KOPN is a defense-tech reacceleration story — a 40-year microdisplay specialist (Westborough, MA) that under CEO Michael Murray has refocused the platform around defense optics, FPV drones, and AI infrastructure. The April 2026 Fabric.AI collaboration ($15M development order, exclusive manufacturing rights, 19.9% equity stake) opens a MicroLED-based optical interconnect opportunity for AI data centers — a step beyond Kopin's traditional defense base. Concurrent wins: $3.2M Sentinel FPV contract (up to 40,000 goggles through 2028), $15.4M OSD/US Army microLED award, and partnerships with Theon International, Ondas, and Unusual Machines tied to the Pentagon's 1M-drone deployment plan. 4 covering analysts hold a Strong Buy / $6.50 average target (Craig-Hallum at $10, ~106% upside). Key risk: FY2025 revenue $39.3M (down from $50.3M), high P/S ~17, $399.5M accumulated deficit, and the company may need additional financing if profitability remains elusive.