Live public record · 36 companies

U.S. Government Equity Stakes Tracker

Q: What does it mean when the U.S. government takes an equity stake in a company?

It means a federal agency receives stock, preferred shares, warrants, a golden share or a profit interest in the company, usually as a condition of a grant, loan or approval rather than a cash purchase. Since June 2025 that has happened at 36 companies through Commerce, the Department of War, Energy and Treasury, almost always as a minority, non-controlling position.

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

Thirty-six 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 38. Add the Development Finance Corporation's five equity positions and it is 43. The Council on Foreign Relations counts 43 deals, the figure its tracker showed on October 15, 2026, because it counts deals rather than companies and includes DFC. Cato counts 35 as of October 16, 2026 and excludes DFC; its two September additions were The Elmet Group and Hertha Metals, and its October 16 post does not name the company added since October 2, when it counted 34. Wolfspeed's warrants, attached to an October 7, 2026 Office of Strategic Capital loan commitment, are the only new company stake announced in between, and the remaining one-company gap with this page appears to be the Department of War's August 31 equity investment in the Alcoa gallium project in Australia, which Cato's September 4 list did not include. 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?

How much the U.S. government has invested depends what you count. Adding the disclosed dollar figures attached to the 36 equity-type deals on this page gives roughly $20.1 billion, of which Intel is $8.9 billion, GlobalFoundries is $1.63 billion across three awards after the October 14, 2026 agreement, and Wolfspeed's conditional Office of Strategic Capital loan, which carries the warrants, is $1.5 billion. CFR's $29.9 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 36, of which six quantum awards have gone from letter of intent to final: Rigetti, D-Wave, Quantinuum, PsiQuantum and GlobalFoundries on September 8, 2026, and IBM's Anderon foundry, the largest at $1 billion, on September 16, 2026; D-Wave and Quantinuum have since confirmed that their shares were issued. By dollars, also Commerce, because of Intel. The Department of War's thirteen positions are concentrated in critical minerals and defense supply chains, now including a gallium project in Australia, $450 million of preferred equity and warrants in The Elmet Group, a tungsten producer, since September 14, 2026, a $65 million equity investment in Hertha Metals, an iron and steel startup, which the company announced on September 29, 2026, and warrants for up to 7.5% of Wolfspeed, the silicon carbide chipmaker, attached to a conditional $1.5 billion loan commitment announced October 7, 2026, and are increasingly run through its Industrial Base Analysis and Sustainment program, the Office of Strategic Capital and the new Economic Defense Unit.

Q: Which companies does the Department of War hold equity in?

Thirteen positions, about $6.2 billion in federal dollars: MP Materials, Trilogy Metals, Vulcan Elements, ReElement Technologies, Crucible Metals, Atlantic Alumina, L3Harris Missile Solutions, Strategic Bauxite USA, North American Blue Energy Partners, the Alcoa Wagerup gallium project, The Elmet Group, Hertha Metals and Wolfspeed. Of the 13, 9 are critical-minerals companies; the others are L3Harris Missile Solutions in defense, Hertha Metals in iron and steel, Wolfspeed in semiconductors and the 35% Venezuelan oil position held through North American Blue Energy Partners. The instruments came through Defense Production Act Title III, the Industrial Base Analysis and Sustainment program and warrants attached to Office of Strategic Capital loans.

Q: Did every CHIPS Act recipient have to give the government equity?

No. Commerce attaches a minority, non-controlling equity condition to its CHIPS research and development awards, which with Intel makes 22 Commerce companies on this page. On the manufacturing side, Intel's unpaid grants were converted to shares, and Commerce has attached equity to some finalized incentives (Vulcan Elements, USA Rare Earth) and not to others (Bosch, Powerex); 10 manufacturing awards on NIST's list remain unfinalized with no equity term on record. GlobalFoundries shows the layered shape: about 1.8% on its $375M quantum foundry award, a second $300M photonics letter carrying its own condition of roughly 1%, and, announced October 14, 2026, equity of approximately 4% under a separate agreement that accompanies the reallocation of $955M within its existing manufacturing award, the first time since Intel that an existing CHIPS manufacturing award has been reworked with equity alongside it.

Q: What is the Office of Strategic Capital?

The Office of Strategic Capital is 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, holds the 35% Venezuela stake, and on October 7, 2026 signed a conditional commitment for a loan of up to $1.5 billion to Wolfspeed that would come with warrants for up to 7.5% of the company, its largest commitment with warrants so far. 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: What is the Department of War's Economic Defense Unit?

The Economic Defense Unit is a Department of War office established by an April 10, 2026 memorandum from Deputy Secretary Steve Feinberg to coordinate the Department's use of capital, procurement, trade and regulatory tools against economic competitors. Its director, George Kollitides, reports to the Deputy Secretary; the unit sits within the acquisition and sustainment organization and works alongside the Office of Strategic Capital and the Industrial Base Analysis and Sustainment program. The Elmet Group investment announced September 14, 2026 is the first equity deal on this page to carry the unit's name; the money came through the Industrial Base Analysis and Sustainment program. Hertha Metals' September 29, 2026 release names the unit as a partner in the government's $65 million equity investment in its Series A round, the second deal on this page to do so, though the Department has published no release of its own on that one. Unlike the Office of Strategic Capital, the unit has no statute of its own.

Q: Do the companies have to give up control?

In the Commerce deals, no: every release describes the stake as minority and non-controlling, Intel's agreement requires Commerce to vote with the board, and the Rigetti, D-Wave, Quantinuum and GlobalFoundries agreements filed in September 2026 bar the government from voting its shares at all except on changes to the stock itself or a merger. 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. The Elmet Group's preferred, issued to the Department of War in September 2026, does vote alongside the common stock, but its voting power is capped at 19.9% and it elects one of nine directors.

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 36 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 October 22, 2026. Latest entry: Wolfspeed, Oct 7, 2026. Corrections: hello@theoagseo.com.

See the 36 companies Who could be next

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

$20.15B

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 (Hertha Metals, Wolfspeed)

of the 36 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)+5

Equity-type instruments, 36Revenue share, 2DFC, 5

35Cato

Counts companies, includes the U.S. Steel golden share, excludes DFC and the revenue-share deals. As of October 16, 2026, up from 34 on October 2; the post does not name the addition. Wolfspeed’s October 7 warrants are the only new company stake announced in between, and the remaining one-company gap with this page appears to be the Department of War’s August 31 equity investment in the Alcoa gallium project in Australia, which Cato’s September 4 list did not include. Source

43CFR

Counts deals rather than companies (GlobalFoundries is two), includes six DFC transactions, totals $29.9B including the loans that travel with the equity. As shown October 15, 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 hold most of the stakes: Commerce and the Department of War

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.

Stakes by agency: Commerce, Department of War, Energy, Treasury

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.

New stakes by announcement month

New companies added to the portfolio, by announcement month.

Two Commerce batches account for 15 of the 36: 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

