This study investigates the interaction between the Swedish business elite and intelligence services during the early years of World War II, focusing on the Wallenberg sphere and its potential influence on Swedish neutrality policy. Through a theory-consuming case study grounded in Colin S. Gray’s and B.H. Liddell Hart’s concepts of strategy and grand strategy, the research interprets how economic actors, operating beyond the formal political apparatus, contributed to shaping state decisions through information exchange, informal diplomacy, and strategic communication. The analysis draws on historical records, correspondence, and archival material to explore how private networks engaged with Allied intelligence and how such interactions may have reinforced Sweden’s strategic positioning. By highlighting the intersection between business, intelligence, and statecraft, the study offers a framework for understanding strategy as a multidimensional phenomenon, relevant not only to historians but also to contemporary military officers operating in complex international environments.