The U.S. Air Force has reportedly cut in half its request to Congress for F-35 fighter jets this year in a setback to aerospace giant Lockheed Martin.

According to a Bloomberg report, the Defense Department requested only 24 F-35s to Congress, fewer than the 48 projected last year.

The F-35 airplanes, the costliest weapons program in history, account for about 30% of Lockheed Martin's revenue.

According to the report, the Air Force intends to ask for $3.5 billion for the F-35 aircraft, and another $531 million for advance procurement of materials.

The Pentagon is reportedly planning to ask for $1.95 billion to buy 12 of the Navy's carrier variant of the F-35, as well as $401.5 million for advance procurement.

The Marines would request $1.78 billion for 11 planes. An additional $113.7 million would be allocated toward advanced procurement, as per the report.

The Trump administration is prioritizing investments in the Golden Dome defense shield and drone technologies. The F-35 program has often come under fire from Donald Trump's allies, who have flagged the project's soaring costs.

Lockheed had delivered 110 F-35s to the U.S. and its allies in 2024. There were delivery delays related to technological upgrades for the aircraft.

Retail sentiment on Stocktwits was in the 'bearish' (37/100) territory, while retail chatter was 'normal.'

Earlier this year, rival Boeing edged out Lockheed to secure the U.S. Air Force contract to develop the next generation of fighter jets.

Lockheed stock has fallen about 2% this year.

On Tuesday, a Canadian government audit revealed that the overall cost estimate of Canada's 88 F-35 order has jumped to C$27.7 billion ($20.2 billion), almost 50% more than initially expected.

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