JPMorgan Chase has invested $5 billion in startups within the first year of its U.S. security and resiliency initiative, which aims to reach $10 billion over a decade and may even surpass that target. This accelerated deployment reflects the bank’s enthusiasm for backing emerging companies in defense, manufacturing, and supply chain sectors. Todd Combs, formerly at Berkshire Hathaway and now heading JPMorgan’s strategic investment group, has led this effort, securing stakes in innovative startups such as Hadrian, which builds automated factories for aerospace and defense, and Castelion, a developer of low-cost hypersonic missiles.

The initiative responds to growing geopolitical risks, including conflicts in Ukraine and trade tensions with China, which threaten critical supply chains and U.S. industrial capabilities. JPMorgan CEO Jamie Dimon spearheaded the project to strengthen American security and resilience amid these challenges. The investment scope goes beyond defense and manufacturing to include frontier technologies and health tech, supporting companies that enhance domestic production capabilities without relying on overseas partners.

Hadrian, one of JPMorgan’s notable investments, uses advanced robotics to run automated factories producing parts for defense and aerospace. In August, the bank participated in a $1.4 billion funding round for Hadrian, highlighting its commitment to reshoring manufacturing. That same month, JPMorgan joined a $1 billion financing round for Castelion, which was founded by former SpaceX engineers and focuses on hypersonic missile technology, demonstrating the bank’s interest in cutting-edge defense innovations.

While this level of direct startup investment is a departure from JPMorgan’s traditional lending and advisory role, it has also supported over $230 billion in transactions aligned with the broader initiative, which aims for $1.5 trillion in economic activity across 10 years. The bank’s specialized team maps critical supply chains and collaborates regularly with U.S. government agencies to identify and support vital suppliers, reinforcing JPMorgan’s expanding role in national security and industrial resilience.