Jamie Dimon spent years warning about America’s reliance on China. A year in, JPMorgan has put $230 billion behind fixing it

Jamie Dimon has warned for years that the U.S. has let itself become dangerously dependent on China. In his 2024 shareholder letter, the JPMorgan Chase CEO argued America had “slept” while China built its economic might. More recently, he has criticized Washington’s sluggish defense procurement and warned about the country’s reliance on China for the critical minerals powering American weapons and technology.

Now his bank has a number to show for it. JPMorgan said on Monday it has financed or facilitated $230 billion into sectors it considers essential for economic and national security—including critical minerals, defense, and frontier technology—a year into its 10-year, $1.5 trillion Security and Resiliency Initiative. The bank also said it committed $5 billion of its own capital investing into defense-related startups like Hadrian and Castelion—halfway through its initial $10 billion allocation. 

“Strong economies and national security don’t happen by accident,” Dimon said in the press release. “They require investment in critical infrastructure, manufacturing, energy, defense and innovation, as well as policies that encourage growth.”

Critical minerals are where the bank’s bets are easiest to see. China dominates the processing of many of these materials. JPMorgan has taken a stake in an Idaho mine holding the only identified U.S. antimony reserve, helped arrange financing for a $7.4 billion Korea Zinc processing plant in Tennessee, and hired a critical minerals chief. The bank’s own researchers flagged critical minerals as a potential next battleground between the U.S. and China back in 2024.

This reflects a growing overlap between Wall Street financing and Washington’s national security priorities. JPMorgan is helping to finance the companies and infrastructure behind the U.S.’s effort to break its dependence on China and rebuild its manufacturing. For the bank, this is a big commercial opportunity. 

Jeff Barrington, managing director of sell-side mergers and acquisitions advisory firm Windsor Drake, told Fortune JPMorgan is investing into areas “that now have a federal tailwind behind them” rather than necessarily acting from patriotism.

“The bank is following the capital that the state is effectively guiding,” Barrington said.

The Pentagon plans to spend $5 billion over fiscal year 2026 and 2027 to shore up critical minerals supply chains, including $3.6 billion to address shortages of antimony, gallium, germanium, aluminum, and other strategic materials used in military equipment. The Trump administration said it has signed or approved $40 billion in critical minerals deals since January 2025. 

JPMorgan’s role in critical minerals

The bank has invested $75 million for a 2.7% stake in Perpetua Resources, which is developing a mine in Idaho expected to hold the U.S.’s only identified reserve for antimony, a mineral used in ammunition. 

JPMorgan is also helping to arrange financing for Korea Zinc’s $7.4 billion critical minerals processing project in Clarksville, Tennessee, which includes $1.4 billion in planned Pentagon equity and debt financing and $210 million in Commerce Department funding, according to Korea Zinc’s letter to shareholders. The facility will produce zinc, germanium, and gallium among other minerals when it starts commercially operating in 2029. 

The bank has also worked alongside the Pentagon on MP Materials, helping arrange $1 billion in financing for the company to expand U.S. production of rare earth magnets used in fighter jets. The deal accompanied an investment that made the Defense Department the company’s largest shareholder.

And JPMorgan’s moves extend beyond American mines as Washington looks to Latin America to get critical minerals outside of China, which essentially controls the world’s supply. In August, the bank issued a conditional commitment to provide up to $500 million in loans to a U.S. government-backed entity created to purchase rare earth minerals from Brazilian producer Serra Verde, which USA Rare Earth announced plans to acquire. 

JP Morgan also hired a critical minerals chief, Andrew Frame, who “will lead SRI’s efforts to strengthen domestic and allied critical minerals supply chains,” according to a JPMorgan spokesperson. 

Beyond minerals 

JPMorgan’s direct investments are also reaching companies building weapons and military equipment. Todd Combs, Berkshire Hathaway’s former stock-picker, helped JPMorgan allocate the $5 billion equity sum to 10 firms, Bloomberg reported. The full list hasn’t been disclosed, but among the companies are startups Hadrian and Castelion. The bank led a nearly $1.4 billion funding round for Hadrian, which builds automated factories for precision weapons, and an $800 million round for Castelion, which builds hypersonic missiles. 

It also advised deals between the Pentagon and defense contractors. In January, JPMorgan advised aerospace company L3Harris on a $1 billion Pentagon investment in its missile business, which makes parts used in Tomahawk and Patriot missiles. The Pentagon completed the investment in April, taking a financial stake in the business, which L3Harris plans to take public, according to its SEC filing. The money will help expand missile production and modernize factories.

Looking ahead into SRI’s second year, JPMorgan said it plans to invest into more companies “that can expand critical capacity” and help make more strategic projects financeable. 

“Success will be measured not only by capital mobilization, but also by stronger industrial capacity, more reliable supply chains and a deeper pipeline of companies able to scale when demand rises or disruption occurs,” JPMorgan said. 

This story was originally featured on Fortune.com