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Today’s report comes from weeks of conversations with law enforcement officials in Washington and across the country, as well as analysts and policy advisers who follow the sector closely. We wanted to understand how Axon — the company once known simply for the Taser — has transformed itself into the dominant technology platform in American policing. What follows is the story of that evolution, and the larger question of whether law enforcement is on the verge of its own “ChatGPT moment.”
On August 10, 2025, shares in Axon Enterprise reached $885.85, capping a run that multiplied the company’s market value tenfold in five years. For a business founded three decades ago as Taser International, the milestone marked more than just investor enthusiasm. It confirmed Axon’s transformation from a hardware supplier into the central software-and-data platform for US policing. Annual recurring revenue now exceeds $1.1 billion, up 34 per cent year on year, with more than $10 billion …
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