JPMorgan Chase began running a 30-second television spot in February titled "Dear America," structured as an open letter from the bank to the country. The ad promotes the firm's Security and Resiliency Initiative, a $1.5 trillion, decade-long financing plan announced in October 2025.
The ad copy opens with "we believe the greatest investment we've ever made is in you," lists the sectors the initiative will finance, and closes with the line "when we invest in America, the returns are limitless."
The sectors named include: energy grids, supply chains, manufacturing, AI and quantum computing, defense, and cybersecurity. The word "profit" does not appear.
JPMorgan has committed up to $10 billion in direct equity and venture capital to U.S.-based companies across 27 sub-sectors, from critical minerals to autonomous defense systems. The firm had already planned approximately $1 trillion in financing over the coming decade; the initiative adds $500 billion more.
CEO Jamie Dimon said on a press call that the program is "not philanthropy" but "100% commercial."
The ad makes no reference to the commercial nature of the initiative or to the returns the bank expects.
One of the initiative's earliest deployments was a $5 billion financing package for VoltaGrid, a natural gas company building behind-the-meter microgrid systems for AI data centers. VoltaGrid's generators powered Elon Musk's xAI facility in Memphis before grid connections were completed. The firm also advised on Constellation Energy's $16.4 billion acquisition of Calpine, consolidating nuclear and natural gas assets to meet data center power demand. JPMorgan published case studies on both deals through its Security and Resiliency pages.
The behind-the-meter model allows data centers to generate power on-site with natural gas turbines, bypassing local utility grids. JPMorgan describes this as enhancing grid affordability. It also enables developers to avoid utility interconnection queues and, in some jurisdictions, local permitting timelines. In Texas, VoltaGrid secured permits for 200 megawatts of generation capacity in 21 days.
JPMorgan's own analysts project that U.S. data center electricity demand will rise to 9% of total US consumption by 2030. The bank is financing both the companies driving that demand and the energy infrastructure required to serve it.
Communities in Pennsylvania, Ohio, Virginia, and Texas are contending with the effects of data center buildout: rising electricity costs, pressure on water systems, noise complaints, and tax abatement packages that reduce public revenue. More than $64 billion in data center projects were delayed or canceled between May 2024 and March 2025 due to organized opposition.
A growing number of jurisdictions have imposed moratoria on new construction.
The "Dear America" campaign presents these financing activities under a single framing of national investment. The communities affected by the buildout it finances are, in many cases, the same ones now negotiating the terms.
