Live public record · 33 companies

U.S. Government Equity Stakes Tracker

Q: How many companies does the U.S. government own a stake in?

Thirty-three companies hold an equity-type instrument (stock, preferred, warrants, a golden share or a participation interest) issued to a federal agency since June 2025, counting Commerce, the Department of War, Energy and Treasury. Add Nvidia and AMD's revenue-share arrangements and it is 35. Add the Development Finance Corporation's four equity positions and it is 39. The Council on Foreign Relations counts 39 deals, because it counts deals rather than companies and includes DFC. Cato counts 32 and excludes DFC; its count as of September 4, 2026 does not yet include the Department of War's August 31 equity investment in the Alcoa gallium project in Australia, which this page does. Each is right about its own rule.

Q: Is there an official list of government equity stakes?

No. The stakes sit across at least four agencies under different authorities, and a Treasury official told Fortune that agencies report equity interests in different ways. Stakes in private companies produce no SEC filings. Congressional letters in February, March and July 2026 asked for selection criteria and legal justifications, and the Senate's 2027 defense bill would require an ownership review of every company the Pentagon holds equity in. As of this update, no consolidated federal ledger has been published.

Q: How much has the government invested?

It depends what you count. Adding the disclosed dollar figures attached to the 33 equity-type deals on this page gives roughly $17 billion, of which Intel is $8.9 billion. CFR's $27.7 billion figure adds loans that travel with the equity (USA Rare Earth's $1.3 billion facility, Korea Zinc's debt) and the DFC positions. Several stakes cost nothing at all: the U.S. Steel golden share, the Westinghouse participation interest, the Lithium Americas warrants and the 35% Venezuela stake were all granted rather than bought.

Q: Which agency is doing most of the buying?

By number of companies, Commerce, through the CHIPS Research and Development Office, which attaches a minority, non-controlling equity condition to its awards: 22 of the 33. By dollars, also Commerce, because of Intel. The Department of War's ten positions are concentrated in critical minerals and defense supply chains, now including a gallium project in Australia, and are increasingly run through its Industrial Base Analysis and Sustainment program and the Office of Strategic Capital.

Q: What is the Office of Strategic Capital?

A Pentagon office created by statute in 2023 to finance critical-technology companies with loans rather than grants. It made its first direct loan (MP Materials, $150 million) in 2025, attached warrants to loans for Vulcan Elements and ReElement, and holds the 35% Venezuela stake. The FY2027 budget request asks for about $20.2 billion in credit subsidy for it, enough to support roughly $200 billion in loans. It does not publish a list of borrowers.

Q: Do the companies have to give up control?

In the Commerce deals, no: every release describes the stake as minority and non-controlling, and Intel's agreement requires Commerce to vote with the board. The exceptions are the U.S. Steel golden share, which carries consent rights over plant closures and headquarters moves, and the Venezuela agreement, which gives the U.S. a veto over board appointments.

Q: Which companies could be next?

The ones with admissible evidence, and only those, are listed in the Pipeline section. On-record reporting has named OpenAI (a proposed 5% stake, reported July 2026), IonQ and Quantum Computing Inc. (October 2025 talks that Commerce denied the same day; neither was in the May 2026 batch), Critical Metals Corp. (October 2025, denied by the White House), and three drone companies in Pentagon talks reported in May 2026, one of which ended as an $820 million loan. Officials have named categories rather than companies: Treasury says seven strategic industries, including rare earths, semiconductors, pharma, shipbuilding and steel; the Energy Dominance Council calls equity the norm for critical minerals; Commerce attaches an equity condition to every CHIPS research award. Ten CHIPS manufacturing awards remain unfinalized and could be renegotiated on Intel's model. Analyst lists, stock tips and AI-generated roundups are not evidence and do not appear here.

Q: Why does this page exist?

Because the companies in the table are, with a handful of exceptions, small and privately held, and the day a stake is announced, investors, journalists, suppliers and job candidates ask a search engine or an AI assistant who they are. We keep the record straight, with the source next to every row, and we check what the AI models say about each company. That second part is the business we are in.

Q: Does the U.S. government own a stake in MP Materials?

Yes. Agency: Department of War. What Washington got: $400M convertible preferred stock plus a warrant for 11.2M shares at $30.03; a separate $150M loan, a 10-year NdPr price floor and 100% offtake of the new magnet plant. Federal dollars attached: $400M. Announced Jul 10, 2025; status: closed. Source: MP Materials Form 8-K, July 2025.

Q: Does the U.S. government own a stake in Vulcan Elements?

Conditionally, yes. Agency: Commerce and Department of War. What Washington got: $50M of equity to Commerce (CHIPS) plus warrants to the Department of War attached to a $620M Office of Strategic Capital conditional loan. Federal dollars attached: $50M equity + $620M loan. Announced Nov 3, 2025; status: conditional. Source: NIST: CHIPS letter of intent with Vulcan Elements, Nov 2025.

Uncle Sam’s portfolio, one row per company, one source per row.

Since June 2025 the federal government has taken stock, warrants, a golden share or a profit interest in 33 companies through Commerce, the Department of War, Energy and Treasury. No agency publishes a consolidated list. This page is the ledger, with the primary document beside every entry, updated the day a new stake is announced.

Updated September 6, 2026. Latest entry: North American Blue Energy Partners, Aug 31, 2026. Corrections: hello@theoagseo.com.

See the 33 companies Who could be next

companies with an equity-type instrument held by a federal agency

$17.18B

federal dollars attached where a figure was disclosed; Intel is $8.87B of it

agencies holding stakes: Commerce, War, Energy, Treasury

new companies in the last 30 days (Strategic Bauxite USA, North American Blue Energy Partners, Alcoa (Wagerup gallium project))

of the 33 are private or unlisted, so no SEC filing records the stake

The number

How many companies does the U.S. government own a stake in?

Ask three credible trackers and you get three answers. They are not disagreeing about the facts; they are counting different things. Set the rule and the number follows.

companies, by the rule you have selected. The base count is every company in which Commerce, the Department of War, Energy or Treasury holds stock, preferred, warrants, a golden share or a participation interest, announced since June 2025.

Include the Nvidia and AMD revenue-share arrangements (15% of China chip sales; no ownership, no published rule)+2 Include Development Finance Corporation equity positions (DFC has statutory authority to hold equity, which is why Cato leaves them out)+4

Equity-type instruments, 33Revenue share, 2DFC, 4

32Cato

Counts companies, includes the U.S. Steel golden share, excludes DFC and the revenue-share deals. As of September 4, 2026; does not yet include the Department of War’s August 31 equity investment in the Alcoa gallium project in Australia, which this page counts. Source

39CFR

Counts deals rather than companies (GlobalFoundries is two, Vulcan Elements is two), includes six DFC transactions, totals $27.7B including the loans that travel with the equity. Updated July 30, 2026. Source

30Fortune

“Roughly 30 equity or quasi-equity deals” worth $26.7B across Commerce, Defense, DFC and Energy, as of July 26, 2026, before the August stakes. Source

0Official

No agency, and not Treasury or OMB, has published a consolidated ledger. A Treasury official told Fortune that agencies report equity “in different ways” depending on the legal authority.

Who is buying, and when

Two agencies do almost all of it

Commerce attaches a minority-stake condition to its CHIPS research awards and has done it 22 times. The Department of War buys preferred stock and warrants in the supply chains it cannot source elsewhere. Energy and Treasury each hold one.

By agency

Companies (dark bar) and disclosed federal dollars attached (light bar). Vulcan Elements counts under both Commerce and War.

Dollars understate Energy and Treasury because their instruments were granted, not bought: penny warrants at Lithium Americas, a golden share at U.S. Steel.

By month

New companies added to the portfolio, by announcement month.

Two Commerce batches account for 15 of the 33: nine quantum companies on May 21, 2026 and six compute companies on July 29. The Pentagon’s deals arrive one at a time, and lately about one a month.

The ledger

Every company, every instrument, every source

Click a row for the deal terms and our notes. “Federal $ attached” is the dollar figure in the announcement that the equity rides on: the purchase price, or the loan the warrants came with. Stakes marked n/d were never disclosed.

