德怀特·艾森豪威尔将军在诺曼底登陆日率领73,000名美国士兵与156,000名盟军一起发动进攻。登陆行动已推迟24小时，但仍在波涛汹涌、强风和能见度低的恶劣海况下进行，以抢占极其关键的短暂时机。
Gen. Dwight Eisenhower launched 73,000 American troops alongside 156,000 Allied forces on D-Day. Already postponed 24 hours, the invasion proceeded in the face of rough seas, strong winds, and low visibility in order to seize a small window in time of enormous consequence.
错失这一时机将把行动推迟数周，使德国有更多时间加强防御并发现入侵计划。这可能会改变整场战争的进程。
Missing that window would have pushed the effort out weeks, risking Germany further strengthening its defenses and discovering the planned invasion. That could have changed the course of the entire war.
我们正处于国家安全的另一个关键窗口期，特朗普总统通过行政命令将新兴计算技术命名为“超级智能”，其新能力正迅速爆发。
We find ourselves at another consequential window for our nation’s security, as the new computing technology that President Trump has renamed“super intelligence” by executive order explodes with new capabilities.
在总统2027财年预算中设定的1.5万亿美元防务投资目标下，我们可以发起有针对性的行动，吸引私人资本投入军队现代化的紧迫任务，亦或冒着美国军队落后于创新步伐的风险——等待的时间越长，这一差距就越大、越快扩大。
With a $1.5 trillion goalpost for defense investment in the president’s fiscal 2027 budget, we can launch a targeted campaign to attract private capital to the urgent task of modernizing our military, or we can risk the U.S. military falling behind the pace of innovation — a gap that grows wider and faster the longer we wait.
非市场经济体不需要这种与私人市场的协调。它们可以通过单一指令将资金重新投入军事实验，并将任何行业纳入军队体系。
Non-market economies don’t require this kind of coordination with private markets. They can redirect money at military innovation and enlist any industry into the military apparatus with a single directive.
而美国及其盟友则依赖于一个强大且积极的私人市场，该市场在识别卓越方面毫不留情，却在风险高、回报不确定的领域犹豫不决。
The U.S. and her allies, on the other hand, depend on a robust and motivated private market, ruthless in identifying excellence and hesitant to invest where risk is high and returns aren’t guaranteed.
这听起来似乎是劣势，实际上却是我们最大的资产。只要窗口仍然打开，我们就必须动员这项资产。
That may sound like a disadvantage, but it is actually our greatest asset. We just need to mobilize that asset while the window remains open.
毫无秘密可言的是，我们的防务工业基础——从造船到弹药——已萎缩至二战高峰的影子。缺乏全球性战争，这在一定程度上是可以预料的。但有些能力已经衰退得过于严重，必须重建；而另一些如无人机和高超音速武器，则必须加速发展，以重新夺回领先优势，正如乌克兰和伊朗等战区所揭示的那样。
It’s no secret that our defense industrial base, from shipbuilding to munitions, has shrunk to a shadow of its World War II height. In the absence of global wars, that is to be expected to a certain degree. But some capabilities have slipped too far and must be rebuilt, while others, like drones and hypersonics, must be accelerated to recapture our lead, as theaters like Ukraine and Iran have revealed.
我们现在能够做的事情比以往任何时候都多，但我们的对手也是如此。特朗普的2027财年国防预算反映了当前的时机。它呼吁进行一代人一次的再投资，以利用算力并确保未来80年的军事优势。
More is now possible for us than ever before, but the same is true for our adversaries. Trump’s fiscal 2027 defense budget reflects the moment at hand. It calls for a generational reinvestment to harness computing power and secure military dominance for the next 80 years.
但一代人一次的事业不可能——也不应当——仅靠拨款来实现。总统已号召产业界投身这场战斗，我们必须用资本为这场战斗提供燃料。
But a once-in-a-generation undertaking cannot — and should not — be achieved through appropriated dollars alone. The president has rallied industry to arms, and we must fuel that battle with capital.
美国需要一项国家安全资本战略，使公共政策、私人投资和国家安全优先事项保持一致。
America needs a national security capital Strategy that aligns public policy, private investment and national security priorities.
我们以前做到过。民主兵工厂、州际公路系统、太空计划和互联网，都是从公共目标与私人创造力的不同组合中涌现出来的。政府确立国家优先事项并帮助吸收风险。美国企业提供创新、投资和执行。
We have done this before. The arsenal of democracy, interstate highway system, space program, and internet all emerged from different combinations of public purpose and private ingenuity. The government established national priorities and helped absorb risks. American enterprise supplied innovation, investment and execution.
21世纪的挑战可以说甚至更大。先进计算和制造、关键矿产独立、能源基础设施和有韧性的供应链，将需要数万亿美元的投资，跨越数十年。只有当政府和私人资本朝着同一个目标共同努力时，这种转型才能实现。
The 21st century challenge is arguably even greater. Advanced computing and manufacturing, critical minerals independence, energy infrastructure, and resilient supply chains will require trillions in investment over decades. This transformation can only be realized when government and private capital work together towards the same goal.
