Washington’s deliberations over a potential F-35 sale to Saudi Arabia have thrust Lockheed Martin into one of the most consequential crossroads in modern defense history. What initially looked like diplomatic choreography ahead of Crown Prince Mohammed bin Salman’s visit has grown into a strategic negotiation with global implications. For investors, the issue is no longer just about a lucrative contract — it’s about understanding how military power, alliances and technology control intertwine in a region where every shift reverberates worldwide.

For Riyadh, the ambition is clear: transform its air force and consolidate its status as the dominant regional power. But the F-35 is more than a fighter jet — it’s a symbol of trust, a platform the U.S. shares only with partners who meet the highest strategic and security thresholds. If approved, the deal would secure decades of maintenance and upgrade revenue for Lockheed, yet simultaneously ignite sensitive debates in Washington, Tel Aviv and…