Agency Sector Status Listing AI answer

	What Washington got		Agency		Status	Source	AI answer
North American Blue Energy PartnersVenezuelan oil concessionsNot disclosed · Private	35% equity, no cash paid35%	$0 (granted)	Dept. of War	Aug 31, 2026	Signed	whitehouse.govPrimary	GCP
What Washington got. 35% equity in the corporate parent, granted at no cost, plus a State Department right to buy 20% of output at production cost. The 32nd entry by Cato's count. Signed by the Secretaries of State and War. The signed agreement itself has not been published; Senate Armed Services has asked for OSC's legal authority. Source: White House fact sheet, Aug 31, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right 35% passive stake in the parent, not yet finalized, Betancourt control. ChatGPT: Right 35% in the parent, 20% offtake at cost, right of first refusal on the rest. Perplexity: Right Betancourt's Venezuelan producer, 100-year concessions on 17 fields; cites the White House on the Office of Strategic Capital stake.
Alcoa (Wagerup gallium project)Gallium from alumina refining, Western AustraliaWagerup, Western Australia (Alcoa: Pittsburgh, PA) · Project vehicle (operator NYSE: AA)	Equity in project vehicle + offtaken/d (pro rata offtake)	≈$174M (estimated)	Dept. of War	Aug 31, 2026	Definitive	war.govPrimary	GCP
What Washington got. An estimated $174M equity financing investment, through the Industrial Base Analysis and Sustainment program, in the vehicle building a 100-metric-ton-per-year gallium plant at Alcoa's Wagerup alumina refinery, alongside Export Finance Australia, the Government of Japan and Sojitz; partners take gallium offtake in proportion to their interests. The first stake in a project outside the United States and the first structured with allied governments. The equity sits in the project vehicle, not in Alcoa itself: Alcoa's October 2025 release describes a U.S., Australia and Alcoa special purpose vehicle that in turn holds a joint venture with Japan Australia Gallium Associates (the Japanese Government and Sojitz). Percentage undisclosed; the dollar figure is subject to exchange rates at the time of the transaction. Announced the same day as the Venezuela stake and not included in Cato's count of 32 as of September 4, 2026. Source: Department of War: $174M investment to secure the gallium supply chain, Aug 31, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right Names the Wagerup plant, the Department of War's estimated $174M IBAS equity financing, and the SPV owned by Alcoa, the U.S. and Australia that partners with JAGA. Checked Sept 6, 2026. ChatGPT: Right Gets the structure exactly: the U.S. holds a position in the project SPV, not a stake in Alcoa Corporation, with pro rata gallium offtake. Cites only Alcoa's own releases and does not name the Department of War or the $174M figure. Checked Sept 6, 2026. Perplexity: Right Equity interest in the project vehicle, not in Alcoa or the refinery; cites the reported $174M Defense Department equity financing and the July 2026 final investment decision. Checked Sept 6, 2026.
Strategic Bauxite USABauxite (Guyana) and aluminaNot disclosed · Private	Equityn/d	$85.5M	Dept. of War	Aug 7, 2026	Definitive	war.govPrimary	GCP
What Washington got. $85.5M equity investment agreement to acquire and expand the First Bauxite mine and build U.S. brown-fused alumina capacity. Newest company in the portfolio before the two August 31 announcements. $64.5M of private co-investment alongside. Source: Department of War: $85.5M agreement with Strategic Bauxite USA, Aug 7, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right $85.5M equity, IBAS, $64.5M private match. ChatGPT: Right $85.5M equity announced August 7, 2026; Wyoming registration, Guyana mine. Perplexity: Right Refractory-grade bauxite, First Bauxite in Guyana; an equity stake, not a grant or a loan.
Kepler ComputingFerroelectric AI memoryNot disclosed · Private	Minority equityn/d	$245M	Commerce	Jul 29, 2026	LOI	nist.govPrimary	GCP
What Washington got. Minority, non-controlling equity stake as a condition of a $245M award. Largest of the July compute batch. No company press release found. Source: NIST: letters of intent with 7 companies for $874M, July 29, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right Correct description, $245M letter of intent, equity condition. ChatGPT: Right Quotes NIST's equity condition verbatim and flags the Kepler Communications name clash. Perplexity: Right Berkeley ferroelectric 3D memory and logic; quotes the NIST condition that Commerce will receive a minority non-controlling stake.
MultibeamMulti-column e-beam lithographySunnyvale, CA · Private	Minority equityn/d	$140M	Commerce	Jul 29, 2026	LOI	nist.govPrimary	GCP
What Washington got. Minority, non-controlling equity stake as a condition of a $140M award. Company release confirms $140M, silent on equity. Source: NIST: letters of intent with 7 companies for $874M, July 29, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right Sunnyvale, e-beam lithography, $140M, minority stake condition. ChatGPT: Right Says the government is moving toward an equity stake under the July 2026 letter of intent. Perplexity: Partial Right on the stake (minority, non-controlling, condition of the $140M letter), but describes Multibeam as an advanced-packaging company. It builds multi-column electron-beam lithography systems.
ExtropicThermodynamic sampling chipsWaltham, MA · Private	Minority equityn/d	Up to $75M	Commerce	Jul 29, 2026	LOI	nist.govPrimary	GCP
What Washington got. Minority, non-controlling equity stake as a condition of an award of up to $75M. Company describes the letter as non-binding. Source: NIST: letters of intent with 7 companies for $874M, July 29, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right Thermodynamic sampling chips, up to $75M non-binding letter, equity condition. ChatGPT: Partial Says no, not in the conventional equity sense, and blames commercial databases for the claim. NIST's July 29 release states the stake as a condition. Perplexity: Right Thermodynamic computing; minority stake as a condition of up to $75M, noted as a non-binding letter of intent.
ThintronicsLow-loss dielectrics for packagingAlameda, CA · Private	Minority equityn/d	Up to $50M	Commerce	Jul 29, 2026	LOI	nist.govPrimary	GCP
What Washington got. Minority, non-controlling equity stake as a condition of an award of up to $50M. Source: NIST: letters of intent with 7 companies for $874M, July 29, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right Names the company, the July 2026 letter of intent, up to $50M, and the minority non-controlling equity condition. ChatGPT: Partial Describes the company well, then says it found no evidence of a government equity stake and treats the $50M as funding only. NIST states the minority stake as a condition of the award. Perplexity: Right Chip insulating films; planned minority stake under the July 29, 2026 letter of intent for up to $50M, subject to diligence.
OBSIDIA SemiconductorsChip authentication (RF fingerprinting)Not disclosed · Private	Minority equityn/d	$34M	Commerce	Jul 29, 2026	LOI	nist.govPrimary	GCP
What Washington got. Minority, non-controlling equity stake as a condition of a $34M award. No company press release found. Source: NIST: letters of intent with 7 companies for $874M, July 29, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right Chip authentication, up to $34M, minority stake condition. ChatGPT: Right Founder, ReelScan, the $34M letter and the announced equity structure. Perplexity: Right Hardware security, chip authentication; minority stake announced with the letter of intent, subject to final approval.
AelumaPhotonic and electronic semiconductorsGoleta, CA · NASDAQ: ALMU	Equity equal to awardn/d	Up to $30M	Commerce	Jul 29, 2026	LOI	aeluma.comPrimary	GCP
What Washington got. Equity securities with a value equal to the award (up to $30M), issued when final documents are signed. Smallest public company in the portfolio. Source: Aeluma press release, July 29, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right NASDAQ: ALMU, up to $30M, minority equity position. ChatGPT: Right Cites the SEC filing: equity securities equal to the award, issued at final documents. Perplexity: Right NASDAQ: ALMU, Goleta; not a completed position but a proposed path, equity securities issued when final award documents are executed.
I-PulseSilicon-carbide power semiconductorsNot disclosed (sites in NM, MI, France) · Private	Minority equityn/d	$250M	Commerce	Jun 25, 2026	Definitive	nist.govPrimary	GCP
What Washington got. Minority, non-controlling equity stake received at signing of a $250M definitive award. Co-founded by Robert Friedland. The company's own release does not mention the stake. Source: NIST: definitive agreement with I-Pulse, June 25, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right Friedland co-founder, states the minority non-controlling stake. ChatGPT: Right $250M definitive award, minority non-controlling stake, percentage undisclosed. Perplexity: Right Friedland and Frescaline, pulsed power; minority stake received with the $250M definitive award of June 25, 2026, percentage undisclosed.
SandboxAQAI models for semiconductor materialsPalo Alto, CA · Private	Minority equityn/d	$500M	Commerce	Jun 17, 2026	Definitive	nist.govPrimary	GCP
What Washington got. Minority, non-controlling equity stake under a $500M definitive award. Went straight to a definitive agreement with no public letter of intent. Company calls it a non-voting stake. Source: NIST: definitive agreement with SandboxAQ, June 17, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right $500M award finalized June 2026, minority non-voting stake, percentage undisclosed. ChatGPT: Right Same, plus the CEO's Reuters comment that the stake has no voting rights. Perplexity: Right $500M definitive CHIPS R&D award in June 2026, minority non-voting non-controlling stake.
IBM (Anderon)Quantum wafer foundry, Albany NYArmonk, NY · NYSE: IBM	Minority equityn/d	$1B	Commerce	May 21, 2026	LOI	nist.govPrimary	GCP
What Washington got. Minority, non-controlling equity stake tied to a $1B award for the Anderon quantum foundry; whether the stake sits in IBM or in Anderon is not stated. IBM adds $1B of its own cash plus IP. Largest of the nine May quantum letters. Source: NIST: letters of intent with 9 quantum companies, May 21, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right Anderon, $1B CHIPS plus $1B from IBM. Places the stake in Anderon, which no release specifies. ChatGPT: Partial Describes the $1B plus $1B structure accurately but says the documents do not specify an ownership stake, without mentioning NIST's minority-equity condition. Perplexity: Right Anderon as IBM's Albany quantum foundry with $1B of IBM cash; yes in principle, percentage undisclosed.
GlobalFoundriesQuantum foundry and silicon photonicsMalta, NY · NASDAQ: GFS	Equity, ≈1% per award≈1% per award	$675M (two awards)	Commerce	May 21, 2026	LOI	investors.gf.comPrimary	GCP
What Washington got. Two awards: $375M (quantum foundry, May) and $300M (silicon photonics, July), each giving Commerce equity of approximately 1%. One company, two deals: this is why CFR counts more deals than Cato counts companies. Whether the July 1% is additional to the May 1% is not stated. Source: GlobalFoundries: $300M letter of intent, July 29, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right Approximately 1% stake tied to the CHIPS awards. ChatGPT: Partial Flat no: says the government is not a shareholder and Mubadala controls GF. GlobalFoundries' own May and July releases say Commerce will receive about 1% under each award. Perplexity: Right Holds or is set to receive a minority position; not the controlling owner, which stays with Mubadala.
Atom ComputingNeutral-atom quantum computersBoulder, CO · Private	Minority equityn/d	$100M	Commerce	May 21, 2026	LOI	nist.govPrimary	GCP
What Washington got. Minority, non-controlling equity stake as a condition of a $100M award. Company release confirms the amount and is silent on equity; the equity condition is NIST's language. Source: NIST: letters of intent with 9 quantum companies, May 21, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right $100M letter, minority non-controlling stake. ChatGPT: Right Yes, with the hedge that the letter is not finalized; cites DCVC calling it an equity stake. Perplexity: Right Up to $100M letter of intent, minority non-controlling stake as a funding condition; ownership, not a grant.
DiraqSilicon-spin quantum processorsSydney (U.S. offices Palo Alto, Chicago) · Private	Minority equityn/d	Up to $38M	Commerce	May 21, 2026	LOI	nist.govPrimary	GCP
What Washington got. Minority, non-controlling equity stake as a condition of an award of up to $38M. Smallest of the quantum letters and the only one headquartered outside the U.S. Source: NIST: letters of intent with 9 quantum companies, May 21, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right Up to $38M, minority stake; notes the Australian NRFC stake too. ChatGPT: Right Same facts, same nuance, adds the In-Q-Tel connection. Perplexity: Right Silicon spin qubits, UNSW spinout; minority stake tied to the up-to-$38M CHIPS R&D award announced May 2026.
D-Wave QuantumAnnealing and gate-model quantumPalo Alto, CA · NYSE: QBTS	$100M common stockn/d	$100M	Commerce	May 21, 2026	LOI	dwavequantum.comPrimary	GCP
What Washington got. $100M of newly issued common stock to Commerce. One of three quantum companies that spelled out the instrument in their own release. Source: D-Wave press release, May 21, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right $100M of common stock issued to Commerce; describes it as held, though the letter is not finalized. ChatGPT: Right $100M in common shares, contingent on final award documents; asks whether the shares have been issued yet, which is the right question. Perplexity: Right QBTS annealing systems; the stake is arranged but was announced as proposed and subject to final documents.
InfleqtionNeutral-atom quantum and sensingLouisville, CO · NYSE: INFQ	$100M common at 15% discountn/d	$100M	Commerce	May 21, 2026	LOI	ir.infleqtion.comPrimary	GCP
What Washington got. $100M of common stock issued on the award date at a 15% discount to market, held passively. The 15% discount is the clearest public statement of pricing in any CHIPS equity deal. Source: Infleqtion press release, May 21, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right NYSE: INFQ, minority stake in progress. ChatGPT: Right Letter of intent for $100M in exchange for equity, still being finalized. Perplexity: Right NYSE: INFQ; minority non-controlling stake under the proposed $100M CHIPS R&D award.
