SUNSTONEADVISORY GROUP
Office of Strategic Capital  ·  Department of War

The Department of War’s Office of Strategic Capital plans to deploy $20 billion into fifteen key industry sectors.

Bottom line up front
Every claim links to its source
The targeted sectors

Find yourself on this list.

These fifteen industry segments are where the office has stated it will place particular focus for its credit products. Select one to see how it is defined, who it means in practice, and whether the seat is open. We work with one company per sector — the reasoning is further down this page.

Applications for all fifteen seats close 30 September 2026.

The fifteen segments and their definitions are drawn from the Office of Strategic Capital FY2025 Investment Strategy; definitions are condensed. That document also states that applications across all covered technology categories will be considered — so falling outside these fifteen is not a disqualification. It changes the argument, not the eligibility. Seat status is maintained by Sunstone and reflects our current engagements, not any judgment by the Department.

$850M
Committed to three companies in eighteen months — $150M to one, $700M jointly to two more in a single supply chain
Department of War releases, 10 Aug 2025 and 21 Nov 2025
$20.2B
Requested for the program in FY2027 — projected to leverage into roughly $200B of lending authority
FY2027 Exhibit P-1, p.324; leverage per Bloomberg Government
$200B
The lending authority that request is projected to support, at the Department’s assumed ten-to-one leverage — near a quarter of all federal procurement in FY2025
Bloomberg Government analysis, 14 July 2026
The primary document

We marked up the Pentagon’s own budget exhibit so you can verify program legitimacy in one minute.

Four pages, lifted unaltered from the FY2027 President’s Budget. We added a highlight and a margin note. Nothing on the government pages was changed.

The $20.2 Billion Line Item

Exhibit P-1 is the top-line table showing what each appropriation asks Congress for. Appropriation 0362D is the Defense Strategic Capital Credit Program — the lending program. The number is on printed page 324, and the exhibit states figures in thousands, which is where most people misread it.

The figures, in dollars
$20,216,000,000
FY2027 total request
of which discretionary$216,000,000
of which mandatory$20,000,000,000
FY2026 total$1,447,770,000
of which from P.L. 119-21$1,350,000,000
FY2025 actual$288,249,000
Download the marked-up PDF What am I looking at?

Our annotations are the highlight band, the margin note, the banner and the footer stamp. Everything else is the Department’s page as published. Verify the original at comptroller.war.gov — printed pages 323–326. A request to Congress is not enacted money.

The record

Nothing on this page asks for your trust.

Every document behind our case, in one place, linked to the government source. Filter by type. If a claim we make is not on this list, do not believe it.

Securing America’s Defense Supply Chains and Ensuring Domestic Acquisition of Critical Materials

Executive Orderswhitehouse.gov
July 20, 2026
Ends routine sourcing waivers from 1 January 2027. Removes “no domestic source exists” as a defence unless the contractor is actively funding qualification of one. Requires supply chain mapping to raw-material origin at every tier, and makes failure to qualify an alternative source grounds for termination.
14415
Executive Order

FY2027 President’s Budget, Exhibit P-1 — Appropriation 0362D

Budgetcomptroller.war.govOur marked-up excerpt
April 2026  ·  printed pages 323–326
The $20,216,000 thousand request, split $216,000 discretionary and $20,000,000 mandatory. The comparable FY2026 total is $1,447,770 thousand.
$20.216B
Requested, not enacted

OSC Agrees to Joint $700M Conditional Loan Commitment with Vulcan Elements and ReElement Technologies

Department Releaseswar.gov
November 21, 2025
Two companies at two tiers of one supply chain, financed together. $620M for magnet manufacturing, $80M for rare earth separation and metallization. The Department took warrants in both; Commerce took $50M of equity in one. Conditional — no funds move until diligence conditions are met.
$700M
Conditional commitment

OSC Announces First Loan Through Agreement With MP Materials to Secure Critical Materials Supply Chain

Department Releaseswar.gov
August 10, 2025
The first executed direct loan. Also the release that states the One Big Beautiful Bill Act provided $500 million of credit subsidy, creating up to $100 billion in lending authority for critical minerals.
$150M
First direct loan

OSC Introduces National Security Fund Finance Program

Department Releaseswar.gov
July 14, 2026
The office is still standing up new instruments. A Notice of Funding Opportunity is described as imminent, aimed at shortages and gaps in critical minerals. The release also names the current Director of the office.
Pending
NOFO imminent

DFARS: Modifications to Printed Circuit Board Acquisition Restrictions

Rulemakingfederalregister.gov
July 2, 2026  ·  comments close August 31, 2026
Advance notice of proposed rulemaking. Proposed compliance runs on trusted-fabricator accreditation and traceability to the origin of laminate and copper foil, flowing down to every tier. Nothing binds until a final rule issues.
91 FR 40508
DFARS Case 2022-D011

Section 903, FY2024 National Defense Authorization Act — 10 U.S.C. §149

Statutecto.mil
December 2023
The authority itself. Covered technology categories, the 80% non-federal capital requirement, the 50-year maximum maturity, prepayment without penalty, the requirement that a financed technology not be solely defense-applicable, and eligibility for a strategic alliance of two or more entities. The pilot authority expires 1 October 2028.
§149
Title 10, U.S. Code

