Trump’s Washington Is Now a Shareholder in 40 Companies
The federal government has quietly taken equity stakes in dozens of private companies, with no agency publishing an official list and no consensus on how many it actually owns. For shareholders, that invisible partner changes the math on risk, dilution,…
On October 22, 2026, the Commerce Department signed letters of intent for $389 million in CHIPS Act research awards to four private companies. As a condition of each award, the department takes “a minority, non-controlling, non-voting equity stake”. Helion is in line for up to $175 million, Commonwealth Fusion Systems for $85 million, Vertical Semiconductor for $73 million, and Sibelco for $56 million.
Tad DeHaven, a policy analyst at the Cato Institute, says those deals bring the count of announced or completed stakes to 40. No agency releases an official list.
The Council on Foreign Relations counts 43 because it includes Development Finance Corporation deals. Fortune counted 30 in July. At the time, a Treasury spokesperson said agencies report equity “in different ways.” When nobody keeps one official record, it is hard to know what this shareholder actually owns.
A letter of intent comes before a final agreement, so part of DeHaven’s 40 is still unsigned. In July 2026, National Economic Council Director Kevin Hassett said the stakes were “like a down payment on a sovereign wealth fund, which many countries have.”
Intel Is the Anchor Holding
In August 2025, the government agreed to buy 433.3 million shares of Intel (NASDAQ:INTC | INTC Price Prediction) at $20.47 each. The purchase cost about $8.9 billion, paid from CHIPS Act grants and the Secure Enclave program, for a 9.9% stake. The government also holds a five-year warrant. It can buy another 5% at $20 a share, but only if Intel stops owning at least 51% of its foundry business.
Intel closed at $93.74 on October 27, up 3.61%. At that price, our own calculation puts the government’s shares at about $40.6 billion. That figure assumes no shares were sold and leaves out the warrant. Fortune valued the stake higher in July, at $42 billion. Intel reports on October 29.
GlobalFoundries Trades Equity for Japanese Capital
Under a U.S.-Japan plan announced October 14, Japan will provide up to $21 billion to finance two new 300mm plants for GlobalFoundries (NASDAQ:GFS) in Malta, New York. The first is expected to come online in 2029. Commerce receives about 4% of the company.
CEO Tim Breen spoke about it. He called it “a bold new initiative for semiconductor manufacturing, bringing together the United States and Japan.” He said the government’s holding would rise from about 3% to about 7%.
Donald Trump claimed on Truth Social that the stake is worth more than $2 billion. Our own calculation, based on the October 27 market value, puts 7% at about $1.8 billion. GlobalFoundries reports on November 4.
MP Materials Shows the Limits of a Price Floor
On July 10, 2025, the Pentagon announced a $400 million purchase of preferred stock in MP Materials (NYSE:MP). The preferred pays a 7% dividend and converts into common stock at $30.03 a share. The Pentagon also received a warrant on 11,201,659 shares at $30.03. If fully converted, that would add about 15% of the common stock, and the Pentagon’s ownership is capped at 19.9%.
The deal also set a 10-year price floor of $110/kg for NdPr (neodymium-praseodymium, the main component in rare earth magnets), plus an agreement for the government to buy magnets. Even with that support, the stock has traded between $37.11 and $76.80 over the past 52 weeks. It closed at $40.87 on October 27 after a 9.07% gain, for a market value of $7.28 billion. MP reports on November 5.
What Government Ownership Means for Shareholders
The case for owning these stocks is that price floors, guaranteed buyers, and a federal partner make failure less likely, and a government partner can also bring in foreign money, as Japan’s financing at GlobalFoundries shows.
The case against starts with dilution: warrants and conversions spread profits over more shares, and floors and purchase deals can also limit how far the stock can rise. A non-voting stake still gives Washington informal pressure over where plants go and who gets hired, and a future administration could sell or repurpose these stakes.
Government support helps Intel the most. It is the largest and most liquid of these holdings, and Washington needs its foundry to work, while MP swings the most and its price floor protects the business more than the stock. If MP closes below $37.11 before its November 5 report, that would likely signal the floor offers shareholders limited protection.
Contact [email protected] for any questions or corrections.
Omor Ibne Ehsan is a writer at 24/7 Wall St. He is a self-taught investor with a focus on growth, cyclical, and dividend equities that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as penny stocks.