PsiQuantumPhotonic quantum computingPalo Alto, CA · Private	Minority equityn/d	$100M	Commerce	May 21, 2026	LOI	nist.govPrimary	GCP
What Washington got. Minority, non-controlling equity stake as a condition of a $100M award. Company release silent on equity. Source: NIST: letters of intent with 9 quantum companies, May 21, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right Says the stake is not yet finalized; $100M letter; adds DARPA context. ChatGPT: Right Cites NIST's minority non-controlling condition and PsiQuantum's own letter-of-intent language. Perplexity: Right Photonic quantum computing; minority stake expected under a letter-of-intent arrangement, not outright ownership.
QuantinuumTrapped-ion quantum computersBroomfield, CO · NASDAQ: QNT	Minority equityn/d	$100M	Commerce	May 21, 2026	LOI	nist.govPrimary	GCP
What Washington got. Minority, non-controlling equity stake as a condition of a $100M award. Private at signing, public since its June 2026 IPO. Its own release gives neither an amount nor terms. Source: NIST: letters of intent with 9 quantum companies, May 21, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right Roughly $100M, minority stake, Honeywell control, 2026 IPO. ChatGPT: Partial Flat no: says there is no publicly disclosed evidence of a government stake and that the claim appears to be incorrect. NIST's May 21 release lists Quantinuum among the nine companies whose awards carry a minority-equity condition. Perplexity: Right Honeywell plus Cambridge Quantum; minority non-controlling stake as a condition of the federal quantum funding, percentages undisclosed.
Rigetti ComputingSuperconducting quantumBerkeley, CA · NASDAQ: RGTI	Common stock at 15% discountn/d	Up to $100M	Commerce	May 21, 2026	LOI	sec.govPrimary	GCP
What Washington got. Common stock equal to the funding, priced at the lowest of three reference closes less 15%, for up to $100M over three years. Still at letter-of-intent stage as of the company's August 6, 2026 filing. Source: Rigetti Form 8-K, May 21, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right Up to $100M, shares at a 15% discount, letter of intent. ChatGPT: Right Planned, conditional stake; notes the 10-K predates it and that 90% of revenue is government. Perplexity: Right Nasdaq: RGTI, Berkeley; Commerce expected to receive equity consistent with the funding under the LOI, company not government-owned.
USA Rare EarthMine-to-magnet rare earthsStillwater, OK · NASDAQ: USAR	Common shares + warrantn/d (shares + warrant)	$277M (+ up to $1.3B loan)	Commerce	Jan 26, 2026	Definitive	nist.govPrimary	GCP
What Washington got. 16.1M common shares plus a warrant for about 17.6M more, alongside $277M of direct funding and up to $1.3B of senior secured loan capacity. Definitive agreements June 3, 2026. Subject of a March 2026 House Science letter and a July 2026 Senate probe into Cantor Fitzgerald's role. Also the private partner in the Department of War's $750M Serra Verde offtake vehicle. Source: NIST: CHIPS letter of intent with USA Rare Earth, Jan 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right 16.1M shares plus 17.6M warrants; cites an 8 to 10% estimate from secondary sources. ChatGPT: Right Shares, warrant, and the 8 to 16% range from the company's SEC filing. Perplexity: Right 16.1M shares plus about 17.6M warrants, roughly 8% rising to 16%. An earlier run the same day called it a non-binding letter of intent still subject to conditions, so the answer moves between runs.
L3Harris Missile SolutionsSolid rocket motorsCamden, AR / Huntsville, AL sites · Private unit (parent NYSE: LHX), IPO planned	Convertible preferred + warrants<20% (implied)	$1B	Dept. of War	Jan 13, 2026	Closed	war.govPrimary	GCP
What Washington got. $1B convertible preferred security that converts to common at IPO, plus warrants; L3Harris keeps more than 80%. Closed April 23, 2026 per L3Harris. Funded under the Industrial Base Analysis and Sustainment authority, the same authority the Senate NDAA draft would bar from equity deals. Source: Department of War: $1B direct-to-supplier investment, Jan 13, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right $1B convertible preferred, converts at IPO, L3Harris keeps about 80%. ChatGPT: Right Ownership in the Missile Solutions unit, not L3Harris as a whole; $1B closed April 2026. Perplexity: Right Missile Solutions carve-out ahead of the IPO; minority stake in the new unit, L3Harris keeps control.
Atlantic Alumina (ATALCO)Alumina and gallium, LouisianaGramercy, LA · Private	Preferred equityn/d	$400M ($150M + follow-ons)	Dept. of War	Jan 11, 2026	Closed	war.govPrimary	GCP
What Washington got. $150M of preferred equity in January 2026, then follow-on preferred bringing the Department of War total to $400M in August 2026. The only U.S. alumina refinery. Percentage never disclosed. Private capital matched dollar for dollar ($400M) per the company. Source: Department of War: $100M follow-on equity investment in ATALCO, Aug 28, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right $150M preferred in January, expanded to $400M in August. ChatGPT: Right Equity stake confirmed, Gramercy refinery, Jamaican bauxite venture. Perplexity: Right Gramercy refinery, Concord Resources as owner; the government holds Class A preferred units, not a grant.
Crucible Metals (Korea Zinc)Critical-metals smelter, TennesseeClarksville, TN · Private JV (parent KRX: 010130)	JV equity40% of JV (reported)	$1.4B (conditional)	Dept. of War	Dec 15, 2025	Conditional	koreazinc.co.krPrimary	GCP
What Washington got. Conditional $1.4B Department of War investment in the joint venture building a $6.6B smelter; stake reported at 40% of the JV, plus JV receives about 10% of Korea Zinc. The company release confirms the $1.4B and the location; the 40% figure comes from Korea Herald and Reuters reporting, not a government document. Commerce added a $210M CHIPS grant with no equity. Source: Korea Zinc press release, Dec 15, 2025 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right Crucible Metals, Clarksville, government as equity partner. ChatGPT: Right Explains the Crucible JV structure: government money goes into the joint venture, not Korea Zinc's subsidiary directly. Perplexity: Right Clarksville smelter; says the answer depends on the entity and separates Crucible Metals LLC from the Korea Zinc parent.
xLightFree-electron laser for EUV lithographyPalo Alto, CA · Private	Equityn/d	$150M	Commerce	Dec 1, 2025	Definitive	nist.govPrimary	GCP
What Washington got. $150M of equity, per the December 2025 letter of intent. Award finalized June 2, 2026. The finalization release and the company's own post do not repeat the equity language, so the final terms are unconfirmed. Source: NIST: CHIPS R&D letter of intent with xLight, Dec 2025 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right $150M, direct equity, Palo Alto, Gelsinger as chairman. ChatGPT: Right Free-electron laser explanation and the December 2025 equity arrangement. Perplexity: Right Palo Alto FEL for EUV, Kelez and Gelsinger; $150M of equity proposed in December 2025, final award signed June 2, 2026.
Vulcan ElementsRare earth magnetsNorth Carolina · Private	Equity (Commerce) + warrants (DoW)n/d	$50M equity + $620M loan	Commerce + War	Nov 3, 2025	Conditional	nist.govPrimary	GCP
What Washington got. $50M of equity to Commerce (CHIPS) plus warrants to the Department of War attached to a $620M Office of Strategic Capital conditional loan. Two agencies, two instruments, one $1.4B package with ReElement. Warrant terms undisclosed. DoW loan release: war.gov, Nov 21, 2025. HQ city not stated in any fetched release. Source: NIST: CHIPS letter of intent with Vulcan Elements, Nov 2025 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right $50M Commerce equity, Pentagon warrants, $620M OSC loan. ChatGPT: Right Commerce equity plus Department of War warrants, Benson NC plant. Perplexity: Right North Carolina NdFeB magnets; $50M of Commerce equity under the CHIPS arrangement, described as ownership rather than a grant.
ReElement TechnologiesRare earth refiningFishers, IN · Private (parent NASDAQ: AREC)	Warrants on OSC loann/d	$80M loan + warrants	Dept. of War	Nov 3, 2025	Conditional	sec.govPrimary	GCP
What Washington got. Warrants to the Department of War attached to an $80M Office of Strategic Capital conditional loan. Subsidiary of American Resources Corporation. Later DoW awards ($2M IBAS, Feb 2026; $25M EDU, July 2026) are grants, not equity. Source: American Resources Corp. 8-K exhibit, Nov 2025 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right AREC subsidiary, Department of War warrants. ChatGPT: Right Warrants attached to the $80M OSC loan; notes warrants are not yet shares. Perplexity: Right Marion, Indiana refining; warrants to the Department of War attached to the financing, and it is careful to say warrants are not common stock yet.
Westinghouse ElectricAP1000 nuclear reactorsCranberry Township, PA · Private (Brookfield and Cameco)	Participation interest, warrant on IPO20% of upside (contingent)	None (contingent)	Commerce	Oct 28, 2025	Term sheet	cameco.comPrimary	GCP
What Washington got. A participation interest in 20% of cash distributions above $17.5B, which vests only if the government orders at least $80B of new reactors, converting to a warrant on 20% of the equity if Westinghouse IPOs at $30B+ by January 2029. No cash paid. The government's consideration is the reactor order book. DOE followed with a conditional $17.5B financing commitment for long-lead items in June 2026. Source: Cameco press release, Oct 28, 2025 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right Says no current equity; explains the 20% participation interest and IPO warrant correctly. ChatGPT: Right Same, and separates the June 2026 DOE $17.5B loan commitment from ownership. Perplexity: Right Brookfield 51%, Cameco 49%; says the government is not a present equity owner and explains the October 2025 contingent profit-sharing right.
Trilogy MetalsCopper, cobalt, germanium (Alaska)Vancouver, BC · NYSE American: TMQ	10% common + 7.5% penny warrants10% (17.5% with warrants)	$35.6M	Dept. of War	Oct 6, 2025	Definitive	war.govPrimary	GCP
What Washington got. 10% of the company in units at $2.17 plus 10-year penny warrants for another 7.5%; half the shares bought from South32 with a call option on more. LOI October 2025; definitive agreements signed August 28, 2026 with closing expected in September 2026 (company 8-K). Tied to the Ambler Road access decision. Source: Department of War: $35.6M strategic equity investment in Trilogy Metals, Aug 28, 2026 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right 10% direct plus 7.5% warrants, 17.5% combined, finalized this week. ChatGPT: Right The $17.8M plus $17.8M split, 10% non-diluted, closing expected September 2026. Perplexity: Right Ambler Metals JV with South32; 10% direct stake on a non-diluted basis under the August 2026 definitive agreements via the Department of War.
Lithium AmericasThacker Pass lithium, NevadaVancouver, BC · NYSE: LAC	Penny warrants, 5% + 5% of JV5% + 5% of JV	None ($184M deferral)	Energy	Sep 30, 2025	Closed	energy.govPrimary	GCP
What Washington got. Penny warrants for 5% of the company and a separate 5% economic interest in the Thacker Pass joint venture, in exchange for deferring $184M of loan payments. The only Energy Department equity-type deal confirmed from a government document. Finalized October 7, 2025. Source: DOE: Lithium Americas loan restructuring, Sept 30, 2025 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right 5% via penny warrants plus 5% of the Thacker Pass joint venture. ChatGPT: Right Warrant details from the January 2026 issuance, unexercised as of March 2026, plus the loan drawdown. Perplexity: Right Thacker Pass; DOE warrants at $0.01 for 5% of the company and 5% of the JV, plus the $2.23B loan.
IntelChips and foundrySanta Clara, CA · NASDAQ: INTC	9.9% common + warrant9.9%	$8.87B	Commerce	Aug 22, 2025	Closed	sec.govPrimary	GCP
What Washington got. 433.3M common shares (9.9%) bought by converting $5.7B of unpaid CHIPS grants and $3.2B of Secure Enclave funds, plus a 5-year warrant for another 5% at $20 that triggers only if Intel's foundry ownership drops below 51%. Largest position by far. Passive: Commerce votes with the board. The gain on this stake appears in no federal budget document, which is the transparency complaint in one sentence. Source: Intel Form 8-K exhibit 99.1, Aug 2025 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right 9.9%, 433.3M shares, $20.47, warrant for 5% at $20 with the foundry trigger. ChatGPT: Right 433.3M shares, now about 8.4% after dilution per Intel's March 2026 filing, plus the warrant. Perplexity: Right 433.3M shares for $8.9B, about 9.9%, funded from unpaid CHIPS grants; passive minority stake.
MP MaterialsRare earthsLas Vegas, NV · NYSE: MP	Convertible preferred + warrant≈15% as-converted	$400M	Dept. of War	Jul 10, 2025	Closed	sec.govPrimary	GCP
What Washington got. $400M convertible preferred stock plus a warrant for 11.2M shares at $30.03; a separate $150M loan, a 10-year NdPr price floor and 100% offtake of the new magnet plant. The 15% figure combines the preferred as-converted and the warrant as-exercised, against shares outstanding on July 9, 2025, per the company release. The first deal of the program and the template for most that followed. Source: MP Materials Form 8-K, July 2025 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right 15% via $400M convertible preferred, largest shareholder, $150M loan, $110/kg floor. ChatGPT: Right Same, and explains that the 15% includes the unexercised warrant. Perplexity: Right NYSE: MP, Mountain Pass, Texas magnetics; DoD convertible preferred plus warrant, roughly 15% as converted, positioned as largest shareholder.
U.S. SteelSteel (owned by Nippon Steel)Pittsburgh, PA · Private (Nippon Steel subsidiary)	Golden share1 share, veto rights	None (control rights)	Treasury (CFIUS)	Jun 18, 2025	Closed	nipponsteel.comPrimary	GCP
What Washington got. One golden share (Class G preferred) carrying consent rights over plant closures, headquarters moves, job transfers and cuts to committed investment, plus one independent director. The earliest entry and the only one with no economics attached. Counted by Cato and the Examiner because it grants firm-specific veto rights. Source: Nippon Steel and U.S. Steel joint release, June 18, 2025 What the AI assistants say (checked Sept 5 to 6, 2026, prompt: “Who is … and does the U.S. government own a stake in it?”) Google AI Mode: Right Golden share, non-economic governance stake. ChatGPT: Right One share of preferred stock with veto rights, no economic interest, June 18, 2025. Perplexity: Right Wholly owned by Nippon Steel; the government holds one non-economic golden share of Class G preferred.