The list: 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
WolfspeedSilicon carbide and gallium nitride chipsDurham, NC · NYSE: WOLF	Warrants up to 7.5% on OSC loanUp to 7.5% (warrants)	$1.5B loan + warrants	Dept. of War	Oct 7, 2026	Conditional	sec.govPrimary	GCP
What Washington got. VWAP-based warrants to the Department of War for up to 7.5% of Wolfspeed's fully diluted equity, issuable pro rata as tranches are funded, attached to a conditional Office of Strategic Capital commitment for a 30-year senior secured delayed-draw term loan of up to $1.5B. Announced October 7, 2026 by the Department of War (release 4621223) and by the company. The warrants come from Wolfspeed's own release and Form 8-K; the Department's release summary describes a conditional loan commitment to a semiconductor materials manufacturer and was not reachable in full from this build, so the warrant terms rest on the company's filing. The commitment letter contemplates up to four tranches, $600M at closing to refinance Wolfspeed's first lien senior secured notes due 2030 and $900M after that in tranches of $200M to $400M, drawable over 36 months, with a 30-year maturity, interest at a Treasury rate plus a provisional 1.25% to 1.75% premium, and interest that may be capitalized for the first five years. Nothing is final: the 8-K lists conditions that include definitive agreements, OSC due diligence, congressional authorization and appropriations, Office of Management and Budget concurrence, offtake agreements, at least $750M of new equity and other qualifying sources raised by the company after June 28, 2026, efforts to convert most of its outstanding convertible notes into equity, and consents from existing lenders. The money is for silicon carbide wafers and power devices, gallium nitride production, gallium nitride on silicon carbide radio-frequency wafers and radiation hardening. Wolfspeed went through a Chapter 11 restructuring in 2025. A separate, older CHIPS incentives award of up to $750M is still unfinalized and carries no equity term on record; it stays in the Pipeline section. The 8-K files the announcement under Items 7.01 and 8.01, not as a material definitive agreement, so the row will move when definitive agreements are signed or warrants are issued. The first Department of War position on this page in semiconductors and the largest Office of Strategic Capital commitment with warrants attached. Source: Wolfspeed release, Form 8-K Exhibit 99.1, Oct 7, 2026
Hertha MetalsHigh-purity iron and steel for rare-earth magnetsConroe, TX · Private	Equity in Series A round (company-announced)n/d	$65M	Dept. of War	Sep 29, 2026	Closed	businesswire.comPrimary	GCP
What Washington got. A $65M equity investment inside the company's $133.65M Series A round, which the company announced as closed on September 29, 2026, executed through the Industrial Base Analysis and Sustainment program in partnership with the Economic Defense Unit; the class of shares, the percentage and any board or control rights are undisclosed, and the Department of War has published no release of its own. Announced by the company alone. Hertha's September 29, 2026 release reports the close of a $133.65M Series A round, including a $65M equity investment from the U.S. Government, executed through its Industrial Base Analysis and Sustainment program in partnership with the Economic Defense Unit. The release names the program and the unit rather than the Department of War, which runs both, and as of October 6, 2026 the Department has published no release of its own; Cato added the deal to its count on October 2 and calls it an apparent deal for that reason. The status is Closed on the company's word that the round has closed; no filing or agency document shows the shares, and as a private company Hertha files nothing with the SEC. Khosla Ventures and Doerr Capital co-led the round, with CEV, Pear Ventures, Gates Frontier, the Niterra SUISO no MORI Fund, Toyota Ventures and Siemens Financial Services. The money is to build Hertha Chalyx, a plant the company says will produce 10,000 tonnes of steel-grade and magnet-grade high-purity iron and will break ground this year, alongside its 360-ton-per-year demonstration plant in Conroe, Texas; the release says neodymium magnets are roughly 70% high-purity iron by weight and that the United States has no domestic production capacity for it. The second equity deal on this page to carry the Economic Defense Unit's name, after The Elmet Group. Trade coverage: Defense Daily, Sept 29, 2026. Added October 3, 2026 after being missed in the builds of September 29 through October 2. Source: Hertha Metals release (Business Wire), Sept 29, 2026
The Elmet GroupTungsten and molybdenumPortland, ME · NASDAQ: ELMT	Redeemable preferred + warrants up to 19.9%Warrants for 7,567,341 shares (up to 19.9%)	$450M ($200M at closing)	Dept. of War	Sep 14, 2026	Closed	sec.govPrimary	GCP
What Washington got. 200,000 shares of Class A redeemable preferred stock ($200M at $1,000 each, 5.5% paid-in-kind dividend, voting with the common up to a 19.9% cap) issued September 14, 2026, with up to $250M more in $50M tranches over the following commitment periods; a penny warrant for 5,675,506 common shares at $0.001 and a strike-price warrant for 1,891,835 shares at $15.92, together up to 19.9% of the common stock post-transaction; one of nine directors and a non-voting board observer. The Department's release funds the investment through the Industrial Base Analysis and Sustainment program and quotes the director of its Economic Defense Unit; the company's release calls it an initiative launched under that unit, the first equity deal to carry the unit's name. The company calls itself the only U.S.-owned, vertically integrated tungsten producer; its Maine, Michigan and Ohio plants process tungsten and molybdenum. The Form 8-K filed September 14, 2026 shows the investment agreement was signed September 11 and closed September 14, when the 200,000 preferred shares and both warrants were issued; the warrants become exercisable after twelve months and run ten years, the preferred is redeemable at the holder's option after ten years or on a default or change of control, and part of the penny warrant's value reduces the preferred's liquidation preference as the share price rises. The remaining $250M is available in tranches starting six months after closing and is subject to conditions that include continued congressional authorization and appropriations. Announced by the Department of War the same day (release 4599882). The company plans about $165M for its plants in Lewiston, Maine, Coldwater, Michigan and Euclid, Ohio, about $150M for a majority-owned joint venture at the Springer tungsten complex in Nevada with Blue Moon Metals and EQ Resources, and up to $150M for partnerships in Australia and Spain. A separate Defense Logistics Agency stockpile contract for its Elmet Technologies subsidiary, a $2B ceiling with $150M guaranteed, is a purchase contract, not equity. Company release: GlobeNewswire, Sept 14, 2026. On September 23, 2026 the company agreed to buy 4.99% of Masan High-Tech Materials, a Vietnamese tungsten producer, for about $124.75M, with long-term tungsten supply and conversion agreements; its release describes the purchase as building on the government investment, and the Form 8-K of September 24 changes nothing about the preferred stock or warrants. Source: The Elmet Group Form 8-K, filed Sept 14, 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 Department of War, the September 14 $450M investment, redeemable preferred equity plus warrants for up to 19.9% of common stock, the director and observer rights, and keeps the $2B DLA stockpile contract separate. Checked Sept 15, 2026. ChatGPT: Right Department of Defense, $200M initial with $250M tied to milestones, warrants for up to 19.9%, board rights, and the DLA contract kept separate; frames the position as a right to own up to 19.9% rather than naming the preferred shares already bought. Checked Sept 15, 2026. Perplexity: Right Department of War via IBAS, redeemable preferred equity plus warrants for up to 19.9%, $200M initial drawdown, director and observer rights, and the $2B DLA contract kept separate; calls it a large minority stake, not control. Checked Sept 15, 2026.
North American Blue Energy PartnersVenezuelan oil concessionsNot disclosed · Private	35% via penny warrants, no cash paid35%	$0 (granted)	Dept. of War	Aug 31, 2026	Signed	whitehouse.govPrimary	GCP
What Washington got. 35% equity in the Barbados-registered corporate parent, granted at no cost (penny warrants at $0.01 a share with a 75-year term, per ProPublica's review of the agreement), plus a right to buy 20% of output at a discounted price. 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. On September 30, 2026 the ranking Democrats on the Senate Foreign Relations, Armed Services, Energy and Banking committees (Senators Shaheen, Reed, Heinrich and Warren) wrote to Secretaries Rubio, Hegseth and Wright opposing the deal. Their letter says the statute creating the Office of Strategic Capital authorizes loans and loan guarantees and does not explicitly provide authority to take equity stakes in private oil companies, and it demands the full text of the agreements before they are finalized, the legal authorities relied on, the vetting behind the deal and whether any administration official, Trump family member or donor stands to benefit. The letter comes from the minority and cannot compel an answer; Fox News reported on October 2 that the State Department called it grandstanding and said a briefing with documents had been set for October 1, which was then rescheduled. Press reports (The New York Times on September 1, citing two people familiar with the deal, and Fox News on October 2) described the position as penny warrants, rights to acquire the shares for a nominal price, rather than shares already issued. On October 20, 2026 ProPublica reported that it had reviewed a copy of the 18-page strategic partnership agreement signed by Secretaries Rubio and Hegseth, and its account confirms that structure: the U.S. pays nothing upfront and plans to acquire its 35% by paying $0.01 per warrant share, on terms that expire on the 75th anniversary of the closing date, and the shares are in a parent company registered in Barbados whose owners and investors the document says little about. ProPublica also reports a confidentiality clause barring the company from disclosing the existence and terms of the agreement, a right to buy 20% of the company's oil at $30 a barrel, first priority on the rest of its production for 50 years, and that a Pentagon office has been tasked with executing the transaction; the White House and the Pentagon commented without disputing the terms. The agreement itself is still unpublished, so these terms rest on ProPublica's reporting, and the row stays at Signed because no warrant has been reported as issued or exercised. 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. Project status: under construction. Alcoa, Australia, Japan and the United States announced a final investment decision on July 14, 2026 and broke ground at Wagerup on August 24, 2026; the plant is projected to produce 100 metric tons of gallium a year, and no first-production date has been published by Alcoa or the Department of War. 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. Its fiscal 2026 results release of September 16, 2026 still describes the funding as subject to definitive agreement negotiations, so the letter of intent has not gone final. 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	Definitive	nist.govPrimary	GCP
What Washington got. Minority, non-controlling equity stake tied to a $1B award for the Anderon quantum foundry, now final; whether the stake sits in IBM or in Anderon LLC is not stated. Letter of intent with IBM May 21, 2026; final R&D award of up to $1B signed with Anderon LLC and announced September 16, 2026, the sixth of the nine May quantum letters to go final and the largest. Neither the Commerce release nor Anderon's own release repeats the equity language, so the final terms rest on the May letter of intent, which conditioned every award on a minority, non-controlling stake. The award went to Anderon LLC, a newly formed standalone IBM company headquartered in Albany, New York, that runs a 300-millimeter pure-play quantum wafer foundry and says its first quantum wafers are already running; IBM adds $1B of its own cash plus IP. Anderon is private, so any disclosure of the stake would come through IBM, which had filed no Form 8-K on the award as of the evening of September 16. Company release: PR Newswire, Sept 16, 2026. Source: NIST: finalization of CHIPS R&D award with Anderon, Sept 16, 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, silicon photonics and specialty chipsMalta, NY · NASDAQ: GFS	Ordinary shares + about 4% more agreed + second LOI≈1.8% held (calculated) + ≈4% agreed (company)	$1.63B (three awards)	Commerce	May 21, 2026	Definitive	sec.govPrimary	GCP
What Washington got. 9,907,399 ordinary shares to Commerce at $37.85 a share, non-voting while held by the government, under the $375M quantum foundry award finalized September 8, 2026; a second $300M silicon photonics letter of intent (July) carries its own equity condition of approximately 1%; and under a separate agreement announced October 14, 2026, alongside an amendment that reallocates $955M within its existing CHIPS manufacturing award, Commerce will receive equity of approximately 4%. On October 14, 2026 GlobalFoundries said it had agreed with Commerce to amend its existing CHIPS and Science Act manufacturing award to reallocate $955M toward silicon photonics, silicon-germanium and advanced packaging in Malta, New York and Burlington, Vermont, and that in a separate agreement Commerce will receive equity in the company of approximately four percent; the press release is filed as an exhibit to its Form 6-K of the same day. The Commerce release says the total of the existing award will not increase and does not mention equity, and neither party has published a share count, a price, a signing date or whether the shares have been issued, so the row stays at Definitive on the strength of the September agreement and the new equity is carried as agreed, not held. The $955M is counted here as the federal money attached to the new stake, the way Intel's converted grants are counted, because the President's post on the deal tied it to the stake and put total investment at $1.63B, the sum of the three awards; the company presents the equity as a separate agreement, so that link rests on the post as reported by Yahoo Finance on October 14, not on a published agreement. Yahoo Finance also reported a company official as saying the earlier stakes come to 3% to 4% and the total to nearly 8%; this page's own calculation for the September shares is about 1.8%, and the photonics letter's roughly 1% has not been finalized. The same day GlobalFoundries was named technology provider and operator of two Japan-funded fabs at Malta under the U.S.-Japan trade and investment agreement, up to $21B in Japanese funding with the first fab due in 2029; that money is Japanese, not federal, and is not counted. Earlier history: one company, several deals, which is why CFR counts more deals than Cato counts companies. The $375M award went final on September 8, 2026 (NIST release and company release, neither of which mentions the shares); the securities issuance agreement dated September 3, 2026 in the Form 6-K sets the share count and price, restricts transfers to competitors and bars the government from voting the shares except on matters affecting the class or a merger. The percentage is this page's calculation from the share count against 555.9M shares outstanding at December 31, 2025 per the company's Form 20-F, not a figure either party has published; the May letter of intent had described the stake as approximately 1%. The $300M photonics award is still at the letter stage, and whether its equity is additional is not stated. On September 15, 2026 the company filed an automatic shelf registration statement on Form F-3 (prospectus dated September 14) that registers all 9,907,399 shares for resale by the Department of Commerce, under the registration rights in the issuance agreement; the prospectus says the Department acquired the shares under that agreement, repeats that it will not vote them while it is a government entity, and states that the company will receive no proceeds from any sale. No sale has been announced and no prospectus supplement has been filed, so the registration is a step that lets the Department sell whenever it chooses rather than evidence that it intends to. The row stays at Definitive because the prospectus gives 557,418,603 shares outstanding at September 11, 2026, which on its own does not show whether the issuance had happened by then. Source: GlobalFoundries Form 6-K, Oct 14, 2026 (Commerce to receive about 4% equity) 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 stock at 15% discount≈1.9% (calculated)	$100M	Commerce	May 21, 2026	Closed	sec.govPrimary	GCP
What Washington got. 7,095,721 shares of common stock to Commerce at $14.093 a share (the lowest of three reference closes less 15%), non-voting while held by the government, under a $100M award signed September 4, 2026. Letter of intent May 21, 2026; Other Transaction Agreement signed September 4 and announced September 8, 2026. The first tranche is $53.6M. The securities issuance agreement was signed and the 7,095,721 shares issued on September 8, 2026, per the amended 8-K filed September 9, which also adds risk factors warning that a future Congress, court or administration could find the deal unauthorized. The percentage is this page's calculation from the share count against 369.3M shares outstanding on August 5, 2026 per the company's 10-Q, not a figure either party has published. The company can buy back undisbursed-award shares for $1 if Commerce terminates for convenience. Source: D-Wave Form 8-K/A, Sept 9, 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	Definitive	nist.govPrimary	GCP
What Washington got. Minority, non-controlling equity stake as a condition of a $100M award, now final. Letter of intent May 21, 2026; final award announced September 8, 2026. Neither the finalization release nor the company's statement repeats the equity language, so the final terms rest on the May letter of intent. Private, so no SEC filing will follow. On October 8, 2026 the Department of War's Office of Strategic Capital announced a separate conditional commitment for a loan of up to $150M for the company's Milpitas, California manufacturing and prototyping hub; neither the Department nor the company mentions warrants or any equity term, so the loan is listed in the Pipeline section and does not change this row or the dollar total. Source: NIST: finalization of CHIPS R&D award with PsiQuantum, Sept 8, 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	$100M Class A common stock≈0.9% of all shares (calculated)	$100M	Commerce	May 21, 2026	Closed	sec.govPrimary	GCP
What Washington got. 2,369,528 shares of Class A common stock received by Commerce on September 8, 2026 (an implied $42.20 a share), non-voting while held by the government, under a $100M award signed September 4, 2026. Private at signing, public since its June 2026 IPO. Letter of intent May 21, 2026; Other Transaction Agreement signed September 4 and securities issuance agreement September 8, 2026, with the shares delivered to Commerce the same day. Tranches of $56M, $32M and $12M against milestones. The letter of intent priced the shares at the lower of the IPO price less 20% and the award-date close less 15%. The percentage is this page's calculation from the share count against 36.9M Class A and 226.4M Class B shares outstanding on August 13, 2026 per the company's 10-Q (about 6.4% of the Class A shares alone), not a figure either party has published. Quantinuum can buy back undisbursed-award shares for $1 if Commerce terminates for convenience. Source: Quantinuum Form 8-K, Sept 8, 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	$100M common stock at 15% discount≈2.3% (calculated)	$100M	Commerce	May 21, 2026	Definitive	sec.govPrimary	GCP
What Washington got. 7,739,938 shares of common stock to Commerce at an implied $12.92 a share, non-voting while held by the government, under a $100M award signed September 4, 2026. Letter of intent May 21, 2026; Other Transaction Agreement signed September 4 and securities issuance agreement September 8, 2026, with issuance of the shares expected the same day. Tranches of $43.9M, $29.9M and $26.2M against milestones. The percentage is this page's calculation from the share count against 333.8M shares outstanding on August 3, 2026 per the company's 10-Q, not a figure either party has published. Rigetti can buy back undisbursed-award shares for $1 if Commerce terminates for convenience. Source: Rigetti Form 8-K, Sept 8, 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. The risk-factor exhibit the company filed with a Form 8-K on September 15, 2026 names the instruments (a Direct Funding Agreement, a Loan Guarantee Agreement, a Securities Issuance Agreement for 16,132,790 shares of common stock and a Warrant for 17,600,584 shares) and still lists both as issuable rather than issued, so the shares had not been delivered as of that filing. 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. Project status: not yet under construction. Korea Zinc launched Project Crucible on April 1, 2026 with site preparation planned for 2026, construction to begin in 2027 and completion targeted for 2029; the federal Permitting Council added the Clarksville smelter to FAST-41 coverage on April 24, 2026. The Department of War stake remains conditional. 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. On September 30, 2026 the United States and Korea announced a framework called Project Power, under which Korea allocates $120B ($100B for construction and $20B for contingency) to eight large U.S. reactors, six of them Westinghouse AP1000s and two Korean APR1400s, with Westinghouse among the signatories and a $10B advance payment targeted by the end of the year. The Commerce release says Korean companies will pursue a significant minority interest in Westinghouse; Brookfield puts it at between 5% and 10%, says the reactors will go on federal sites and calls the framework the next step in the October 2025 partnership. Brookfield and Cameco both describe the terms as non-binding and subject to final negotiations, and none of the three announcements mentions the government's participation interest or says whether these reactors count toward the $80B vesting condition, so the row stays at Term sheet. 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 warrants≈10% (≈17.5% with warrants)	$35.6M	Dept. of War	Oct 6, 2025	Closed	sec.govPrimary	GCP
What Washington got. 8,215,570 units at $2.17 from the company (one share plus three-quarters of a 10-year warrant at $0.01) and 8,215,570 shares bought from South32 for the same $17.8M, plus a 10-year call option on 6,161,678 more South32 shares at $0.01; about 10% of the company at closing, 17.5% if the warrants and option are exercised. LOI October 6, 2025; definitive agreements August 28, 2026; closed September 11, 2026. The closing Form 8-K, filed September 14, confirms the 8,215,570 units and the warrant were issued at closing and that the company also signed a participation rights agreement giving the Department pro rata rights in future equity sales, plus a registration rights agreement. The company's September 11 release puts the government at about 10% on a non-diluted basis and South32 at 6.0% after the sale. The warrants and the South32 option become exercisable after Phase 1 of the Ambler Road or a change of control. The Department of War can name one independent director until October 2028 and a board observer while it holds at least 8M shares, and the company needs its consent to borrow more than $1B through 2028. Department of War release: war.gov, Aug 28, 2026. Source: Trilogy Metals Form 8-K, filed Sept 14, 2026 (closing) 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

