The US government now holds an estimated $26.7 billion in corporate equity stakes spread across approximately 30 deals. There is no unified public database, no centralized tracking system, and no single agency responsible for disclosing the full picture.

The portfolio nobody’s tracking

The deals are scattered across at least four federal agencies. The Department of Commerce leads the pack with 17 deals, followed by the Defense Department with 7, the Development Finance Corporation with 6, and the Department of Energy with 2.

The crown jewel is a 9.9% stake in Intel, originally acquired for roughly $8.9 billion. That position has ballooned to approximately $42 billion in value, making it one of the most profitable government investments in recent memory.

Beyond Intel, the portfolio includes a $400 million position in MP Materials, which is one of the few Western companies capable of processing rare-earth minerals outside of China’s supply chain. The government also secured a golden share in U.S. Steel following Nippon Steel’s acquisition, giving Washington a strategic veto over certain corporate decisions without requiring a majority ownership position.

How we got here

The Council on Foreign Relations currently maintains what appears to be the most comprehensive external tracker of these government holdings. CFR senior fellow Jonathan Hillman has indicated that the announced deals represent merely “the tip of the iceberg,” highlighting the need for improved long-term portfolio management systems.

The White House did not respond to inquiries about the portfolio’s scope or its disclosure practices.

The sovereign wealth fund question

Norway’s Government Pension Fund Global, for instance, publishes its complete holdings list and issues detailed quarterly reports. The US version, by contrast, has emerged organically across multiple agencies without any equivalent governance structures, public reporting requirements, or clearly defined mandates. There’s no standardized reporting cadence and no single point of accountability for investment performance or risk management.

Some of the individual investments have surfaced through corporate filings. Intel’s SEC disclosures, for example, reveal the government’s stake because public companies are required to report significant shareholders. But quasi-equity deals and investments in private companies don’t necessarily trigger the same disclosure requirements, leaving meaningful gaps in public visibility.

What this means for investors

When Washington takes a significant equity position in a company like Intel or MP Materials, it effectively communicates that the government views these businesses as strategically essential. The Intel stake is the clearest example. A nearly $9 billion government investment in a company that was struggling to compete with TSMC sent a message to the market that Washington would not let its domestic chip champion fail.

If Washington decided to sell its Intel stake, dumping roughly 10% of the company’s shares onto the market would create significant downward pressure.