JPMorgan Chase has provided $230 billion in financing for projects intended to strengthen U.S. national security and reduce reliance on foreign supply chains, marking the first-year milestone of a broader initiative that CEO Jamie Dimon expects to exceed its original $1.5 trillion target.

The nation’s largest bank announced the figure Monday, one year after launching its Security and Resiliency Initiative. The program focuses on critical industries including defense manufacturing, energy, advanced technology and artificial intelligence.

“We’ll blow way past that trillion and a half dollars,” Dimon said in an interview with The Wall Street Journal’s Leadership Institute.

The initiative combines direct investments in companies with loans and other financing arrangements designed to reinforce America’s industrial base. JPMorgan says the program also allows it to support businesses at earlier stages of development than the bank would typically finance through its traditional lending operations.

“We are doing things with companies at an earlier stage than JPMorgan would normally do,” Dimon said.

The effort aligns with President Donald Trump’s push to expand domestic manufacturing, strengthen military readiness and reduce dependence on foreign suppliers, particularly China. Dimon argued that decades of moving production overseas have left the United States vulnerable in industries essential to economic independence and national defense.

“We should have done this way before,” Dimon said. “China did. China was very strategic.”

Dimon pointed to rare-earth minerals, semiconductors and pharmaceutical ingredients as examples of critical materials and products for which the United States has become dependent on overseas production. He argued that the pursuit of lower manufacturing costs came at the expense of domestic expertise and industrial capacity.

JPMorgan has committed $10 billion of its own capital for direct investments in companies considered important to national security. Those investments include Idaho-based Perpetua Resources, which is developing a mine intended to supply minerals used in defense manufacturing, and Shield AI, which develops artificial intelligence-powered military drones.

The bank has also partnered with Michigan and Ford Motor Co. on an initiative valued at more than $2 billion to strengthen domestic manufacturing supply chains.

However, the full $230 billion figure does not necessarily represent financing that would have been unavailable without the initiative. Some transactions included in the total likely would have occurred regardless, including the proposed $125 billion merger of Dominion Energy and NextEra Energy, according to The Wall Street Journal.

Dimon acknowledged that financing alone cannot resolve the country’s industrial challenges. He cited workforce shortages and burdensome permitting requirements as obstacles to expanding domestic production, arguing that policy changes could accelerate growth without requiring higher taxes or additional federal spending.

“I think we can grow our economy 1% more free,” Dimon said.

The JPMorgan chief also identified cybersecurity as a major national security concern, warning that advances in artificial intelligence could increase threats to critical infrastructure.

“It’s our biggest risk by far,” he said.

Despite those risks, Dimon expressed confidence in the broader U.S. economy, pointing to corporate profitability, low unemployment and continued innovation. “The American economy is kind of booming right now,” he said.

The initiative reflects a growing role for private-sector financing in efforts to rebuild American industrial capacity. Whether the program reaches its full target will depend not only on JPMorgan’s lending and investments, but also on whether businesses can overcome the labor, regulatory, and supply-chain obstacles that have constrained domestic manufacturing.