Why the counts differ: revenue shares, DFC positions and the watchlist

Two revenue-share deals with no ownership behind them, five 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
WIOCC GroupSubsea cables, fiber and data centers across Africa	Equity investment of up to $155M in WIOCC Holding Company Limited, approved by the DFC board on September 16, 2026, alongside Vision International Investment Company and the Africa Finance Corporation, toward a project cost of up to $450M. Board approval, not yet a commitment or closing; DFC says further steps may include congressional notification. The amount comes from DFC's public information summary for the project, which the release itself does not state. DFC calls it its largest digital investment to date. It is the first DFC position on this page outside critical minerals.	DFC	Sep 16, 2026	Conditional	dfc.gov
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. On October 2, 2026 the fund's joint U.S.-Ukrainian board approved three more investments: a joint investment platform with BGV Group Management for early-stage mining projects, an equity investment in a multi-site combined heat and power platform, and a debt investment in DTEK's 200 MW / 400 MWh battery storage system; DFC's release gives no dollar amounts. These are the fund's own investments, not new DFC positions.	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.

Stakes reported, discussed, denied or declined

Company	What is on the record	Reported	Where it stands
Air Space IntelligenceAI air traffic managementPrivate	Politico reported, citing internal FAA documents, that the Federal Aviation Administration is seeking an ownership stake in Air Space Intelligence, the Boston company behind the AI scheduling tools in its air traffic contract worth up to $875.9M, with preliminary terms that would let the government buy shares at a set price and that expire at the end of 2026. It would be the first stake through the FAA, an agency outside the four counted in the table.“The agency’s interest in owning part of Air Space Intelligence, first reported by Politico, is too “premature” for there to be specifics, a person familiar with the matter told Semafor.”Semafor, following Politico	Oct 16, 2026	ReportedNo stake announced. The FAA told Politico it could not comment and the company did not respond; Semafor reported that talks have been limited to a handful of internal conversations and that the FAA's legal authority for such a deal is unclear. Added October 22, 2026; it moves to the table only if a primary document describes the instrument and an in-scope agency. Source
Anduril Industries (Arsenal-2 shipyard)Submarine components shipyardPrivate	Announcing Anduril's Arsenal-2 shipyard for Virginia-class submarine components at Sparrows Point, Maryland on October 6, 2026, President Trump said taxpayers would receive a 40% stake in the new shipyard. Anduril told Defense One the government is not taking an equity stake in Anduril itself, and Fox News reported that the stake is to sit in a new subsidiary created to run the yard. Anduril is putting in $3.7B of its own capital and the Navy up to $2.9B through a production contract paid on output.“American taxpayers will receive a 40 percent stake in the new shipyard.”President Trump, reported by Defense One	Oct 6, 2026	ReportedNo agreement, agency release or company document describes the stake. Anduril's October 6 release and the White House's October 8 summary of the project give dollar figures only; the agency that would hold the stake, the price and any rights attached are undisclosed. It moves to the table when a primary document describes the instrument. Source
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." Asked by Time on September 28, 2026 why he would not do an Intel-style deal with OpenAI and Anthropic, he said "I might" and ruled out nationalizing the top AI labs; the transcript is linked under what officials have said. 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. President Trump told Time on September 28, 2026 that he "might" do an Intel-style deal with OpenAI and Anthropic; see the OpenAI entry. 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." On October 22, 2026 the Department of War and Lockheed finalized a 10-year F-35 framework agreement that reporting describes as backed by $7B of Lockheed-funded investment; no equity, warrants or stake are reported. 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, 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 Act awards that could add an equity stake

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 for this award. Separately, the Department of War's October 7, 2026 Office of Strategic Capital loan commitment to Wolfspeed carries warrants and is in the table.	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.

Antheia$80M conditional loan. Key starting materials and active pharmaceutical ingredients for generic drugs, made with bioengineered yeast.Department of War release, Oct 17, 2026
PsiQuantum$150M conditional loan. Photonic quantum computing (Milpitas, CA manufacturing and prototyping hub); already on this page for its Commerce CHIPS stake.Department of War release, Oct 8, 2026
Sila Nanotechnologies$1.4B conditional loan. Silicon anode materials.Department of War release, Aug 7, 2026
Niron Magnetics$150M conditional loan. Rare earth-free iron nitride magnets (Sartell, MN plant).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
Sep 28, 2026
“I might. Maybe I could do that.”
President Trump, to Time magazine, asked why not do an Intel-style deal with OpenAI and Anthropic (transcript published October 1, 2026) 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. Separately, Senator Jacky Rosen of Nevada submitted S. Res. 929 on September 30, 2026, a non-binding resolution saying the President, Vice President, Cabinet secretaries, members of Congress and their immediate families should be barred from taking any compensation or fee from a federal acquisition, sale or transfer of a stake in a private company, and from being sold or given any stake the government has acquired. It was referred to the Homeland Security and Governmental Affairs Committee and has no cosponsors on record; the text had not been published when this page was built, so this description follows the senator’s October 1 release. On September 30, 2026 the ranking Democrats on the Senate Foreign Relations, Armed Services, Energy and Banking committees (Senators Shaheen, Reed, Heinrich and Warren) wrote to the Secretaries of State, War and Energy that the statute creating the Office of Strategic Capital does not explicitly authorize equity stakes in private oil companies, and demanded the text of the Venezuela oil agreement, the legal authorities behind the 35% stake and the vetting that preceded it. The letter comes from the minority and compels nothing; the agreement is still unpublished.

