# JPMorgan puts $230bn behind breaking U.S. reliance on China > A year into its ten-year plan, Jamie Dimon's bank is financing critical minerals, defense startups and weapons makers to reduce American dependence on Chinese supply chains. - Title: JPMorgan puts $230bn behind breaking U.S. reliance on China - Summary: A year into its ten-year plan, Jamie Dimon's bank is financing critical minerals, defense startups and weapons makers to reduce American dependence on… - Keywords: jpmorgan chase, jamie dimon, critical minerals, china dependence, defense financing, national security, rare earth minerals, defense startups, JPMorgan, puts, 230bn, behind - Source: Fortune — https://fortune.com/2026/10/21/jamie-dimon-jpmorgan-china-critical-minerals-defense - Author: Mia Osmonbekov - Read time: 2 min - Topics: jpmorgan chase, jamie dimon, critical minerals, china dependence, defense financing, national security, rare earth minerals, defense startups ## Dimon's long warning about China JPMorgan CEO Jamie Dimon has warned for years that America has become dangerously dependent on China. In his two thousand twenty-four shareholder letter, he argued the U.S. had slept while China built its economic might. > slept ## JPMorgan's billion-dollar commitment JPMorgan announced it has financed or facilitated two hundred thirty billion dollars into critical minerals, defense and frontier technology. This is one year into its ten-year, one point five trillion dollar Security and Resiliency Initiative. ## Direct investment in defense startups JPMorgan committed five billion dollars of its own capital investing into defense-related startups including Hadrian and Castelion. This is halfway through its initial ten billion dollar allocation for such investments. ## Critical minerals: the battleground China dominates processing of critical minerals.JPMorgan took a stake in an Idaho mine holding the only identified U.S. ## Pentagon backing the effort The Pentagon plans to spend five billion dollars over fiscal year two thousand twenty-six and two thousand twenty-seven to shore up critical minerals supply chains. ## Weapons and rare earth magnets JPMorgan helped arrange one billion dollars in financing for MP Materials 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. ## Funding precision weapons factories JPMorgan led a nearly one point four billion dollar funding round for Hadrian, which builds automated factories for precision weapons.The bank also led an eight hundred million dollar round for Castelion, which builds hypersonic missiles. ## Success measured by capacity, not just capital JPMorgan said 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… > 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. ## Key takeaway JPMorgan Chase has financed or facilitated two hundred thirty billion dollars into critical minerals, defense and frontier technology in its first year of a ten-year, one point five trillion dollar Security and Resiliency Initiative to reduce U.S. dependence on China.