Status key: Closed means shares or warrants issued; Definitive means final agreements signed; LOI means a letter of intent that still needs definitive documents; Conditional means the commitment depends on conditions the agency set. “AI answer” shows how Google AI Mode (G), ChatGPT (C) and Perplexity (P) answered “does the U.S. government own a stake in this company” on Sept 5 to 6, 2026; hover a letter for the note, expand the row for all three.

Counted by some, not by others

The arrangements that make the trackers disagree

Two revenue-share deals with no ownership behind them, four Development Finance Corporation positions made under an authority Congress wrote on purpose, and three deals that look like stakes until you read the release.

Revenue share, not equity

Company	Arrangement	Agency	Announced	Status	Source
NvidiaH20 China data-center GPUs	15% of revenue from licensed H20 sales to China, per an expectation communicated by officials; Nvidia's own 10-Q says no regulation codifying it has been published. Not an ownership interest. Listed by the Washington Examiner, not by Cato.	Commerce (BIS) / White House	Aug 11, 2025	Reported	Nvidia 10-Q
AMDMI308 China AI accelerators	15% of revenue from licensed MI308 sales to China, per reporting confirmed in broad strokes by a White House official. No SEC filing or government document confirms a formal agreement.	Commerce (BIS) / White House	Aug 11, 2025	Reported	cbsnews.com

Development Finance Corporation

Company	Arrangement	Agency	Announced	Status	Source
Syrah ResourcesGraphite (Mozambique) and anode plant (Louisiana)	Conversion of $31M of an existing loan into about 20% of the company plus warrants for another 5%, a board nominee, and a separate $40M DOE convertible note. Figures from Syrah's ASX announcement. Subject to Australian FIRB and shareholder approval.	DFC	Mar 25, 2026	Pending approvals	dfc.gov
Serra VerdeHeavy rare earths, Brazil	$565M loan that includes an option for the U.S. to take a minority equity stake. Separate from the Department of War's $750M offtake vehicle announced Aug 24, 2026, which carries no stated equity.	DFC	Feb 5, 2026	Definitive	svpm.com.br
Orion Critical Mineral ConsortiumCritical-minerals investment platform	$600M equity commitment as a partner in a $1.8B platform with Orion Resource Partners and ADQ. A fund position, not an operating company. Expansion approved June 2026.	DFC	Oct 23, 2025	Definitive	dfc.gov
U.S.-Ukraine Reconstruction Investment FundMinerals and infrastructure, Ukraine	$75M seed equity, matched by Ukraine.	DFC	Sep 17, 2025	Closed	dfc.gov

Watchlist: not counted, watched

Serra Verde offtake vehicle (with USA Rare Earth)$750M Department of War funding for an offtake agreement on mixed rare-earth carbonates, inside a $1.55B package.Release describes an offtake, not a stake. Will move to the table if equity terms surface.Department of War release, Aug 24, 2026
Syrah Resources (Energy Department piece)$40M of an existing DOE loan converted into a secured convertible note; board observer rights.Equity-linked but not equity. Possibly the second Energy deal in Fortune's count; unconfirmed.Syrah ASX announcement, March 2026

Who could be next

The pipeline: companies discussed on the record

Three ways onto this list, and no others: a named outlet reported specific talks and said how it knew; an official named the company or its category on the record; or the company itself said what it was offered. Denials and refusals are logged next to the reports they answer, because a denial is worth as much to a reader as a rumor. Analyst target lists, stock tips and AI-generated roundups do not qualify, however confident they sound.