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), ReElement ($80 million) and, on October 7, 2026, Wolfspeed (up to $1.5 billion, with warrants for up to 7.5% of the company), 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

Timeline: every stake from the U.S. Steel golden share (June 2025) to today

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's first equity-type deal: penny warrants in Lithium Americas
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 participation interest and the Trilogy Metals stake
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
Crucible Metals (Korea Zinc) smelter stake and the xLight CHIPS equity award
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 2026: ATALCO, L3Harris Missile Solutions and USA Rare Earth
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 legal basis of the mineral equity deals
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
July 2026: seven CHIPS compute letters, each with an equity condition
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 2026: Strategic Bauxite USA, the ATALCO follow-on and Trilogy Metals' definitive agreement
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
Alcoa Wagerup gallium project: the first stake outside the United States, with allied governments
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
Sep 8, 2026
Five of the nine quantum letters go final
Commerce signs final awards with Rigetti, D-Wave, Quantinuum and PsiQuantum ($100M each) and GlobalFoundries ($375M). Four filers disclose the share counts: about 7.7M (Rigetti), 7.1M (D-Wave), 2.4M (Quantinuum) and 9.9M (GlobalFoundries), priced below market and non-voting in government hands. D-Wave and Quantinuum confirm the shares were issued the same day. Source
Sep 14, 2026
The Elmet Group: $450M of preferred and warrants for a tungsten producer
The Pentagon commits $450M of redeemable preferred equity plus warrants for up to 19.9% of The Elmet Group, which calls itself the only U.S.-owned, vertically integrated tungsten producer, with a board seat: the first equity deal announced under the Department's new Economic Defense Unit, alongside a Defense Logistics Agency stockpile contract worth up to $2B. The company's Form 8-K, filed the same day, shows the deal closed on announcement: 200,000 preferred shares for $200M and warrants for 7,567,341 common shares issued September 14. Source
Sep 15, 2026
Commerce's GlobalFoundries shares are registered for resale
GlobalFoundries files an automatic shelf registration statement on Form F-3 covering the 9,907,399 ordinary shares the Department of Commerce takes under the September 3 securities issuance agreement, so the Department can sell them on the open market whenever it chooses. The filing is a registration, not a sale: no offering has been announced, the company gets no proceeds, and the Department keeps its agreement not to vote the shares while it holds them. Source
Sep 21, 2026
The legal opinion behind the first Pentagon stake surfaces, in a press report
Semafor reports that in June 2025, a month before the MP Materials deal, the Pentagon's top lawyer asked the White House Office of Management and Budget whether the investment would break the Antideficiency Act, and that OMB general counsel Mark Paoletta answered with an opinion resting on the Defense Production Act, a 2017 defense authorization provision and the President's Article II powers. The opinion has not been published and this page has not seen it. A Pentagon spokesperson told Semafor the $400M equity purchase used Defense Production Act authority and that the Office of Strategic Capital's part was the $150M loan; the office of Senate Armed Services chairman Roger Wicker said it wants an explicitly scoped equity authority for the office and more transparency with Congress. Source
Sep 29, 2026
Hertha Metals: a $65M government equity check inside a venture round, announced by the company alone
Hertha Metals, a Conroe, Texas iron and steel startup, announces the close of a $133.65M Series A round co-led by Khosla Ventures and Doerr Capital that includes a $65M equity investment from the U.S. Government, executed through the Industrial Base Analysis and Sustainment program in partnership with the Economic Defense Unit. It is the first Department of War position on this page in iron and steel, taken to build a plant for the high-purity iron that goes into rare-earth magnets. The Department has published no release of its own, and the share class, percentage and any control rights are undisclosed. Source
Sep 30, 2026
Korea framework: $120B for eight U.S. reactors and a planned minority stake in Westinghouse
The United States and Korea announce Project Power: $120B of Korean funding for eight large U.S. reactors, six of them Westinghouse AP1000s, with a $10B advance payment targeted by the end of the year and Korean companies to pursue a significant minority interest in Westinghouse, which Brookfield puts at between 5% and 10%. The government's 20% participation interest in Westinghouse vests only on $80B of reactor orders; none of the announcements mentions it, and Brookfield and Cameco describe the terms as non-binding and subject to final negotiations. Source
Sep 30, 2026
Four Senate ranking members challenge the legal basis of the Venezuela stake
The ranking Democrats on the Senate Foreign Relations, Armed Services, Energy and Banking committees (Senators Shaheen, Reed, Heinrich and Warren) write to Secretaries Rubio, Hegseth and Wright opposing the North American Blue Energy Partners deal. Their letter says the statute creating the Office of Strategic Capital authorizes loans and loan guarantees and does not explicitly provide authority to take equity stakes in private oil companies, and it demands the full text of the agreements before they are finalized, the legal authorities relied on, the vetting behind the deal and whether any administration official, Trump family member or donor stands to benefit. It is a letter from the minority, with no power to compel an answer, and the agreement itself is still unpublished. Source
Oct 7, 2026
Wolfspeed: warrants for up to 7.5% on a $1.5B Pentagon loan
The Office of Strategic Capital signs a conditional commitment for a 30-year loan of up to $1.5B to Wolfspeed, the Durham, North Carolina silicon carbide maker, and the company says it would issue the Department of War warrants for up to 7.5% of its fully diluted equity as the tranches are funded. It is the first Department of War position on this page in semiconductors and the largest Office of Strategic Capital commitment so far to carry warrants; definitive agreements, congressional authorization and appropriations are still to come. Source
Oct 14, 2026
GlobalFoundries: about 4% more for Commerce as a CHIPS manufacturing award is reworked
Commerce agrees to amend GlobalFoundries' existing CHIPS manufacturing award to reallocate $955M to silicon photonics, silicon-germanium and advanced packaging, and the company says Commerce will receive equity of approximately 4% under a separate agreement, on top of the shares from its quantum award. It is the first existing CHIPS manufacturing award since Intel's to be reworked with equity alongside it. The same day GlobalFoundries is named operator of two Japan-funded fabs at Malta. Source

The part nobody else checks

What do the AI assistants say about these companies?

Most of the 36 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.

34 of 36 right

Google AI Mode, signed out. Zero misses among the companies graded: it reads the NIST and war.gov releases directly and says so. 2 not yet graded: Hertha Metals, Wolfspeed.

29 of 36 right

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

33 of 36 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.

Each entry below shows what three AI assistants said about that company on Sept 5 to 6, 2026. If one of them is yours, the AI Visibility Audit runs the same check on everything the models say about you: $2,500, two weeks, no retainer.

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

It is set to. A U.S. government stake in Aeluma 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: letter of intent. Source: Aeluma press release, July 29, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right, Perplexity right.

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

Yes, under definitive agreements: the U.S. government holds a stake in Alcoa (Wagerup gallium project). 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. Project status: under construction. Alcoa, Australia, Japan and the United States announced a final investment decision on July 14, 2026 and broke ground at Wagerup on August 24, 2026; the plant is projected to produce 100 metric tons of gallium a year, and no first-production date has been published by Alcoa or the Department of War. 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, Perplexity right.

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

Yes. The U.S. government holds a stake in Atlantic Alumina (ATALCO). 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, Perplexity right.

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

It is set to. A U.S. government stake in Atom Computing 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: letter of intent. 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, Perplexity right.

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

Conditionally, yes: the U.S. government holds a stake in Crucible Metals (Korea Zinc). 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. Project status: not yet under construction. Korea Zinc launched Project Crucible on April 1, 2026 with site preparation planned for 2026, construction to begin in 2027 and completion targeted for 2029; the federal Permitting Council added the Clarksville smelter to FAST-41 coverage on April 24, 2026. The Department of War stake remains 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, Perplexity right.

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

Yes. The U.S. government holds a stake in D-Wave Quantum. Agency: Commerce (CHIPS R&D). What Washington got: 7,095,721 shares of common stock to Commerce at $14.093 a share (the lowest of three reference closes less 15%), non-voting while held by the government, under a $100M award signed September 4, 2026. Federal dollars attached: $100M. Announced May 21, 2026; status: closed. Source: D-Wave Form 8-K/A, Sept 9, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right, Perplexity right.

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

It is set to. A U.S. government stake in Diraq 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: letter of intent. 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, Perplexity right.

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

It is set to. A U.S. government stake in Extropic 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: letter of intent. 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, Perplexity right.

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

Yes, under definitive agreements: the U.S. government holds a stake in GlobalFoundries. Agency: Commerce (CHIPS R&D). What Washington got: 9,907,399 ordinary shares to Commerce at $37.85 a share, non-voting while held by the government, under the $375M quantum foundry award finalized September 8, 2026; a second $300M silicon photonics letter of intent (July) carries its own equity condition of approximately 1%; and under a separate agreement announced October 14, 2026, alongside an amendment that reallocates $955M within its existing CHIPS manufacturing award, Commerce will receive equity of approximately 4%. Federal dollars attached: $1.63B (three awards). Announced May 21, 2026; status: definitive. Source: GlobalFoundries Form 6-K, Oct 14, 2026 (Commerce to receive about 4% equity). Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT partial, Perplexity right.

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

Yes. The U.S. government holds a stake in Hertha Metals. Agency: Department of War (Industrial Base Analysis and Sustainment). What Washington got: A $65M equity investment inside the company's $133.65M Series A round, which the company announced as closed on September 29, 2026, executed through the Industrial Base Analysis and Sustainment program in partnership with the Economic Defense Unit; the class of shares, the percentage and any board or control rights are undisclosed, and the Department of War has published no release of its own. Federal dollars attached: $65M. Announced Sep 29, 2026; status: closed. Source: Hertha Metals release (Business Wire), Sept 29, 2026. Read the document.

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

Yes, under definitive agreements: the U.S. government holds a stake in I-Pulse. 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, Perplexity right.

