JPMorgan says it has deployed $5 billion into defense and supply

JPMorgan says it deployed $5 billion during the first year of its Security and Resiliency Initiative. The bank originally authorized up to $10 billion for direct equity and venture investments. [1] [2]

Publicly identified investments include Hadrian, Castelion and Perpetua Resources. JPMorgan has not disclosed its individual checks in those companies. [3] [4] [5]

The broader initiative combines direct investing with lending and advisory work across defense, advanced manufacturing, critical minerals, semiconductors and other strategic industries. [1] [2]

The disclosed funding-round totals cannot be treated as JPMorgan’s investment amounts: Hadrian raised $1.37 billion, while Castelion’s $1 billion financing included both equity and debt. [3] [4] [6]

JPMorgan Chase says it deployed $5 billion into defense, advanced manufacturing and supply-chain companies during the first year of its Security and Resiliency Initiative, moving faster than the bank’s original public timetable. The bank has publicly identified equity investments in Hadrian, an automated-factory builder; Castelion, a developer of hypersonic weapons; and Perpetua Resources, a critical-minerals company. [1] [2] [3] [4] [5]

The $5 billion figure represents half of the $10 billion JPMorgan announced in October 2025 for direct equity and venture investments. It is separate from the initiative’s headline $1.5 trillion, 10-year figure, which covers financing, facilitation and investment across several industries rather than only JPMorgan’s own equity capital. [1] [2]

Three named investments, limited deal-level disclosure

Hadrian announced on August 6, 2026, that it raised $1.37 billion in new equity financing at a valuation of $7.87 billion. JPMorgan’s Strategic Investment Group acted as an anchor co-lead through the Security and Resiliency Initiative. Hadrian builds highly automated factories for defense, aerospace and industrial customers. [3] [7]

Castelion announced on August 19, 2026, that it raised $1 billion to scale production of its Blackbeard hypersonic strike missile and expand into longer-range weapons and defensive systems. JPMorgan’s Strategic Investment Group co-led the equity financing with Andreessen Horowitz and funds managed by Carlyle, according to Castelion and outside coverage. [4] [6]

The Castelion transaction illustrates why round sizes need to be separated from JPMorgan’s capital. Outside reporting described the financing as $800 million of equity plus a $250 million revolving credit facility. Castelion’s public announcement referred to the overall transaction as a $1 billion Series C, but neither source discloses JPMorgan’s check. [4] [6]

JPMorgan’s own published materials also identify a strategic equity investment in Perpetua Resources, which is developing the Stibnite gold and antimony project in Idaho. The bank has not published the investment date, amount or terms. The investment links the initiative to critical-mineral supply chains, not only defense startups. [5]

JPMorgan has not published a complete list of companies included in the $5 billion figure. It also has not provided a breakdown between funded capital and commitments, or between common equity, preferred equity, venture funds, credit facilities and other instruments. The named companies therefore show the program’s themes, not its full exposure.

A balance-sheet strategy spanning strategic industries

JPMorgan launched the Security and Resiliency Initiative on October 13, 2025, citing U.S. dependence on foreign sources for critical minerals, products and manufacturing. Its stated pillars include supply-chain and advanced manufacturing, defense and aerospace, energy resilience, frontier technologies, and health care and pharmaceuticals. The original announcement said the bank could make up to $10 billion of direct equity and venture investments in selected companies, primarily in the United States. [1] [2]

Todd Combs, who previously managed investments at Berkshire Hathaway and served as GEICO’s chief executive, leads the initiative’s Strategic Investment Group. JPMorgan appointed him in December 2025 to work with the bank’s commercial and investment bank and asset-and-wealth-management businesses on direct investments across defense, aerospace, health care and energy. [8]

The program’s stated scope includes autonomous systems, drones, robotics, semiconductors, microelectronics materials, critical-mineral processing and advanced manufacturing. That makes the initiative relevant to chips and industrial supply chains even where JPMorgan has not identified a specific portfolio company. [2] [9]

JPMorgan has also expanded the initiative geographically. In April 2026, the bank said it was extending the program across Europe while retaining its focus on critical industries and supply-chain resilience. That expansion does not establish additional direct investments, but it broadens the initiative’s operating mandate beyond the United States. [10]

The financing and conflict questions remain open

JPMorgan is pursuing the investments alongside lending and advisory work for companies and industries covered by the initiative. The bank says the broader program will support companies through advice, financing and, in some cases, invested capital. Its materials identify dedicated teams working across industry groups. [2]

That structure can give JPMorgan a wider role in a company’s capital formation, but it can also create potential conflicts. A bank that holds an equity stake may also seek lending, underwriting or advisory mandates from the same company, while other JPMorgan businesses may serve investors or government and defense-industry clients. JPMorgan’s public materials describe the initiative’s leadership and advisory council but do not disclose company-specific conflict arrangements or investment-by-investment recusal policies. [2] [8]

The bank’s strategic rationale is explicit: it wants to support companies that strengthen domestic production, critical-mineral access and national security. The disclosed investments show that thesis across three different exposures: factory automation at Hadrian, missile production at Castelion and mineral supply at Perpetua. [3] [4] [5]

What remains unavailable is the information needed to measure JPMorgan’s actual defense exposure: the full company list, the dates on which each position was funded, the instruments used, the amount of capital paid in, and the portion of the $5 billion that remains committed rather than deployed. JPMorgan’s announcement establishes the program’s scale, but not yet the composition of its portfolio.