Host Seth Jones sits down with Kari Bingen, Director of the Aerospace Security Project and a Senior Fellow in the Defense and Security Department at CSIS, and former Deputy Undersecretary of Defense for Intelligence and Security.

Together, they look back at major defense and military shocks of 2025, including Russia’s poor performance, Operation Midnight Hammer, and China’s military parade, among others. They also forecast potential wildcards for 2026, including a U.S.–China deal and land strikes in Venezuela.