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The Pentagon announced its first 13 commitments in late 2024, and a few months later, shortly before President Trump’s Inauguration, published a list of 17 funds that had been added to the program in early 2025, including America’s Frontier Fund, which is backed by Eric Schmidt and Peter Thiel. The Department of Defense has since gone quiet on the program, however, not announcing any further commitments. The Department of Defense appears to have made five other VC fund commitments since 2025, though Fortune was not able to learn the details of the investments.
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