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

Yes, under definitive agreements: the U.S. government holds a stake in IBM (Anderon). Agency: Commerce (CHIPS R&D). What Washington got: Minority, non-controlling equity stake tied to a $1B award for the Anderon quantum foundry, now final; whether the stake sits in IBM or in Anderon LLC is not stated. Federal dollars attached: $1B. Announced May 21, 2026; status: definitive. Source: NIST: finalization of CHIPS R&D award with Anderon, Sept 16, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT partial, Perplexity right.

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

It is set to. A U.S. government stake in Infleqtion 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: letter of intent. Source: Infleqtion press release, May 21, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right, Perplexity right.

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

Yes. The U.S. government holds a stake in Intel. 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, Perplexity right.

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

It is set to. A U.S. government stake in Kepler Computing 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: letter of intent. 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, Perplexity right.

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

Yes. The U.S. government holds a stake in L3Harris Missile Solutions. 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, Perplexity right.

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

Yes. The U.S. government holds a stake in Lithium Americas. 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, Perplexity right.

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

Yes. The U.S. government holds a stake in MP Materials. 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, Perplexity right.

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

It is set to. A U.S. government stake in Multibeam 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: letter of intent. 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, Perplexity partial.

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

Yes, under an agreement signed but not yet published: the U.S. government holds a stake in North American Blue Energy Partners. Agency: Department of War (Office of Strategic Capital). What Washington got: 35% equity in the Barbados-registered corporate parent, granted at no cost (penny warrants at $0.01 a share with a 75-year term, per ProPublica's review of the agreement), plus a right to buy 20% of output at a discounted price. 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, Perplexity right.

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

It is set to. A U.S. government stake in OBSIDIA Semiconductors 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: letter of intent. 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, Perplexity right.

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

Yes, under definitive agreements: the U.S. government holds a stake in PsiQuantum. Agency: Commerce (CHIPS R&D). What Washington got: Minority, non-controlling equity stake as a condition of a $100M award, now final. Federal dollars attached: $100M. Announced May 21, 2026; status: definitive. Source: NIST: finalization of CHIPS R&D award with PsiQuantum, Sept 8, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right, Perplexity right.

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

Yes. The U.S. government holds a stake in Quantinuum. Agency: Commerce (CHIPS R&D). What Washington got: 2,369,528 shares of Class A common stock received by Commerce on September 8, 2026 (an implied $42.20 a share), non-voting while held by the government, under a $100M award signed September 4, 2026. Federal dollars attached: $100M. Announced May 21, 2026; status: closed. Source: Quantinuum Form 8-K, Sept 8, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT partial, Perplexity right.

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

Conditionally, yes: the U.S. government holds a stake in ReElement Technologies. 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, Perplexity right.

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

Yes, under definitive agreements: the U.S. government holds a stake in Rigetti Computing. Agency: Commerce (CHIPS R&D). What Washington got: 7,739,938 shares of common stock to Commerce at an implied $12.92 a share, non-voting while held by the government, under a $100M award signed September 4, 2026. Federal dollars attached: $100M. Announced May 21, 2026; status: definitive. Source: Rigetti Form 8-K, Sept 8, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right, Perplexity right.

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

Yes, under definitive agreements: the U.S. government holds a stake in SandboxAQ. 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, Perplexity right.

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

Yes, under definitive agreements: the U.S. government holds a stake in Strategic Bauxite USA. 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, Perplexity right.

Does the U.S. government own a stake in The Elmet Group?

Yes. The U.S. government holds a stake in The Elmet Group. Agency: Department of War (Industrial Base Analysis and Sustainment). What Washington got: 200,000 shares of Class A redeemable preferred stock ($200M at $1,000 each, 5.5% paid-in-kind dividend, voting with the common up to a 19.9% cap) issued September 14, 2026, with up to $250M more in $50M tranches over the following commitment periods; a penny warrant for 5,675,506 common shares at $0.001 and a strike-price warrant for 1,891,835 shares at $15.92, together up to 19.9% of the common stock post-transaction; one of nine directors and a non-voting board observer. Federal dollars attached: $450M ($200M at closing). Announced Sep 14, 2026; status: closed. Source: The Elmet Group Form 8-K, filed Sept 14, 2026. Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right, Perplexity right.

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

It is set to. A U.S. government stake in Thintronics 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: letter of intent. 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, Perplexity right.

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

Yes. The U.S. government holds a stake in Trilogy Metals. Agency: Department of War. What Washington got: 8,215,570 units at $2.17 from the company (one share plus three-quarters of a 10-year warrant at $0.01) and 8,215,570 shares bought from South32 for the same $17.8M, plus a 10-year call option on 6,161,678 more South32 shares at $0.01; about 10% of the company at closing, 17.5% if the warrants and option are exercised. Federal dollars attached: $35.6M. Announced Oct 6, 2025; status: closed. Source: Trilogy Metals Form 8-K, filed Sept 14, 2026 (closing). Read the document. AI check Sept 5 to 6, 2026: Google AI Mode right, ChatGPT right, Perplexity right.

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

Yes. The U.S. government holds a stake in U.S. Steel. 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, Perplexity right.

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

Yes, under definitive agreements: the U.S. government holds a stake in USA Rare Earth. 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, Perplexity right.

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

Conditionally, yes: the U.S. government holds a stake in Vulcan Elements. 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, Perplexity right.

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

Not yet. The U.S. government holds a contingent interest in Westinghouse Electric 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, Perplexity right.

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

Conditionally, yes: the U.S. government holds a stake in Wolfspeed. Agency: Department of War (Office of Strategic Capital). What Washington got: VWAP-based warrants to the Department of War for up to 7.5% of Wolfspeed's fully diluted equity, issuable pro rata as tranches are funded, attached to a conditional Office of Strategic Capital commitment for a 30-year senior secured delayed-draw term loan of up to $1.5B. Federal dollars attached: $1.5B loan + warrants. Announced Oct 7, 2026; status: conditional. Source: Wolfspeed release, Form 8-K Exhibit 99.1, Oct 7, 2026. Read the document.

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

Yes, under definitive agreements: the U.S. government holds a stake in xLight. 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, Perplexity right.

