The Spanish Armada was not a business investment. It wasn’t even that bad a military investment; England git lucky with the weather.
The kings in those times were essentially small businesses. They were personally responsible for those investments as well as their own kingdom’s debt and revenue. Phillip II built the Armada to cut off English attacks on Spanish trade and settlements in the New World. He risked his own money with a promise from the Pope that he would subsudize it if the Spanish won. Instead, Phillip squandered the investment by sending it into the English Channel. It was the English fire ships and Armada immobility that lost the battle. The weather was only a factor in the attempted excape around Scotland. Philip II would later go bankrupt. It was absolutely a business investment gone bad.