现有项目可以作为更大规模、协调一致努力的基础。战争部战略资本办公室和陆军战略资本倡议认识到，政府可以利用其职权、资产和需求信号来降低不确定性，并激活大得多的私人投资池。
Existing programs can serve as the foundation for a larger, coordinated effort. The Department of War’s Office of Strategic Capital and the Army’s Strategic Capital Initiative recognize that government can use its authorities, assets, and demand signals to reduce uncertainty and activate much larger pools of private investment.
国家安全资本战略应以这些机制为榜样，驱动美国资本市场上的上市公司、商业银行、养老基金、保险公司、基础设施投资者、风险投资、私募股权和个人投资者。
A national security capital strategy should model these mechanisms to compel public companies, commercial banks, pension funds, insurers, infrastructure investors, venture capital, private equity and individual investors across America’s capital markets.
我们需要创造条件，使那些增强美国安全的投资，同时也成为全球最具吸引力的长期投资机会之一。艾森豪威尔深知，有些窗口期不会永远敞开。我们的窗口期也不会。
We need to create conditions in which investments that strengthen America’s security also become among the world’s most compelling long-term investment opportunities. Eisenhower understood that some windows don’t remain open indefinitely. Neither will ours.
正如我们近期在科技领域所见，如果市场相信潜在的投资资本回报倍数将是前所未有的，市场就会拥抱那些与总体资本流向巨变相一致的长期机会。重建美国军力，以及随之而来的美国产业能力重建，正是这种能为所有美国人创造跨代财富的机会。然而，今天的奠基仪式意味着两年后将拥有一座高产的制造设施，而投资资本回报则在更遥远的未来。
As we have seen recently in the technology space, markets will embrace long-term opportunities aligned with big shifts in aggregate capital flow if they believe the potential multiple on invested capital to be unprecedented. The rebuilding of the U.S. military, and the rebuilding of U.S. industrial capacity along with it, is exactly that same kind of multi-generational wealth-creation opportunity for all Americans. However, a groundbreaking today will mean a productive manufacturing facility two years from now and a return on invested capital even further on the horizon.
立法者和决策者是这一愿景的管家，播下的种子将在我们这一季之后结出果实。市场必须在我们大规模的资本部署中看到这一需求信号和管家精神。它们还必须在我们的许可和监管决策中，看到对国家安全坚定不移的优先考量，这与我们在算力和能源主导地位上的努力相呼应。
Lawmakers and policymakers are the stewards of this vision, planting seeds that will bear fruit beyond our season. The markets must see this demand signal and stewardship in our capital deployment at scale. They must see the unwavering prioritization of national security in our permitting and regulatory decisions as well, mirroring our efforts in computing and energy dominance.
审慎的管家精神将植入超越单个预算或选举周期的信心，并推动可预期的需求、更快的采购以及奖励创新的合作伙伴关系。
Deliberate stewardship will instill confidence beyond an individual budget or election cycle and drive predictable demand, faster acquisition and partnerships that reward innovation.
我们拥有一个有利条件的狭窄窗口期，可调动私人资本重建并振兴我们的军队。我们需要利用公共政策，战略性地释放数千家银行、企业、企业家和投资者的潜能。这是计划经济无法复制的举措。
We have a narrow window of favorable conditions to mobilize private capital to rebuild and reinvigorate our military. We need to use public policy to strategically unleash thousands of banks, corporations, entrepreneurs, and investors. That’s a maneuver centralized economies can’t replicate.
美国拥有世界领先的科技公司、大学和企业家，拥有丰富的资源、非凡的工业基础，以及历史上最深厚的资本市场。我们的战略优势不仅在于拥有这些资产，更在于将它们连接起来。
America has world-leading technology companies, universities and entrepreneurs, abundant resources, an extraordinary industrial base, and the deepest capital markets in history. Our strategic advantage lies not simply in possessing these assets, but in connecting them.
《2026年国防战略》明确提出要加快加强国防工业基础的建设。在“超级智能时代”，该工业基础所生产的技术将得到更快的发展。而一项“国家安全资本战略”将为这两者之间的资金流动提供必要的支持与保障。
The 2026 National Defense Strategy calls for supercharging the defense industrial base. The Era of Super Intelligence will accelerate the technologies the industrial base produces. A national security capital strategy can provide the financial architecture connecting the two.
美国未来的战略优势不再仅仅是技术上的主导地位，而是我们具备大规模资助这些技术发展的能力。
America’s next strategic advantage isn’t technological dominance; it’s our ability to finance technological dominance at scale.
马克·E·安德森（Marc E. Andersen）现任美国陆军首席财务官，并兼任财务管理与审计部门的助理部长。
Marc E. Andersen is U.S. Army Chief Financial Officer and Assistant Secretary, Financial Management and Comptroller.