JPMorgan Chase says it has committed $5 billion to startups in the first year of its U.S. security and resiliency initiative. That is half of the $10 billion the bank set aside for the program, and executives say the total could end up higher. The bank announced the figure on Monday, October 19, 2026.
Co-President Doug Petno told CNBC the bank may expand the program beyond its original size. The investments are aimed at companies in defense, advanced manufacturing, and supply chains.
What JPMorgan Has Invested In
Most of the bank’s startup stakes have not been made public. Two are known: Hadrian and Castelion.
Hadrian: Automated Factories
Hadrian builds automated factories that produce parts for the defense, aerospace and maritime industries. In August, JPMorgan helped lead a $1.4 billion funding round for the company. According to Hadrian’s founder, one of its California plants runs with about ten robots for every human worker.
Castelion: Low-Cost Hypersonic Missiles
JPMorgan also took part in a $1 billion funding round for Castelion in August. The company is developing a relatively inexpensive hypersonic missile called Blackbeard. A group of former SpaceX engineers founded it in late 2022.
How the Initiative Works
The program has two parts. Todd Combs, formerly of Berkshire Hathaway, leads the group making direct startup investments and reports to CEO Jamie Dimon. In a statement, Combs said the bank aims to find “generational companies” and back them over the long term.
The second part is traditional banking. JPMorgan says it has financed and facilitated more than $230 billion in transactions for industries tied to U.S. national interests during the first year. That work is part of a goal to support $1.5 trillion in activity over ten years. Jay Horine, a former co-head of investment banking, leads it.
JPMorgan has built a core team of about three dozen bankers, supported by hundreds of colleagues across the firm. The effort has expanded to Europe and Canada. Petno said bankers are mapping supply chains for products such as submarines, missiles and aircraft to find suppliers that may lack the capital or capacity to meet rising demand. He added that the bank is in regular contact with the U.S. Departments of Defense and Commerce about government needs.
Why the Move Matters
Direct startup investing is a shift for JPMorgan, which has mostly acted as a lender and adviser. The bank spun off its private equity unit, One Equity Partners, more than a decade ago and had largely stepped back from taking stakes in early-stage companies. Such bets can carry higher risk because the technologies are unproven.
Dimon created the initiative a year ago, as conflicts in Ukraine and the Middle East and trade disputes with China raised concerns about access to energy and critical components for U.S. industry and defense. Petno said many young manufacturing companies have found ways to build capabilities domestically rather than depend on overseas partners.
The scope also extends beyond defense to frontier technologies, pharmaceuticals and health technology.
What Happens Next
JPMorgan has not published a full list of investments or a timeline for the remaining $5 billion of its $10 billion goal. Petno said the program may grow beyond that figure but gave no new target in the reporting reviewed. Further disclosures of portfolio companies have not been announced.
Frequently Asked Questions
How much has JPMorgan invested in defense startups?
$5 billion in the first year, per the bank.
What is the program’s total investment target?
$10 billion over a decade; could be expanded.
Who leads JPMorgan’s startup investing group?
Todd Combs, who reports to CEO Jamie Dimon.
Which startups has JPMorgan backed?
Hadrian and Castelion are the two publicly known stakes.
How much financing has the bank facilitated?
More than $230 billion in the first year, per JPMorgan.
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