JPMorgan Chase has invested $5 billion in startups during the first year of its U.S. security and resiliency initiative, a faster-than-expected pace that could lead to expanding the program beyond its initial $10 billion, ten-year target. The bank has taken stakes in two defense startups: Hadrian, which builds automated factories with 10 robots for every human employee and raised $1.4 billion in August, and Castelion, which is developing a relatively low-cost hypersonic missile called Blackbeard and raised $1 billion. Todd Combs, the former Berkshire Hathaway executive leading these investments, reports directly to CEO Jamie Dimon. The program aims to strengthen critical supply chains amid growing geopolitical tensions.
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