Methodology

Methodology: primary sources only, companies not deals, dated and logged

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. October 22, 2026: no new Commerce, Department of War, Energy or Treasury stakes found, and no DFC equity approvals; the count stays at 36 companies and the dollar total is unchanged. The North American Blue Energy Partners row now reflects ProPublica’s October 20, 2026 review of the signed agreement, which reports that the 35% is held through penny warrants at $0.01 a share with a 75-year term in a Barbados-registered parent, alongside a confidentiality clause and a right to buy 20% of output at $30 a barrel; the agreement is still unpublished, so the row stays at Signed. The Pipeline section adds Air Space Intelligence, after Politico and Semafor reported on October 16 that the FAA is seeking a stake in the air traffic AI contractor, which would be the first through that agency; no stake has been announced. The Department of War’s October 22 F-35 framework with Lockheed Martin carries no equity term, and the Energy Department’s October 19 Defense Production Act funding for the Constitution Pipeline mentions none. The EDGAR sweep found no new Form 8-K or 6-K touching a government stake since the previous build. October 18, 2026: no new Commerce, Department of War, Energy or Treasury stakes found, and no DFC equity approvals; the count stays at 36 companies and the dollar total is unchanged. The Office of Strategic Capital’s $80M conditional loan commitment with Antheia, announced the evening of October 17, 2026 to scale domestic production of generic drug ingredients, mentions no equity or warrants and joins the OSC loans being watched in the Pipeline section. The Cato comparison now reflects Cato’s October 16, 2026 post, which puts the portfolio at 35 companies without naming the latest addition. The EDGAR sweep found no new Form 8-K or 6-K touching a government stake since the previous build. October 17, 2026: no new Commerce, Department of War, Energy or Treasury stakes found, and no DFC equity approvals; the count stays at 36 companies and the dollar total is unchanged. The Pipeline section now lists Anduril Industries, missed in the builds since October 6, 2026: announcing Anduril’s Arsenal-2 submarine components shipyard at Sparrows Point, Maryland that day, President Trump said taxpayers would receive a 40% stake in the new shipyard, and Anduril told Defense One the government is not taking an equity stake in Anduril itself, with Fox News reporting the stake is to sit in a new subsidiary that will run the yard. Neither Anduril’s release nor the White House’s October 8 summary mentions the stake, and no agency, price or rights have been disclosed, so it is a Pipeline entry rather than a row; the FAQ on which companies could be next mentions it, and Anduril comes off the list of companies checked and left out. The Navy’s contract of up to $2.9B is a purchase contract and is not counted. The EDGAR sweep found no new Form 8-K or 6-K touching a government stake since the previous build; Alcoa’s October 15 Form 8-K covers third-quarter results. The Energy Department’s October 16 Defense Production Act funding of up to $50M for a Virginia and West Virginia transmission project carries no equity term and is not counted. October 15, 2026: GlobalFoundries (NASDAQ: GFS) said on October 14, 2026, after that day’s build, that it has agreed with the Commerce Department to amend its existing CHIPS manufacturing award to reallocate $955M toward silicon photonics, silicon-germanium and advanced packaging in Malta, New York and Burlington, Vermont, and that under a separate agreement Commerce will receive equity in the company of approximately 4%, on top of the shares it took under the September quantum foundry award. The GlobalFoundries row now cites the company’s Form 6-K of October 14, carries the new equity as agreed rather than held because no share count, price or issuance has been disclosed, and stays at Definitive; the Commerce release says the award total does not increase and does not mention equity. The row’s dollar figure rises from $675M to $1.63B, counting the $955M the way Intel’s converted grants are counted, because the President’s post tied it to the stake and put the total at $1.63B; that link is reported, not in a published agreement, and the note says so. The count stays at 36 companies and the dollar total rises by $955M. A timeline entry marks the first existing CHIPS manufacturing award since Intel’s to be reworked with equity alongside it, and the AI check for GlobalFoundries is due again. The two Japan-funded fabs GlobalFoundries is to operate at Malta, up to $21B, are Japanese money and are not counted. The Council on Foreign Relations comparison now reads 43 deals and $29.9B, the figures its tracker showed on October 15, 2026. The EDGAR sweep found no other new Form 8-K or 6-K from any listed company since the previous build. The Energy Department’s October 13 grid award to the Tennessee Valley Authority carries no equity term and is not counted. October 10, 2026: no new Commerce, Department of War, Energy or Treasury stakes found, and no DFC equity approvals; the count stays at 36 companies and the dollar total is unchanged. The EDGAR sweep found no new Form 8-K or 6-K from any listed company since the previous build; GlobalFoundries’ October 9 Form 4 is an insider filing and has nothing to do with the Commerce Department’s shares. The Energy Department’s October 9 releases, on PJM grid reliability and a science fact sheet, name no investment and are not counted. October 9, 2026: no new Commerce, Department of War, Energy or Treasury stakes found, and no DFC equity approvals; the count stays at 36 companies and the dollar total is unchanged. The Department of War’s October 8 quantum package of about $350M includes an Office of Strategic Capital conditional commitment for a loan of up to $150M to PsiQuantum for its Milpitas, California manufacturing and prototyping hub; neither the Department’s release nor the company’s mentions warrants or any equity term, so the loan joins the Office of Strategic Capital borrowers in the Pipeline section, which now stands at 8, and a sentence in the PsiQuantum note, while the PsiQuantum row, which rests on its Commerce CHIPS award, is unchanged. The rest of the package, about $200M for Stage C of DARPA’s Quantum Benchmarking Initiative, names no company and carries no equity term. The EDGAR sweep found no new Form 8-K or 6-K from any listed company since the previous build. October 8, 2026: added Wolfspeed (NYSE: WOLF), the Durham, North Carolina silicon carbide and gallium nitride chipmaker, after the Department of War’s Office of Strategic Capital announced on October 7, 2026, after that day’s build, a conditional commitment for a 30-year senior secured loan of up to $1.5B; the company’s release and Form 8-K say it would issue the Department VWAP-based warrants for up to 7.5% of its fully diluted equity, pro rata as the up to four tranches are funded. The row is Conditional and cites the company’s filing, because definitive agreements, OSC due diligence, congressional authorization and appropriations, at least $750M of new equity and other qualifying sources and the conversion of most of its convertible notes all come first. It is the first Department of War position on this page in semiconductors and the largest Office of Strategic Capital commitment with warrants attached, so a timeline entry marks it, the monthly chart now runs through October 2026, and the Cato comparison and the Office of Strategic Capital section name the new deal. The count is now 36 companies and the dollar total rises by $1.5B, the loan the warrants ride on; the row’s AI check is pending. Wolfspeed’s older, unfinalized CHIPS incentives award of up to $750M stays in the Pipeline section with a note pointing to the new row. The EDGAR sweep found one other new Form 8-K, American Resources’ of October 7, which reports that Nasdaq extended its deadline to file two delinquent quarterly reports to November 16, 2026 and has nothing to do with the warrants attached to ReElement Technologies’ loan. October 7, 2026: no new Commerce, Department of War, Energy or Treasury stakes found, and no DFC equity approvals; the count stays at 36 companies and the dollar total is unchanged. The EDGAR sweep found no new Form 8-K or 6-K from any listed company since the previous build; GlobalFoundries’ October 6 Form 4 covers shares its chief financial officer withheld for taxes and has nothing to do with the Commerce Department’s shares. October 6, 2026: no new Commerce, Department of War, Energy or Treasury stakes found, and no DFC equity approvals; the count stays at 36 companies and the dollar total is unchanged. The North American Blue Energy Partners note, a new timeline entry, the Congress note in the Pipeline section and the legal-authority FAQ now record a September 30, 2026 letter, missed in the builds since then, in which the ranking Democrats on the Senate Foreign Relations, Armed Services, Energy and Banking committees told the Secretaries of State, War and Energy that the statute creating the Office of Strategic Capital does not explicitly authorize equity stakes in private oil companies, and demanded the agreement text, the legal authorities and the vetting behind the 35% Venezuela position. The note also records press reports that the position takes the form of penny warrants, which the White House fact sheet does not say; the agreement is unpublished, so the row keeps its status and its description. The Council on Foreign Relations comparison now reads 42 deals and $28.4B, the figures its tracker shows with a last-updated date of October 5, 2026; the added deal is Hertha Metals, already on this page. The EDGAR sweep found one new Form 8-K since the previous build, American Resources’ of October 5, which covers the purchase of land, buildings and equipment in Wyoming County, West Virginia and has nothing to do with ReElement Technologies or the warrants attached to its Office of Strategic Capital loan. The Energy Department’s October 5 conditional commitment for a loan of up to $4.2B to Vistra for nuclear uprates in Pennsylvania and Ohio carries no equity term in the release, and its Defense Production Act funding of up to $150M for an Alaska transmission line goes to a state authority; neither is counted. The Department of War’s October 5 release on directed-energy counter-drone systems names no investment and is not counted. October 5, 2026: no new Commerce, Department of War, Energy or Treasury stakes found, and no DFC equity approvals; the count stays at 36 companies and the dollar total is unchanged. The EDGAR sweep found no new Form 8-K or 6-K from any listed company since the previous build. The Pipeline section now records President Trump’s interview with Time, conducted September 28, 2026 and published October 1, missed in the builds since then: asked why he would not do an Intel-style deal with OpenAI and Anthropic, he said “I might”, and he ruled out nationalizing the top AI labs. It is a remark and not a deal, so it appears in the list of what officials have said, in the OpenAI and Anthropic pipeline entries and in the FAQ on which companies could be next; no row, count or dollar figure changes. October 4, 2026: no new Commerce, Department of War, Energy or Treasury stakes found, and no DFC equity approvals; the count stays at 36 companies and the dollar total is unchanged. The EDGAR sweep found no new Form 8-K or 6-K from any listed company since the previous build. The Council on Foreign Relations comparison now reads 41 deals and $28.3B, the figures its tracker shows with a last-updated date of October 1, 2026; this page had still been quoting the July 30 figures of 39 deals and $27.7B. CFR’s four newest entries (Strategic Bauxite, North American Blue Energy Partners, the Alcoa gallium project and The Elmet Group) are all already on this page, it lists Vulcan Elements as a single deal, so the note here that CFR counted Vulcan twice is removed, and it does not yet list Hertha Metals. October 3, 2026: added Hertha Metals, a private iron and steel company in Conroe, Texas, after its September 29, 2026 release, missed in the builds since then, announced the close of a $133.65M Series A round that includes a $65M equity investment from the U.S. Government, executed through the Industrial Base Analysis and Sustainment program in partnership with the Economic Defense Unit. Only the company has announced it: the Department of War has published no release of its own, and the share class, the percentage and any control rights are undisclosed, all of which the row says. Khosla Ventures and Doerr Capital co-led the round, which is to fund Hertha Chalyx, a plant for the high-purity iron used in rare-earth magnets. The count is now 36 companies and the dollar total rises by $65M; the row’s AI check is pending. The Cato comparison now reads 34, from Cato’s October 2 post, which added The Elmet Group and Hertha Metals. The U.S.-Ukraine Reconstruction Investment Fund entry records the three investments its board approved on October 2 (a mining investment platform with BGV Group Management, an equity investment in a combined heat and power platform and a debt investment in DTEK’s battery storage system, with no amounts disclosed); those are the fund’s own investments, not new DFC positions, so the DFC count stays at 5. The EDGAR sweep found two Form 8-Ks dated October 2, neither changing a government stake: Trilogy Metals’ covers third-quarter results and restates the September 11 closing of the Department of War’s investment, and The Elmet Group’s covers an updated corporate presentation and its general counsel’s retirement. The Department of War’s October 2 agreement with the Central Intelligence Agency and In-Q-Tel, a not-for-profit strategic investor, is a technology-scouting partnership that names no company and no federal equity term, and is not counted. October 2, 2026: no new Commerce, Department of War, Energy or Treasury stakes found, and no DFC equity approvals; the count stays at 36 companies and the dollar total is unchanged. The Congress note in the Pipeline section now records S. Res. 929, a non-binding resolution submitted September 30 by Senator Jacky Rosen and announced October 1, which says federal elected officials, Cabinet secretaries and their immediate families should be barred from profiting from, or receiving, stakes the government acquires in private companies; it was referred to the Senate Homeland Security and Governmental Affairs Committee, has no cosponsors on record and changes nothing about any stake on this page. The EDGAR sweep found one new Form 8-K since the previous build, IBM’s of October 1, which covers a board election and amended bylaws and has nothing to do with Anderon or the Commerce award. The Department of War’s October 1 award to Raytheon is a $24.4B Standard Missile-6 production contract with no equity term and is not counted. October 1, 2026: no new Commerce, Department of War, Energy or Treasury stakes found, and no DFC equity approvals; the count stays at 36 companies and the dollar total is unchanged. The Westinghouse Electric note and a new timeline entry record the September 30 framework between the United States and Korea, called Project Power, under which Korea allocates $120B to eight large U.S. reactors, six of them Westinghouse AP1000s, and Korean companies are to pursue a significant minority interest in Westinghouse (Brookfield says between 5% and 10%); Brookfield and Cameco describe the terms as non-binding, and none of the announcements mentions the government’s participation interest or its $80B vesting condition, so the row stays at Term sheet. The EDGAR sweep found four Form 8-Ks dated September 30 or October 1, none touching a government stake: The Elmet Group’s covers a $36M Defense Logistics Agency supply contract for molybdenum and tungsten materials, a purchase contract with no equity term; Aeluma’s covers amended bylaws; USA Rare Earth’s covers a chief executive transition; and D-Wave’s covers a product announcement. September 29, 2026: no new Commerce, Department of War, Energy or Treasury stakes found, and no DFC equity approvals; the count stays at 36 companies and the dollar total is unchanged. The EDGAR sweep found no new Form 8-K or 6-K from any listed company since the previous build (AMD’s September 28 Form 8-K covers stock to be issued for its World Labs acquisition, nothing to do with the revenue share). A wider look at GlobalFoundries’ filings turned up an automatic shelf registration statement on Form F-3, filed September 15, 2026 and missed in earlier builds, that registers all 9,907,399 of the Commerce Department’s shares for resale under the issuance agreement’s registration rights; the GlobalFoundries note, a timeline entry and the bailout-comparison FAQ now record it, with the caveat that it is a registration and not an announced sale, and the row stays at Definitive. The Department of War’s September 28 RTX award is a $20.7B missile production contract with no equity term and is not counted. September 28, 2026: no new Commerce, Department of War, Energy or Treasury stakes found, and no DFC equity approvals; the count stays at 36 companies and the dollar total is unchanged. The EDGAR sweep found no new Form 8-K or 6-K from any listed company since the previous build; Trilogy Metals’ September 21 Form 8-K is a Regulation FD press-release filing with no equity terms. September 27, 2026: no new Commerce, Department of War, Energy or Treasury stakes found, and no DFC equity approvals; the count stays at 36 companies and the dollar total is unchanged. The EDGAR sweep found no new Form 8-K or 6-K from any listed company since the previous build. September 26, 2026: no new Commerce, Department of War, Energy or Treasury stakes found, and no DFC equity approvals; the count stays at 36 companies and the dollar total is unchanged. The EDGAR sweep found no new Form 8-K or 6-K from any listed company since the previous build; Infleqtion’s September 24 Form 8-K is a Regulation FD press-release filing with no equity terms. September 25, 2026: no new Commerce, Department of War, Energy or Treasury stakes found, and no DFC equity approvals; the count stays at 36 companies and the dollar total is unchanged. The EDGAR sweep found The Elmet Group’s Form 8-K of September 24, which covers the company’s agreement to buy 4.99% of Masan High-Tech Materials, a Vietnamese tungsten producer, for about $124.75M alongside long-term supply and conversion agreements; the company describes it as building on the government investment, but it changes nothing about the preferred stock or warrants, so the row is unchanged apart from a sentence in its note. September 24, 2026: no new Commerce, Department of War, Energy or Treasury stakes found, and no DFC equity approvals; the count stays at 36 companies and the dollar total is unchanged. The EDGAR sweep found no new Form 8-K or 6-K from any listed company since the previous build. September 23, 2026: no new Commerce, Department of War, Energy or Treasury stakes found, and no DFC equity approvals; the count stays at 36 companies and the dollar total is unchanged. The EDGAR sweep found The Elmet Group’s second Form 8-K of September 22, filed after that day’s build, which covers a long-term tungsten concentrate offtake agreement with Tungsten West for the Hemerdon mine in England, to be run through the Elmet Refining and Trading division set up in connection with the Department of War investment; it changes nothing about the preferred stock or warrants, so the row is unchanged. September 22, 2026: no new Commerce, Department of War, Energy or Treasury stakes found, and no DFC equity approvals; the count stays at 36 companies and the dollar total is unchanged. A timeline entry and a sentence in the legal-authority FAQ record Semafor’s September 21 report that a June 2025 Office of Management and Budget legal opinion, requested by the Pentagon’s top lawyer before the MP Materials deal, rested on the Defense Production Act, a 2017 defense authorization provision and Article II; the opinion has not been published, so the entry is attributed to the report rather than to a primary document. The EDGAR sweep found The Elmet Group’s September 22 Form 8-K, which covers a warrant sold to Blue Moon Metals, a private investor, not the Department of War, so the row is unchanged. September 17, 2026: added WIOCC Group to the Development Finance Corporation positions after the DFC board approved an equity investment of up to $155M in WIOCC Holding Company Limited on September 16, 2026, a pan-African digital infrastructure company registered in Mauritius that runs subsea cables, terrestrial fiber and more than 40 data centers across 30 countries; DFC calls it its largest digital investment to date, the amount comes from the project’s public information summary rather than the release, and the position is carried as Conditional because board approval still leaves commitment and closing to come. It is the first DFC position on the page outside critical minerals, so the DFC count is now 5; the headline count stays at 36 companies and the dollar total is unchanged because DFC positions are not in it. The Aeluma note now records that its September 16 results release still describes the CHIPS funding as subject to definitive agreement negotiations. No new Commerce, Department of War, Energy or Treasury stakes were found. September 16, 2026: IBM (Anderon) moved from LOI to Definitive after Commerce announced the signing of a final CHIPS R&D award of up to $1B with Anderon LLC, the newly formed IBM quantum foundry company in Albany, New York, the sixth of the nine May quantum letters to go final and the largest; neither the Commerce release nor Anderon’s release repeats the equity language, so the terms still rest on the May letter of intent, and the row now cites the finalization release. The USA Rare Earth note records that the risk-factor exhibit filed September 15 still lists its 16,132,790 shares and 17,600,584-share warrant as issuable, so that issuance remains pending. The count stays at 36 companies and the dollar total is unchanged because the award was already carried at $1B. September 15, 2026 (later): project status lines added to the Alcoa Wagerup and Crucible Metals entries (Wagerup broke ground August 24, 2026 with no first-production date published; the Clarksville smelter targets construction in 2027 and completion in 2029), and a FAQ entry added defining the Department of War’s Economic Defense Unit named in the Elmet entry. September 15, 2026: The Elmet Group moved from Definitive to Closed on the Form 8-K it filed late on September 14, after that day’s build: the investment agreement was signed September 11 and closed September 14, when the Department of War received 200,000 shares of Class A redeemable preferred stock for $200M (5.5% paid-in-kind dividend, voting with the common up to a 19.9% cap, one of nine directors) plus a penny warrant for 5,675,506 common shares and a strike-price warrant for 1,891,835 shares at $15.92, together 7,567,341 shares; the remaining $250M sits in tranches that open six months after closing and depend on continued authorization and appropriations. The row now cites the 8-K, the count stays at 36 companies and the dollar total is unchanged because the award was already carried at $450M. Later the same day: the Trilogy Metals row now cites the company’s closing Form 8-K, filed September 14, which confirms the units and warrant were issued at the September 11 closing and adds a participation rights agreement giving the Department pro rata rights in future equity sales; no change to the figures. September 14, 2026: added The Elmet Group (NASDAQ: ELMT), a Portland, Maine tungsten and molybdenum producer, after the Department of War announced a $450M investment the same day: redeemable preferred equity, drawn $200M at closing with further drawdowns to follow, plus warrants for up to 19.9% of the common stock, one independent director and a board observer, funded through the Industrial Base Analysis and Sustainment program and described by the company as an initiative of the Department’s new Economic Defense Unit; a separate Defense Logistics Agency stockpile contract worth up to $2B is a purchase contract and is noted, not counted. The count is now 36 companies and the dollar total rises by $450M; the row’s AI check is pending. September 12, 2026: Trilogy Metals moved from Definitive to Closed after the company announced on September 11 that the Department of War’s $35.6M investment had completed: 8,215,570 units at $2.17 (each a share plus three-quarters of a 10-year warrant at $0.01) bought from the company and 8,215,570 shares bought from South32 for the same $17.8M, with a 10-year option on 6,161,678 more South32 shares at $0.01, leaving the government at about 10% non-diluted and South32 at 6.0%; the row now cites the closing release, and the count stays at 36 companies with the dollar total unchanged. September 10, 2026: every company answer now names the company in its first sentence, so the answer stands on its own wherever the question is stripped; six FAQ entries added (what an equity stake means, the Department of War’s positions, the CHIPS equity condition, the U.S. Steel golden share, status counts, first and most recent stake), with every count in them rendered from the rows; four FAQ answers and eleven section and timeline headings reworded to name their subject; company nodes in the structured data now carry stable identifiers that each primary-source citation points to. No change to the 36 companies or the dollar total. September 9, 2026: GlobalFoundries moved from LOI to Definitive after the September 8 finalization of its $375M quantum foundry award, missed in the September 8 build; its Form 6-K sets the stake at 9,907,399 ordinary shares at $37.85, non-voting in government hands, which this page calculates at about 1.8%, well above the roughly 1% the May letter of intent described; the $300M photonics letter is still pending. Quantinuum moved from Definitive to Closed on its September 8 Form 8-K, which shows Commerce received 2,369,528 Class A shares (about 0.9% of all shares, an implied $42.20 each), and D-Wave moved from Definitive to Closed on the amended 8-K filed September 9 confirming its 7,095,721 shares were issued. The September 8 milestone now reads five finalized letters, not four. The count stays at 36 companies and the dollar total is unchanged because every award was already carried at its full amount. September 8, 2026: Commerce finalized four of the May quantum letters of intent, so Rigetti, D-Wave, Quantinuum and PsiQuantum moved from LOI to Definitive; the Rigetti and D-Wave rows now carry the share counts and prices from their September 8 Form 8-Ks (7,739,938 shares at $12.92 and 7,095,721 shares at $14.093, both non-voting in government hands), with calculated stakes of about 2.3% and 1.9%; the count stays at 36 companies and the dollar total is unchanged because each award was already carried at $100M. Later the same day: five FAQ entries added (legal authority, the difference from the 2008 bailouts, the listed companies, gains and losses, update cadence), section headings sharpened, letter-of-intent status spelled out in the company answers, and the structured data extended with a company list, breadcrumb and publication date. September 7, 2026: no new equity stakes found; added the Office of Strategic Capital’s $150M conditional loan commitment to Niron Magnetics (August 7, 2026, no equity term on record) to the OSC borrowers list in the Pipeline section, which now stands at 8. 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 36 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, 5 DFC positions, a watchlist, and a Pipeline section of 13 companies discussed on the record, 10 unfinalized CHIPS awards and 8 OSC borrowers. First AI answer pass graded the same day for Google AI Mode, ChatGPT and Perplexity.