Reported, discussed, denied or declined

Company	What is on the record	Reported	Where it stands
OpenAIAI modelsPrivate	The Financial Times, then CNBC, reported OpenAI had proposed giving the government a 5% stake through a public-wealth vehicle that other AI companies would join. President Trump had said days earlier his team would look into stakes in AI companies.“OpenAI has proposed handing the U.S. government a 5% stake in the company, the Financial Times reported.”CNBC, citing the Financial Times	Jul 2, 2026	ReportedNo stake announced. Semafor (June 17, 2026): talks in early stages, no decision. Trump (June 5, 2026): "We'll look into that." Source
Anthropic, Google, Meta, MicrosoftAI modelsPrivate / public	Named in the FT's account of OpenAI's proposal as companies the vehicle envisioned ceding similar stakes. Reuters, citing a source familiar, reported the administration and Anthropic had not discussed a stake; Semafor reported Microsoft and Meta executives had rebuffed the idea.“The Trump administration and AI giant Anthropic have not discussed the government taking stakes in the firm, a source familiar with the matter said.”Reuters	Jul 2, 2026	Pushed backNo talks reported with Anthropic; Microsoft and Meta reported as unwilling. No stakes announced. Source
Google Quantum AISuperconducting quantumAlphabet, NASDAQ: GOOGL	Google's quantum unit was not among the nine May 2026 recipients. Its chief operating officer said on stage that the funding came with conditions and that Google chose to keep moving quickly and work with the government through other channels.“In this one specific case, I think there were various conditions that came with the funding.”Charina Chou, COO of Google Quantum AI, at the Semafor Tech Summit	Jun 10, 2026	DeclinedThe only company on record declining a CHIPS R&D award whose stated condition is equity. Source
Unusual MachinesDrone componentsNYSE American: UMAC	The Wall Street Journal reported the Pentagon, including the Office of Strategic Capital, was in talks to fund drone makers with structures mixing debt and equity that could give the government ownership stakes.“Some proposals being discussed include funding via a mix of debt and equity that could give the government ownership stakes.”Reuters, relaying the Wall Street Journal	May 27, 2026	ReportedNo stake announced. The Department declined to comment on pre-decisional matters. Source
Neros TechnologiesFPV dronesPrivate	Named in the same report as a company in talks for Pentagon funding that could include equity.“The Trump administration is in talks to provide funding to some drone companies, including Unusual Machines and Sequoia Capital-backed Neros.”Reuters, relaying the Wall Street Journal	May 27, 2026	ReportedNo government stake announced as of this update. Source
Performance Drone WorksReconnaissance dronesPrivate	Named in the same report as under consideration. Two months later the Office of Strategic Capital signed an $820M conditional loan commitment with the company; the release mentions no equity or warrants.“Performance Drone Works, which won a contract to supply the U.S. Army with reconnaissance drones, is also under consideration for possible funding.”Reuters, relaying the Wall Street Journal	May 27, 2026	Resolved as a loan$820M OSC conditional loan, July 31, 2026, no equity term stated. Source
IonQTrapped-ion quantumNYSE: IONQ	The Wall Street Journal reported IonQ, Rigetti and D-Wave were negotiating equity-for-funding deals with Commerce. A Commerce official denied it the same day. Seven months later Rigetti and D-Wave received letters of intent with equity conditions; IonQ did not.“Companies including IonQ, Rigetti Computing and D-Wave Quantum are discussing the government becoming a shareholder.”Reuters, relaying the Wall Street Journal	Oct 23, 2025	Denied, then absentCommerce, Oct 23, 2025: "not currently negotiating equity stakes with quantum computing companies." Not in the May 21, 2026 batch of nine. Source
Quantum Computing Inc.Photonic quantumNASDAQ: QUBT	Named in the same Wall Street Journal report as considering a similar arrangement, alongside Atom Computing. Atom received a letter of intent in May 2026; Quantum Computing Inc. did not.“Other companies such as Quantum Computing and Atom Computing are considering similar arrangements.”Reuters, relaying the Wall Street Journal	Oct 23, 2025	Denied, then absentCovered by the same Commerce denial. Not in the May 2026 batch. Source
Critical Metals Corp. (Tanbreez, Greenland)Rare earthsNASDAQ: CRML	Reuters reported the administration was negotiating to convert a $50M Defense Production Act grant into roughly an 8% stake. A White House official denied it the same day.“roughly an 8% stake, though talks remain preliminary”Reuters	Oct 6, 2025	DeniedWhite House via Bloomberg, Oct 6, 2025: not currently considering a deal for a stake. No stake as of this update. Source
Lockheed MartinDefense primeNYSE: LMT	Commerce Secretary Lutnick named Lockheed on CNBC when asked about stakes in defense contractors, and left the decision to the Pentagon. Treasury Secretary Bessent later described the tool for primes as customer leverage rather than equity, and Boeing's defense chief said the approach applies to suppliers, not primes.“Lockheed Martin makes 97% of their revenue from the U.S. government. They are basically an arm of the U.S. government.”Howard Lutnick on CNBC, reported by UPI	Aug 26, 2025	Discussed, no actionNo stake announced. Boeing Defense CEO, Dec 6, 2025: "I don't think it really applies to the Primes." Source
Micron, TSMC, SamsungCHIPS manufacturing recipientsPublic	Reuters reported Commerce was exploring equity in exchange for undisbursed CHIPS grants and named all three. Two days later a White House official said companies increasing their U.S. investment, such as Micron and TSMC, would not be asked. Samsung was not named in the walk-back.“the administration does not intend to seek equity stakes in semiconductor companies, such as Micron and TSMC, that plan to step up investment.”Reuters, White House official	Aug 21, 2025	Ruled outMicron and TSMC ruled out on the record. No stake in any of the three as of this update. Source

Checked and left out for lack of an admissible source: Palantir, Anduril, Shield AI, Skydio, xAI, Centrus, NioCorp, Perpetua, Idaho Strategic, American Battery Technology, Talon Metals, Ramaco, Maybell, Bluefors, Aemulus and Atomera. If any of them appears in a named report or a filing, it goes in the table the same day.

Pending CHIPS awards that could be renegotiated

Intel’s stake came from converting an unpaid CHIPS grant into shares. NIST still lists 10 manufacturing awards as preliminary terms that have not been finalized. Commerce has attached equity to some finalized incentives (Vulcan Elements, USA Rare Earth) and not to others (Bosch, Powerex), so none of these carries an equity term on record; they are here because the mechanism exists and the money has not moved.

Company	Proposed award	Announced	Where it stands	Source
CoherentPhotonics, indium phosphideNYSE: COHR	$50M letter of intent plus a $79M PMTCHIPS incentives	Jun 16, 2026	A June 2026 letter of intent for the Sherman, Texas fab and an older PMT for Easton, Pennsylvania. Neither Commerce nor the company mentions equity.	NIST release, June 16, 2026; Coherent 10-K, Aug 14, 2026
Analog DevicesAnalog and RF chipsNASDAQ: ADI	Up to $105MCHIPS incentives PMT	Jan 16, 2025	Listed by NIST as unfinalized across three sites. The company's filings discuss CHIPS only generically.	NIST award page
Sumika Semiconductor Materials TexasUltra-high-purity chemicalsSumitomo Chemical subsidiary	Up to $52.1MCHIPS incentives PMT	Jan 16, 2025	Listed by NIST as unfinalized.	NIST award page
IntelliEPIEpitaxial wafersSubsidiary of TPEx: 4971	Up to $10.3MCHIPS incentives PMT	Jan 16, 2025	Listed by NIST as unfinalized.	NIST award page
MACOM Technology SolutionsRF and compound semiconductorsNASDAQ: MTSI	Up to $70MCHIPS incentives PMT	Jan 14, 2025	The CEO said in August 2026 that the project was rewritten and resubmitted and that the Department's definitive agreement contains terms that are nonstarters for the company. He did not say which terms.	MACOM Q3 2026 earnings call, Aug 6, 2026; NIST award page
SkyWater Technology (now part of IonQ)FoundryOwned by NYSE: IONQ	Up to $16MCHIPS incentives PMT	Dec 6, 2024	The PMT was never funded; IonQ completed its acquisition of SkyWater on July 31, 2026 and its 10-Q says there is no guarantee the funding will be received.	IonQ 10-Q, Aug 10, 2026; NIST award page
X-FAB (Lubbock, Texas)Silicon carbide foundryEuronext: XFAB	Up to $50MCHIPS incentives PMT	Dec 6, 2024	Listed by NIST as unfinalized.	NIST award page
WolfspeedSilicon carbideNYSE: WOLF	Up to $750MCHIPS incentives PMT	Oct 15, 2024	Still listed by NIST as a preliminary memorandum of terms. The company's FY2026 10-K says it continues to pursue CHIPS and Investment Accelerator funding. No equity language on record.	NIST award page; Wolfspeed 10-K, Aug 20, 2026
Rogue Valley MicrodevicesMEMS foundryPrivate	Up to $6.7MCHIPS incentives PMT	Jul 1, 2024	The oldest unfinalized CHIPS PMT on NIST's list.	NIST award page
Microchip TechnologyMicrocontrollersNASDAQ: MCHP	About $162MCHIPS incentives PMT	Jan 4, 2024	Company said in February 2026 it had not concluded negotiations; its later filings dropped the subject. NIST still lists the PMT.	NIST award page; Microchip 10-Q, Feb 5, 2026

Office of Strategic Capital borrowers, 2026

Conditional loans with no equity or warrant term in the announcement. The November 2025 OSC loans to Vulcan Elements and ReElement carried warrants, which is why these are watched.

