JPMorgan Chase has invested $5 billion in defense and manufacturing startups in its first year

JPMorgan Chase says it has made $5 billion in startup investments in the first year of its U.S. security and resiliency initiative, faster than expected.

The bank has taken direct stakes in defense-related startups Hadrian, which builds automated factories, and Castelion, which makes the Blackbeard hypersonic missile.

JPMorgan co-president Doug Petno says the program may expand beyond its $10 billion, decade-long target.