At the NATO Summit in Madrid, the adoption of the Alliance’s new Strategic Concept will be a crucial moment: the dramatic changes that have affected the global geopolitical and geoeconomic landscape over the last years have made NATO’s current concept, adopted in Lisbon in 2010, largely obsolete. The Russian invasion of Ukraine added up to a long list of issues, ranging from China’s emergence as a global player to the new threats of terrorism, cyberattacks, disruptive technologies, and the security impact of climate change. ‘Open door’, the entry of new members and strengthening the Alliance’s global dimension are other key priorities in a world where Europe is less and less the main theatre. How will NATO adapt to these new challenges? Will it manage to preserve its cohesion despite the transformations that affect both the United States and the European allies?