OSC Credit Program — terms, eligibility and current status

Program Pagescto.mil
Current
The terms themselves: pricing, tenor, sculpted repayment, deferral, and the full list of eligible costs. It also carries the eligibility rules. Read “Ineligible businesses or projects” before anything else — four rules disqualify most applicants outright.
4
Fatal disqualifiers

FY2025 Investment Strategy for the Office of Strategic Capital

Program Pagesmedia.defense.gov
January 2, 2025  ·  still the current strategy
Names the fifteen industry segments of particular interest, and defines each one. The definitions used in the sector menu on this page are taken from it.
15
Priority segments

One source on this page is not a government document. The leverage figure — that the requested $20 billion of subsidy is projected to support roughly $200 billion of lending, an assumed ten-to-one ratio — comes from a Bloomberg Government analyst interviewed by Federal News Network on 14 July 2026. The same analyst calls the assumption optimistic and notes that Congress has preserved the funding but not embraced the expansion. We include both halves.

How we work

One company per sector. Fifteen sectors, fifteen seats.

This is not a sales device. Our client is assessed against the other applicants in its own category — a finite pool, allocated on a comparative judgment of national security impact.

We cannot build that case for two companies making the same thing. Arguing that your capacity matters more than the next firm’s, while arguing the reverse down the hall, is a conflict. It would make us useless to both of you.

So the seat is exclusive, and it goes to whoever qualifies first. When your sector is taken, we will tell you plainly that we cannot help you.

15
Sectors of particular interest
Seats currently open
Committed or in assessment
Days left to apply
The other half

Access is the one thing that can no longer be bought.

Under this administration the old Washington model stopped working. Firms that tried to purchase goodwill or manufacture new access found the door did not open — this White House is not moved by media campaigns, information operations, or outsiders. Influence runs almost entirely through people who were already known and already trusted before any of this began.

Which is why the second half of what we do is not something we could assemble on request. We work in coordination with the Washington team of a global law firm whose partners were not adjacent to the last administration. They were inside it.

Who sits behind the work
  • Attorneys teamed with former senior intelligence and military leaders — a strategic engagement practice, not a conventional lobbying shop
  • Partners who held senior Executive Branch appointments in the first Trump administration, including Deputy Assistant to the President and acting White House Cabinet Secretary, a Deputy Assistant Secretary of Defense, and Counselor for Land and Minerals Management at the Department of the Interior
  • A former global chief security officer of a multinational operating in more than eighty countries
  • Offices in Washington, London and Brussels, and in Beijing, Hong Kong and six US cities
Why it matters to your file specifically
  • Rulemaking. Comment strategy on the regulations that will govern sourcing in your sector, while they are still drafts rather than obligations
  • Foreign ownership, control and influence. Precisely the vetting Executive Order 14415 now requires of suppliers at every tier — alongside CFIUS and inbound investment review
  • Procurement and contracting. Vehicle selection, teaming and subcontracting structure, organisational conflict analysis
  • Trade. Tariff authorities, import restrictions, export controls, sanctions, antidumping and countervailing duty exposure
  • Supply chain compliance and diligence. The indentured bill-of-materials problem that same order creates, traced to raw material origin
  • Critical minerals and land policy experience held at principal level, not learned from the outside
Two things we will not do

We will not name the firm on a public page. That relationship is not a marketing asset and we do not treat it as one.

And we will not promise you the engagement. Counsel is retained directly by you under its own engagement letter, subject to its own conflicts clearance and client intake, and is under no obligation to accept any matter. Sunstone does not invoice, direct or control that work, and makes no representation on its behalf. What we can tell you is what the capability is — and that it is the reason this works at all.

The only way in

Twenty minutes tells both of us whether this is real.

A screening and suitability assessment. By telephone, with a principal, no deck. You will not be sold anything on this call — the point is to find out quickly whether you clear the Department’s published rules, because most companies do not.

1
Prescreen
No cost and no obligation. You tell us what you make, roughly what you turn over, and whether a capital project is on the horizon. We come back within one business day on two questions: whether it is worth going further, and whether the seat in your sector is still open.
2
Application
A short written application. Revenue, customer mix, the project and its size, and what you own. This is where the four fatal rules get tested on paper — before either of us spends a call finding out.
3
Screening
Twenty minutes by telephone with a principal. We test you against the published criteria, size the project properly, and identify where your capital stack falls short of the non-federal requirement. No deck, and nothing is sold on this call.
4
Eligibility Review
We assess the file against the office’s stated criteria, and against the other companies we are seeing in your sector. This is the point at which we decide whether there is an argument for you that we would be willing to put our name to.
5
Registration Access if granted
Credentials are issued, the seat in your sector is reserved, and the work begins. Access is individual, non-transferable, and withdrawn when an engagement ends.

Most companies do not reach step five, and the earlier steps exist to establish that cheaply. If your sector is already committed we will tell you at step one rather than take the meeting.

Most of these conversations end in a no. We would rather establish that in twenty minutes than after you have spent money.

Schedule a screening
Already a member? Project access is issued after a completed screening. Credentials are individual and are not transferable.