Sila Nanotechnologies$1.4B conditional loan. Silicon anode materials.Department of War release, Aug 7, 2026
Sunrise Energy Metals$400M conditional loan. Scandium (Syerston project).Department of War release, Aug 7, 2026
Performance Drone Works$820M conditional loan. Reconnaissance drones.Department of War release, July 31, 2026
Energy Fuels$725M conditional loan. Uranium and rare earths.Department of War release, June 18, 2026
Phoenix Tailings$500M conditional loan. Rare earth metals from waste.Department of War release, June 16, 2026

What officials have said about who is next

Aug 19, 2025
“If we're going to give you the money, we want a piece of the action for the American taxpayer.”
Howard Lutnick, Commerce Secretary, CNBC Source
Aug 27, 2025
“I don't think Nvidia needs financial support. So, you know, that seems not on the table right now.”
Scott Bessent, Treasury Secretary, Fox Business Source
Oct 15, 2025
“We're not going to come in and take stakes in non-strategic industries, but we've identified seven industries.”
Scott Bessent, CNBC Invest in America Forum Source
Dec 4, 2025
“I think they're the norm from our perspective. There is a broad scope of different companies who are coming to us.”
Jarrod Agen, National Energy Dominance Council Source
Dec 6, 2025
“I don't think it really applies to the Primes.”
Steve Parker, Boeing Defense CEO, Reagan National Defense Forum Source
Jan 13, 2026
“We do intend to pursue additional avenues of creating competition in solid rocket motor base.”
Michael Duffey, Under Secretary of War, on the L3Harris deal Source
Jun 5, 2026
“We'll look into that. We're talking about it, where the American people can benefit from the success of AI.”
President Trump, aboard Air Force One, on AI companies Source
Jul 29, 2026
“The Department will receive a minority, non-controlling equity stake in each company as a condition for receiving the funds.”
Commerce Department, CHIPS R&D letters of intent Source

Congress: the Senate’s FY2027 defense bill would cap Pentagon equity at $500M and 40% per company, bar board seats, restrict stakes to minerals, materials, chemicals and batteries, and require term sheets to be sent to Congress before signing. The House passed its version on July 22, 2026; the Senate has not taken up the bill since a failed procedural vote on July 14, so none of it is law as of this update. Defense One on the Senate provisions.

The office to watch

What is the Office of Strategic Capital?

The Office of Strategic Capital is the Pentagon’s lender. The Department set it up in December 2022 and Congress wrote it into law in the FY2024 defense authorization, to finance critical-technology companies with loans and loan guarantees rather than grants, on the theory that a Treasury-rate loan with a long tenor buys more industrial base per dollar than a contract does.

It made its first direct loan in 2025 (MP Materials, $150 million) and has since attached warrants to conditional loans for Vulcan Elements ($620 million) and ReElement ($80 million), co-led the Trilogy Metals stake, and, on August 31, 2026, became the holder of a 35% interest in a Venezuelan oil company. The Senate Armed Services Committee’s ranking member has asked under what authority.

The FY2027 budget request would change its scale entirely: about $20.2 billion in mandatory credit subsidy, which at the office’s stated 10% subsidy rate supports roughly $200 billion of loans. The office does not publish a list of borrowers. Its budget justification names none. Every recipient on this page was found in a press release, a filing or a fact sheet, which is a research method, not a disclosure regime.

$1.45B

FY2026 request for the OSC credit program

$20.2B

FY2027 request, of which $20B is mandatory credit subsidy

≈$200B

direct-loan capacity the FY2027 subsidy would support, per the Department’s own budget justification

published lists of OSC borrowers or investments. Source for all figures: FY2027 OSC budget justification

How we got here

Fifteen months, from one golden share to a portfolio

Every milestone links to a primary document. The pattern: a deal structure gets tried once at a Pentagon-scale company, then repeated in batches at startups.

Jun 18, 2025
The golden share
Nippon Steel closes its purchase of U.S. Steel under a national security agreement that hands the President one Class G preferred share with veto rights. Source
Jul 10, 2025
MP Materials sets the template
The Pentagon buys $400M of convertible preferred, takes warrants, guarantees a price floor and becomes the largest shareholder of the only U.S. rare-earth miner. Source
Aug 22, 2025
Intel: 9.9% for grants already promised
Commerce converts $8.9B of CHIPS and Secure Enclave money into 433M shares. Eleven days earlier, Nvidia and AMD agree to hand over 15% of China chip revenue. Source
Sep 30, 2025
Energy joins in
DOE restructures the Lithium Americas loan and takes penny warrants for 5% of the company and 5% of Thacker Pass. Source
Oct 28, 2025
Westinghouse and Trilogy
A 20% participation interest in Westinghouse's upside, contingent on $80B of reactor orders; a 10% stake in Trilogy Metals tied to the Ambler Road. Source
Nov 3, 2025
Magnets: Vulcan and ReElement
A $1.4B package splits into Commerce equity, Office of Strategic Capital loans and Pentagon warrants. Source
Dec 15, 2025
Korea Zinc and xLight
A conditional $1.4B Pentagon stake in a Tennessee smelter; $150M of Commerce equity in a laser startup for EUV lithography. Source
Jan 13, 2026
January: three in three weeks
ATALCO preferred ($150M), L3Harris Missile Solutions convertible ($1B), USA Rare Earth shares and warrants ($1.6B package). Source
Feb 2, 2026
Congress asks for the paperwork
House Natural Resources and Senate Energy Democrats demand the legal basis and selection criteria for the mineral equity deals. Source
May 21, 2026
Nine quantum companies in one day
Commerce signs $2B of letters of intent, each conditioned on a minority stake: IBM, GlobalFoundries, Atom, Diraq, D-Wave, Infleqtion, PsiQuantum, Quantinuum, Rigetti. Source
Jun 25, 2026
SandboxAQ and I-Pulse go definitive
$750M of awards skip the letter-of-intent stage. The Senate NDAA draft proposes caps, notification and an ownership review for Pentagon equity. Source
Jul 29, 2026
The compute batch
Seven letters of intent, six new companies, $874M, same equity condition: Kepler, Multibeam, Extropic, Thintronics, OBSIDIA, Aeluma, and GlobalFoundries again. Source
Aug 28, 2026
August: bauxite, alumina, Alaska
Strategic Bauxite USA ($85.5M), an ATALCO follow-on to $400M, and definitive agreements for Trilogy Metals, all through the Pentagon's Industrial Base program. Source
Aug 31, 2026
Gallium in Australia, with allies
The Pentagon's Industrial Base program puts an estimated $174M of equity into the vehicle building a gallium plant at Alcoa's Wagerup refinery, alongside Australia, Japan and Sojitz: the first stake in a project outside the United States. Source
Aug 31, 2026
35% of a Venezuelan oil company, at no cost
The Office of Strategic Capital takes a stake in the parent of North American Blue Energy Partners. Senate Armed Services asks under what authority. Source

The part nobody else checks

What do the AI assistants say about these companies?

Most of the 33 are small and private. Until the announcement, few people had reason to look them up. The day after, investors, reporters, suppliers and job candidates ask ChatGPT, Perplexity and Google AI Mode who they are, and the answer they get is whatever the models assembled from a press release and a decade-old About page. We are grading those answers, company by company.

RightNames the company correctly, states the stake and the agency, gets the instrument roughly right.

PartialKnows the company, misses or muddles the government stake, or cites a stale figure.

WrongConfuses the company with another, invents a stake, or denies one that exists.

No answerThe model cannot say who the company is at all. Nobody earned this one in the first pass; ask again in a year.

33 of 33 right

Google AI Mode, signed out. Zero misses among the companies graded: it reads the NIST and war.gov releases directly and says so.

28 of 33 right

ChatGPT, signed out, web search on. 5 partial: IBM (Anderon), GlobalFoundries, Quantinuum, Extropic, Thintronics.

32 of 33 right

Perplexity, signed in (it refuses signed-out questions). 1 partial: Multibeam, right on the stake, wrong about what the company makes.

Checked Sept 5 to 6, 2026. Each company was asked one question in each assistant: “Who is [company] and does the U.S. government own a stake in it?” The pattern in the misses is exact. All 5 of ChatGPT’s partial answers are letter-of-intent companies. Four of them it read as “no shares issued yet, so no stake”: for GlobalFoundries and Quantinuum it said flatly that the government is not a shareholder, and for Thintronics and Extropic it found “no evidence.” For the fifth, IBM’s Anderon foundry, it described the money and never mentioned the equity condition. The NIST releases that state that condition were one search away. If your stake is at the letter stage, the most-used assistant in the world is telling people you do not have one. Perplexity, run signed in because it refuses signed-out questions, got every stake right and hedged the letter-of-intent companies the way the documents do (“set to receive”, “subject to final documents”); its one miss is a description, calling Multibeam an advanced-packaging company when it builds electron-beam lithography tools. It is also the least stable of the three: asked about USA Rare Earth twice on the same day, it once called the stake a non-binding letter of intent still subject to conditions and once gave the share and warrant counts, so a company at the letter stage should check more than once.