Questions people actually ask

Frequently asked questions

What does it mean when the U.S. government takes an equity stake in a company?

It means a federal agency receives stock, preferred shares, warrants, a golden share or a profit interest in the company, usually as a condition of a grant, loan or approval rather than a cash purchase. Since June 2025 that has happened at 36 companies through Commerce, the Department of War, Energy and Treasury, almost always as a minority, non-controlling position.

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

Thirty-six 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 38. Add the Development Finance Corporation's five equity positions and it is 43. The Council on Foreign Relations counts 43 deals, the figure its tracker showed on October 15, 2026, because it counts deals rather than companies and includes DFC. Cato counts 35 as of October 16, 2026 and excludes DFC; its two September additions were The Elmet Group and Hertha Metals, and its October 16 post does not name the company added since October 2, when it counted 34. Wolfspeed's warrants, attached to an October 7, 2026 Office of Strategic Capital loan commitment, are the only new company stake announced in between, and the remaining one-company gap with this page appears to be the Department of War's August 31 equity investment in the Alcoa gallium project in Australia, which Cato's September 4 list did not include. 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?

How much the U.S. government has invested depends what you count. Adding the disclosed dollar figures attached to the 36 equity-type deals on this page gives roughly $20.1 billion, of which Intel is $8.9 billion, GlobalFoundries is $1.63 billion across three awards after the October 14, 2026 agreement, and Wolfspeed's conditional Office of Strategic Capital loan, which carries the warrants, is $1.5 billion. CFR's $29.9 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 36, of which six quantum awards have gone from letter of intent to final: Rigetti, D-Wave, Quantinuum, PsiQuantum and GlobalFoundries on September 8, 2026, and IBM's Anderon foundry, the largest at $1 billion, on September 16, 2026; D-Wave and Quantinuum have since confirmed that their shares were issued. By dollars, also Commerce, because of Intel. The Department of War's thirteen positions are concentrated in critical minerals and defense supply chains, now including a gallium project in Australia, $450 million of preferred equity and warrants in The Elmet Group, a tungsten producer, since September 14, 2026, a $65 million equity investment in Hertha Metals, an iron and steel startup, which the company announced on September 29, 2026, and warrants for up to 7.5% of Wolfspeed, the silicon carbide chipmaker, attached to a conditional $1.5 billion loan commitment announced October 7, 2026, and are increasingly run through its Industrial Base Analysis and Sustainment program, the Office of Strategic Capital and the new Economic Defense Unit.

