

The Commerce Department has issued a new round of export controls on advanced quantum, semiconductor and additive manufacturing technologies that includes a novel license exception for countries deemed to have comparable controls.

GD Information Technology buys Iron EagleX

General Dynamics Information Technology announced that it has bought artificial intelligence and machine learning company Iron EagleX for an undisclosed amount.

The week ahead

Senior defense officials are scheduled to speak at several events around Washington this week.

Austin comes out swinging against GOP's proposed six-month CR

The House GOP's proposal to pass a six-month stopgap continuing resolution would have "devastating" impacts on military readiness and modernization, including the Pentagon's new Replicator drone program, according to a new letter Defense Secretary Lloyd Austin has sent to congressional leaders.

CCA mission systems to use slightly different acquisition approach than airframe, autonomy

The Air Force's Collaborative Combat Aircraft has been championed by Pentagon personnel and some lawmakers for its speed-to ramp acquisition model to fill capability gaps and ability to bring an affordable mass to the warfighter, but not every aspect of the program will be purchased the same way, according to the service's acquisition chief Andrew Hunter.