Hover a letter in the table’s AI column for the note, or expand the row. Grades are re-run the week after any new batch announcement and quarterly otherwise; a denial of a letter-of-intent stake is graded Partial, a denial of a closed stake is graded Wrong.

Reading this because your company is in the table? The AI Visibility Audit is the same check, done properly, for your company alone.

Company by company

Does the U.S. government own a stake in…

The question people actually type, answered once per company in the words of the document that created the stake. Link to any answer directly: each one has its own address.

Does the U.S. government own a stake in Aeluma?

It is set to. The stake is a condition of a letter of intent that still needs final documents. Agency: Commerce (CHIPS R&D). What Washington got: Equity securities with a value equal to the award (up to $30M), issued when final documents are signed. Federal dollars attached: Up to $30M. Announced Jul 29, 2026; status: loi. Source: Aeluma press release, July 29, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in Alcoa (Wagerup gallium project)?

Yes, under definitive agreements. Agency: Department of War (Industrial Base Analysis and Sustainment). What Washington got: An estimated $174M equity financing investment, through the Industrial Base Analysis and Sustainment program, in the vehicle building a 100-metric-ton-per-year gallium plant at Alcoa's Wagerup alumina refinery, alongside Export Finance Australia, the Government of Japan and Sojitz; partners take gallium offtake in proportion to their interests. Federal dollars attached: ≈$174M (estimated). Announced Aug 31, 2026; status: definitive. Source: Department of War: $174M investment to secure the gallium supply chain, Aug 31, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in Atlantic Alumina (ATALCO)?

Yes. Agency: Department of War. What Washington got: $150M of preferred equity in January 2026, then follow-on preferred bringing the Department of War total to $400M in August 2026. Federal dollars attached: $400M ($150M + follow-ons). Announced Jan 11, 2026; status: closed. Source: Department of War: $100M follow-on equity investment in ATALCO, Aug 28, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in Atom Computing?

It is set to. The stake is a condition of a letter of intent that still needs final documents. Agency: Commerce (CHIPS R&D). What Washington got: Minority, non-controlling equity stake as a condition of a $100M award. Federal dollars attached: $100M. Announced May 21, 2026; status: loi. Source: NIST: letters of intent with 9 quantum companies, May 21, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in Crucible Metals (Korea Zinc)?

Conditionally, yes. Agency: Department of War. What Washington got: Conditional $1.4B Department of War investment in the joint venture building a $6.6B smelter; stake reported at 40% of the JV, plus JV receives about 10% of Korea Zinc. Federal dollars attached: $1.4B (conditional). Announced Dec 15, 2025; status: conditional. Source: Korea Zinc press release, Dec 15, 2025. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in D-Wave Quantum?

It is set to. The stake is a condition of a letter of intent that still needs final documents. Agency: Commerce (CHIPS R&D). What Washington got: $100M of newly issued common stock to Commerce. Federal dollars attached: $100M. Announced May 21, 2026; status: loi. Source: D-Wave press release, May 21, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in Diraq?

It is set to. The stake is a condition of a letter of intent that still needs final documents. Agency: Commerce (CHIPS R&D). What Washington got: Minority, non-controlling equity stake as a condition of an award of up to $38M. Federal dollars attached: Up to $38M. Announced May 21, 2026; status: loi. Source: NIST: letters of intent with 9 quantum companies, May 21, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in Extropic?

It is set to. The stake is a condition of a letter of intent that still needs final documents. Agency: Commerce (CHIPS R&D). What Washington got: Minority, non-controlling equity stake as a condition of an award of up to $75M. Federal dollars attached: Up to $75M. Announced Jul 29, 2026; status: loi. Source: NIST: letters of intent with 7 companies for $874M, July 29, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT partial.

Does the U.S. government own a stake in GlobalFoundries?

It is set to. The stake is a condition of a letter of intent that still needs final documents. Agency: Commerce (CHIPS R&D). What Washington got: Two awards: $375M (quantum foundry, May) and $300M (silicon photonics, July), each giving Commerce equity of approximately 1%. Federal dollars attached: $675M (two awards). Announced May 21, 2026; status: loi. Source: GlobalFoundries: $300M letter of intent, July 29, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT partial.

Does the U.S. government own a stake in I-Pulse?

Yes, under definitive agreements. Agency: Commerce (CHIPS R&D). What Washington got: Minority, non-controlling equity stake received at signing of a $250M definitive award. Federal dollars attached: $250M. Announced Jun 25, 2026; status: definitive. Source: NIST: definitive agreement with I-Pulse, June 25, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in IBM (Anderon)?

It is set to. The stake is a condition of a letter of intent that still needs final documents. Agency: Commerce (CHIPS R&D). What Washington got: Minority, non-controlling equity stake tied to a $1B award for the Anderon quantum foundry; whether the stake sits in IBM or in Anderon is not stated. Federal dollars attached: $1B. Announced May 21, 2026; status: loi. Source: NIST: letters of intent with 9 quantum companies, May 21, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT partial.

Does the U.S. government own a stake in Infleqtion?

It is set to. The stake is a condition of a letter of intent that still needs final documents. Agency: Commerce (CHIPS R&D). What Washington got: $100M of common stock issued on the award date at a 15% discount to market, held passively. Federal dollars attached: $100M. Announced May 21, 2026; status: loi. Source: Infleqtion press release, May 21, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in Intel?

Yes. Agency: Department of Commerce. What Washington got: 433.3M common shares (9.9%) bought by converting $5.7B of unpaid CHIPS grants and $3.2B of Secure Enclave funds, plus a 5-year warrant for another 5% at $20 that triggers only if Intel's foundry ownership drops below 51%. Federal dollars attached: $8.87B. Announced Aug 22, 2025; status: closed. Source: Intel Form 8-K exhibit 99.1, Aug 2025. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in Kepler Computing?

It is set to. The stake is a condition of a letter of intent that still needs final documents. Agency: Commerce (CHIPS R&D). What Washington got: Minority, non-controlling equity stake as a condition of a $245M award. Federal dollars attached: $245M. Announced Jul 29, 2026; status: loi. Source: NIST: letters of intent with 7 companies for $874M, July 29, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in L3Harris Missile Solutions?

Yes. Agency: Department of War. What Washington got: $1B convertible preferred security that converts to common at IPO, plus warrants; L3Harris keeps more than 80%. Federal dollars attached: $1B. Announced Jan 13, 2026; status: closed. Source: Department of War: $1B direct-to-supplier investment, Jan 13, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in Lithium Americas?

Yes. Agency: Department of Energy (Loan Programs Office). What Washington got: Penny warrants for 5% of the company and a separate 5% economic interest in the Thacker Pass joint venture, in exchange for deferring $184M of loan payments. Federal dollars attached: None ($184M deferral). Announced Sep 30, 2025; status: closed. Source: DOE: Lithium Americas loan restructuring, Sept 30, 2025. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in MP Materials?

Yes. Agency: Department of War. What Washington got: $400M convertible preferred stock plus a warrant for 11.2M shares at $30.03; a separate $150M loan, a 10-year NdPr price floor and 100% offtake of the new magnet plant. Federal dollars attached: $400M. Announced Jul 10, 2025; status: closed. Source: MP Materials Form 8-K, July 2025. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in Multibeam?

It is set to. The stake is a condition of a letter of intent that still needs final documents. Agency: Commerce (CHIPS R&D). What Washington got: Minority, non-controlling equity stake as a condition of a $140M award. Federal dollars attached: $140M. Announced Jul 29, 2026; status: loi. Source: NIST: letters of intent with 7 companies for $874M, July 29, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in North American Blue Energy Partners?

Yes, under an agreement signed but not yet published. Agency: Department of War (Office of Strategic Capital). What Washington got: 35% equity in the corporate parent, granted at no cost, plus a State Department right to buy 20% of output at production cost. Federal dollars attached: $0 (granted). Announced Aug 31, 2026; status: signed. Source: White House fact sheet, Aug 31, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in OBSIDIA Semiconductors?

It is set to. The stake is a condition of a letter of intent that still needs final documents. Agency: Commerce (CHIPS R&D). What Washington got: Minority, non-controlling equity stake as a condition of a $34M award. Federal dollars attached: $34M. Announced Jul 29, 2026; status: loi. Source: NIST: letters of intent with 7 companies for $874M, July 29, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in PsiQuantum?

Does the U.S. government own a stake in Quantinuum?

Does the U.S. government own a stake in ReElement Technologies?

Conditionally, yes. Agency: Department of War. What Washington got: Warrants to the Department of War attached to an $80M Office of Strategic Capital conditional loan. Federal dollars attached: $80M loan + warrants. Announced Nov 3, 2025; status: conditional. Source: American Resources Corp. 8-K exhibit, Nov 2025. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in Rigetti Computing?

It is set to. The stake is a condition of a letter of intent that still needs final documents. Agency: Commerce (CHIPS R&D). What Washington got: Common stock equal to the funding, priced at the lowest of three reference closes less 15%, for up to $100M over three years. Federal dollars attached: Up to $100M. Announced May 21, 2026; status: loi. Source: Rigetti Form 8-K, May 21, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in SandboxAQ?

Yes, under definitive agreements. Agency: Commerce (CHIPS R&D). What Washington got: Minority, non-controlling equity stake under a $500M definitive award. Federal dollars attached: $500M. Announced Jun 17, 2026; status: definitive. Source: NIST: definitive agreement with SandboxAQ, June 17, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in Strategic Bauxite USA?

Yes, under definitive agreements. Agency: Department of War. What Washington got: $85.5M equity investment agreement to acquire and expand the First Bauxite mine and build U.S. brown-fused alumina capacity. Federal dollars attached: $85.5M. Announced Aug 7, 2026; status: definitive. Source: Department of War: $85.5M agreement with Strategic Bauxite USA, Aug 7, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in Thintronics?