Which companies does the Department of War hold equity in?

Thirteen positions, about $6.2 billion in federal dollars: MP Materials, Trilogy Metals, Vulcan Elements, ReElement Technologies, Crucible Metals, Atlantic Alumina, L3Harris Missile Solutions, Strategic Bauxite USA, North American Blue Energy Partners, the Alcoa Wagerup gallium project, The Elmet Group, Hertha Metals and Wolfspeed. Of the 13, 9 are critical-minerals companies; the others are L3Harris Missile Solutions in defense, Hertha Metals in iron and steel, Wolfspeed in semiconductors and the 35% Venezuelan oil position held through North American Blue Energy Partners. The instruments came through Defense Production Act Title III, the Industrial Base Analysis and Sustainment program and warrants attached to Office of Strategic Capital loans.

Did every CHIPS Act recipient have to give the government equity?

No. Commerce attaches a minority, non-controlling equity condition to its CHIPS research and development awards, which with Intel makes 22 Commerce companies on this page. On the manufacturing side, Intel's unpaid grants were converted to shares, and Commerce has attached equity to some finalized incentives (Vulcan Elements, USA Rare Earth) and not to others (Bosch, Powerex); 10 manufacturing awards on NIST's list remain unfinalized with no equity term on record. GlobalFoundries shows the layered shape: about 1.8% on its $375M quantum foundry award, a second $300M photonics letter carrying its own condition of roughly 1%, and, announced October 14, 2026, equity of approximately 4% under a separate agreement that accompanies the reallocation of $955M within its existing manufacturing award, the first time since Intel that an existing CHIPS manufacturing award has been reworked with equity alongside it.

What is the Office of Strategic Capital?

The Office of Strategic Capital is 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, holds the 35% Venezuela stake, and on October 7, 2026 signed a conditional commitment for a loan of up to $1.5 billion to Wolfspeed that would come with warrants for up to 7.5% of the company, its largest commitment with warrants so far. 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.

What is the Department of War's Economic Defense Unit?

The Economic Defense Unit is a Department of War office established by an April 10, 2026 memorandum from Deputy Secretary Steve Feinberg to coordinate the Department's use of capital, procurement, trade and regulatory tools against economic competitors. Its director, George Kollitides, reports to the Deputy Secretary; the unit sits within the acquisition and sustainment organization and works alongside the Office of Strategic Capital and the Industrial Base Analysis and Sustainment program. The Elmet Group investment announced September 14, 2026 is the first equity deal on this page to carry the unit's name; the money came through the Industrial Base Analysis and Sustainment program. Hertha Metals' September 29, 2026 release names the unit as a partner in the government's $65 million equity investment in its Series A round, the second deal on this page to do so, though the Department has published no release of its own on that one. Unlike the Office of Strategic Capital, the unit has no statute of its own.

Do the companies have to give up control?

In the Commerce deals, no: every release describes the stake as minority and non-controlling, Intel's agreement requires Commerce to vote with the board, and the Rigetti, D-Wave, Quantinuum and GlobalFoundries agreements filed in September 2026 bar the government from voting its shares at all except on changes to the stock itself or a merger. 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. The Elmet Group's preferred, issued to the Department of War in September 2026, does vote alongside the common stock, but its voting power is capped at 19.9% and it elects one of nine directors.

What is the U.S. Steel golden share?

One Class G preferred share issued to the U.S. government on June 18, 2025 when Nippon Steel acquired U.S. Steel, under a national security agreement reached through CFIUS. It cost nothing and carries consent rights over plant closures, headquarters moves, job transfers and cuts to committed investment, plus one independent director. It is the earliest entry on this page and the only golden share in the set.

Which companies could be next?

On-record reporting has named OpenAI (a proposed 5% stake, reported July 2026; asked by Time on September 28, 2026 about an Intel-style deal with OpenAI and Anthropic, President Trump said "I might" and ruled out nationalizing AI labs, and no stake has been announced), 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. On October 6, 2026 President Trump said taxpayers would receive a 40% stake in Arsenal-2, the submarine components shipyard Anduril is building in Maryland; Anduril says the government is not taking a stake in Anduril itself, and no agreement or agency document describing the stake has been published, so it sits in the Pipeline section rather than the table. 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. Only companies with admissible evidence are listed in the Pipeline section; analyst lists, stock tips and AI-generated roundups are not evidence and do not appear here.

What legal authority lets the U.S. government take equity stakes in companies?

The legal authority for U.S. government equity stakes is a different statute for each agency. Commerce attaches equity as a condition of CHIPS and Science Act awards (15 U.S.C. 4652), which is how Intel's unpaid grants became shares. The Department of War bought MP Materials' preferred stock and warrants under Title III of the Defense Production Act (50 U.S.C. 4533), takes warrants alongside loans from the Office of Strategic Capital, created by section 903 of the FY2024 defense authorization act (10 U.S.C. 149) with loan authority but no explicit equity authority, and made the Alcoa gallium project and The Elmet Group investments through its Industrial Base Analysis and Sustainment program. Energy's Loan Programs Office took warrants when it restructured an existing loan to Lithium Americas. The U.S. Steel golden share came through a national security agreement under section 721 of the Defense Production Act, the CFIUS statute. No agency has published a legal opinion for any of these deals. On September 21, 2026 Semafor reported that a June 2025 opinion by the Office of Management and Budget's general counsel, requested by the Pentagon's top lawyer before the MP Materials deal, rested on the Defense Production Act, a 2017 defense authorization provision and Article II, and that the Senate Armed Services Committee chairman wants Congress to give the Office of Strategic Capital an explicit equity authority; the opinion itself has not been released. On September 30, 2026 the ranking Democrats on four Senate committees wrote to the Secretaries of State, War and Energy that the Office of Strategic Capital's statute does not explicitly authorize equity stakes in private oil companies, and asked for the legal authorities behind the 35% Venezuela position; the administration has not published its legal basis for that stake.

How are these stakes different from the 2008 bailouts?

TARP bought preferred stock in failing banks and automakers under the Emergency Economic Stabilization Act of 2008, with a statutory wind-down, and Treasury sold the positions back over several years. The 2025 to 2026 stakes are conditions attached to grants, loans and approvals for companies that were not failing, mostly in chips, quantum computing and critical minerals, and no agency has published an exit plan for any of them. The nearest thing so far is procedural: on September 15, 2026 GlobalFoundries filed a shelf registration statement covering the Commerce Department's 9,907,399 shares for resale, which lets the Department sell them at any time but announces no sale.

Which publicly traded companies does the U.S. government own a stake in?

Of the 36, 14 are listed: Aeluma, D-Wave Quantum, GlobalFoundries, IBM, Infleqtion, Intel, Lithium Americas, MP Materials, Quantinuum, Rigetti Computing, The Elmet Group, Trilogy Metals, USA Rare Earth, Wolfspeed. The other 22 are private, subsidiaries or project vehicles, so their stakes produce no SEC filings and the primary source is the agency or company release. Use the Listing filter on the table to see either group.

Has the government made or lost money on the stakes?

Nobody publishes a mark-to-market figure, and this page does not estimate one. Of the 36 companies, 22 are private or unlisted, so there is no market price. For the 14 listed companies the value moves with the share price; Intel's 433.3 million shares were priced at $20.47 when Commerce received them in August 2025, so that position can be valued from any quote.

How many of the stakes are final and how many are still letters of intent?

As of October 22, 2026: 11 closed (shares issued or the instrument in hand), 10 definitive (agreement signed, issuance pending), 1 signed, 4 conditional, 1 on a term sheet and 9 at the letter-of-intent stage. The status column in the table and each company's answer carry the current state, and the changelog records every move.

What was the first stake and what is the most recent?

The first was the U.S. Steel golden share, issued June 18, 2025. The most recent entry is Wolfspeed, announced Oct 7, 2026. The Latest entry line under the page title always names the newest row, and the table lists newest first.

How often is this tracker updated?

This tracker is updated the day a federal agency announces an equity-type instrument, with the primary document linked in the same row. The date at the top of the page and the version field in the page's dataset schema change with every update, and every change is logged in the changelog above. AI-assistant grades are re-run the week after any new batch announcement and quarterly otherwise.

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 hold most of the stakes: Commerce and the Department of War

Stakes by agency: Commerce, Department of War, Energy, Treasury

New stakes by announcement month

The list: every company, every instrument, every source

Why the counts differ: revenue shares, DFC positions and the watchlist

Revenue share, not equity

Development Finance Corporation

Watchlist: not counted, watched

The pipeline: companies discussed on the record

Stakes reported, discussed, denied or declined

Pending CHIPS Act awards that could add an equity stake

Office of Strategic Capital borrowers, 2026

What officials have said about who is next

What is the Office of Strategic Capital?

Timeline: every stake from the U.S. Steel golden share (June 2025) to today

The golden share

MP Materials sets the template

Intel: 9.9% for grants already promised

Energy's first equity-type deal: penny warrants in Lithium Americas

Westinghouse participation interest and the Trilogy Metals stake

Magnets: Vulcan and ReElement

Crucible Metals (Korea Zinc) smelter stake and the xLight CHIPS equity award

January 2026: ATALCO, L3Harris Missile Solutions and USA Rare Earth

Congress asks for the legal basis of the mineral equity deals

Nine quantum companies in one day

SandboxAQ and I-Pulse go definitive

July 2026: seven CHIPS compute letters, each with an equity condition

August 2026: Strategic Bauxite USA, the ATALCO follow-on and Trilogy Metals' definitive agreement

Alcoa Wagerup gallium project: the first stake outside the United States, with allied governments

35% of a Venezuelan oil company, at no cost

Five of the nine quantum letters go final

The Elmet Group: $450M of preferred and warrants for a tungsten producer

Commerce's GlobalFoundries shares are registered for resale

The legal opinion behind the first Pentagon stake surfaces, in a press report

Hertha Metals: a $65M government equity check inside a venture round, announced by the company alone

Korea framework: $120B for eight U.S. reactors and a planned minority stake in Westinghouse

Four Senate ranking members challenge the legal basis of the Venezuela stake

Wolfspeed: warrants for up to 7.5% on a $1.5B Pentagon loan

GlobalFoundries: about 4% more for Commerce as a CHIPS manufacturing award is reworked

What do the AI assistants say about these companies?

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

Methodology: primary sources only, companies not deals, dated and logged

Primary sources only

Companies, not deals

Dated, corrected, logged

Frequently asked questions

Sources

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