It is set to. The stake is a condition of a letter of intent that still needs final documents. Agency: Commerce (CHIPS R&D). What Washington got: Minority, non-controlling equity stake as a condition of an award of up to $50M. Federal dollars attached: Up to $50M. Announced Jul 29, 2026; status: loi. Source: NIST: letters of intent with 7 companies for $874M, July 29, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT partial.

Does the U.S. government own a stake in Trilogy Metals?

Yes, under definitive agreements. Agency: Department of War. What Washington got: 10% of the company in units at $2.17 plus 10-year penny warrants for another 7.5%; half the shares bought from South32 with a call option on more. Federal dollars attached: $35.6M. Announced Oct 6, 2025; status: definitive. Source: Department of War: $35.6M strategic equity investment in Trilogy Metals, Aug 28, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in U.S. Steel?

Yes. Agency: Treasury (CFIUS) on behalf of the President. What Washington got: One golden share (Class G preferred) carrying consent rights over plant closures, headquarters moves, job transfers and cuts to committed investment, plus one independent director. Federal dollars attached: None (control rights). Announced Jun 18, 2025; status: closed. Source: Nippon Steel and U.S. Steel joint release, June 18, 2025. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in USA Rare Earth?

Yes, under definitive agreements. Agency: Commerce (CHIPS). What Washington got: 16.1M common shares plus a warrant for about 17.6M more, alongside $277M of direct funding and up to $1.3B of senior secured loan capacity. Federal dollars attached: $277M (+ up to $1.3B loan). Announced Jan 26, 2026; status: definitive. Source: NIST: CHIPS letter of intent with USA Rare Earth, Jan 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in Vulcan Elements?

Conditionally, yes. Agency: Commerce and Department of War. What Washington got: $50M of equity to Commerce (CHIPS) plus warrants to the Department of War attached to a $620M Office of Strategic Capital conditional loan. Federal dollars attached: $50M equity + $620M loan. Announced Nov 3, 2025; status: conditional. Source: NIST: CHIPS letter of intent with Vulcan Elements, Nov 2025. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in Westinghouse Electric?

Not yet. It holds a contingent interest under a binding term sheet. Agency: Commerce (with Energy). What Washington got: A participation interest in 20% of cash distributions above $17.5B, which vests only if the government orders at least $80B of new reactors, converting to a warrant on 20% of the equity if Westinghouse IPOs at $30B+ by January 2029. Federal dollars attached: None (contingent). Announced Oct 28, 2025; status: term sheet. Source: Cameco press release, Oct 28, 2025. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Does the U.S. government own a stake in xLight?

Yes, under definitive agreements. Agency: Commerce (CHIPS R&D). What Washington got: $150M of equity, per the December 2025 letter of intent. Federal dollars attached: $150M. Announced Dec 1, 2025; status: definitive. Source: NIST: CHIPS R&D letter of intent with xLight, Dec 2025. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right.

Methodology

Three rules keep this page citable

Primary sources only

A row goes in when an agency release, a Federal Register notice, an SEC exhibit, a White House fact sheet or the company’s own release describes an equity-type instrument. Reporting alone earns a “reported” tag, never a row of its own. Figures that appear only in news coverage (Korea Zinc’s 40%) are labelled as reported inside the row.

Companies, not deals

One row per company. Multiple deals with the same company are described in the row, so the headline number matches Cato’s method rather than CFR’s. The toggles above let you count the other way. Loans without an equity kicker are out of scope; loans that carry warrants are in.

Dated, corrected, logged

The updated date sits at the top. New stakes are added the day they are announced, usually within hours. If your company is in the table and a detail is wrong, or you have gone public with a stake that is not here, email a linkable source and we will fix it, usually the same day.

Corrections and additions: hello@theoagseo.com. Include the document. We do not take a company’s word for a stake any more than we take a reporter’s.

Changelog. September 6, 2026: added the Department of War’s estimated $174M equity investment in the Alcoa gallium project at Wagerup, Western Australia, announced August 31, 2026 alongside the Venezuela stake and missed in the September 5 build; the count is now 33 companies; the AI check for the new row was run the same day and all three assistants placed the stake in the project vehicle rather than in Alcoa itself. September 5, 2026: page published with 32 companies through the August 31 Venezuela stake, 2 revenue-share arrangements, 4 DFC positions, a watchlist, and a Pipeline section of 11 companies discussed on the record, 10 unfinalized CHIPS awards and 5 OSC borrowers. First AI answer pass graded the same day for Google AI Mode, ChatGPT and Perplexity.

Questions people actually ask

Frequently asked questions

How many companies does the U.S. government own a stake in?

Thirty-three companies hold an equity-type instrument (stock, preferred, warrants, a golden share or a participation interest) issued to a federal agency since June 2025, counting Commerce, the Department of War, Energy and Treasury. Add Nvidia and AMD's revenue-share arrangements and it is 35. Add the Development Finance Corporation's four equity positions and it is 39. The Council on Foreign Relations counts 39 deals, because it counts deals rather than companies and includes DFC. Cato counts 32 and excludes DFC; its count as of September 4, 2026 does not yet include the Department of War's August 31 equity investment in the Alcoa gallium project in Australia, which this page does. Each is right about its own rule.

Is there an official list of government equity stakes?

No. The stakes sit across at least four agencies under different authorities, and a Treasury official told Fortune that agencies report equity interests in different ways. Stakes in private companies produce no SEC filings. Congressional letters in February, March and July 2026 asked for selection criteria and legal justifications, and the Senate's 2027 defense bill would require an ownership review of every company the Pentagon holds equity in. As of this update, no consolidated federal ledger has been published.

How much has the government invested?

It depends what you count. Adding the disclosed dollar figures attached to the 33 equity-type deals on this page gives roughly $17 billion, of which Intel is $8.9 billion. CFR's $27.7 billion figure adds loans that travel with the equity (USA Rare Earth's $1.3 billion facility, Korea Zinc's debt) and the DFC positions. Several stakes cost nothing at all: the U.S. Steel golden share, the Westinghouse participation interest, the Lithium Americas warrants and the 35% Venezuela stake were all granted rather than bought.

Which agency is doing most of the buying?

By number of companies, Commerce, through the CHIPS Research and Development Office, which attaches a minority, non-controlling equity condition to its awards: 22 of the 33. By dollars, also Commerce, because of Intel. The Department of War's ten positions are concentrated in critical minerals and defense supply chains, now including a gallium project in Australia, and are increasingly run through its Industrial Base Analysis and Sustainment program and the Office of Strategic Capital.

What is the Office of Strategic Capital?

A Pentagon office created by statute in 2023 to finance critical-technology companies with loans rather than grants. It made its first direct loan (MP Materials, $150 million) in 2025, attached warrants to loans for Vulcan Elements and ReElement, and holds the 35% Venezuela stake. The FY2027 budget request asks for about $20.2 billion in credit subsidy for it, enough to support roughly $200 billion in loans. It does not publish a list of borrowers.

Do the companies have to give up control?

In the Commerce deals, no: every release describes the stake as minority and non-controlling, and Intel's agreement requires Commerce to vote with the board. The exceptions are the U.S. Steel golden share, which carries consent rights over plant closures and headquarters moves, and the Venezuela agreement, which gives the U.S. a veto over board appointments.

Which companies could be next?

The ones with admissible evidence, and only those, are listed in the Pipeline section. On-record reporting has named OpenAI (a proposed 5% stake, reported July 2026), IonQ and Quantum Computing Inc. (October 2025 talks that Commerce denied the same day; neither was in the May 2026 batch), Critical Metals Corp. (October 2025, denied by the White House), and three drone companies in Pentagon talks reported in May 2026, one of which ended as an $820 million loan. Officials have named categories rather than companies: Treasury says seven strategic industries, including rare earths, semiconductors, pharma, shipbuilding and steel; the Energy Dominance Council calls equity the norm for critical minerals; Commerce attaches an equity condition to every CHIPS research award. Ten CHIPS manufacturing awards remain unfinalized and could be renegotiated on Intel's model. Analyst lists, stock tips and AI-generated roundups are not evidence and do not appear here.

Why does this page exist?

Because the companies in the table are, with a handful of exceptions, small and privately held, and the day a stake is announced, investors, journalists, suppliers and job candidates ask a search engine or an AI assistant who they are. We keep the record straight, with the source next to every row, and we check what the AI models say about each company. That second part is the business we are in.

Sources

Companion page: the American AI Exports Program Tracker, the same method applied to Commerce’s export consortia.

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U.S. Government Equity Stakes Tracker

How many companies does the U.S. government own a stake in?

Two agencies do almost all of it

By agency

By month

Every company, every instrument, every source

The arrangements that make the trackers disagree

Revenue share, not equity

Development Finance Corporation

Watchlist: not counted, watched

The pipeline: companies discussed on the record

Reported, discussed, denied or declined

Pending CHIPS awards that could be renegotiated

Office of Strategic Capital borrowers, 2026

What officials have said about who is next

What is the Office of Strategic Capital?

Fifteen months, from one golden share to a portfolio

The golden share

MP Materials sets the template

Intel: 9.9% for grants already promised

Energy joins in

Westinghouse and Trilogy

Magnets: Vulcan and ReElement

Korea Zinc and xLight

January: three in three weeks

Congress asks for the paperwork

Nine quantum companies in one day

SandboxAQ and I-Pulse go definitive

The compute batch

August: bauxite, alumina, Alaska

Gallium in Australia, with allies

35% of a Venezuelan oil company, at no cost

What do the AI assistants say about these companies?

Does the U.S. government own a stake in…

Three rules keep this page citable

Primary sources only

Companies, not deals

Dated, corrected, logged

Frequently asked questions

Sources

Just became a federal portfolio company?

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