Government equity stakes in private companies (2025-2026) Case Since August 2025 the Trump administration has taken equity or quasi-equity positions in dozens of companies, led by a 9.9% stake in Intel. Fortune counted about $26.7 billion across 30 deals as of July 2026. No official consolidated ledger exists, and critics question the legal authority and oversight. What the government holds Fortune counted about $26.7 billion invested across 30 equity or quasi-equity deals as of July 2026, spread over at least four agencies: Commerce (17 deals), Defense (7), the Development Finance Corporation (6) and Energy (2). The largest is a 9.9% stake in Intel, bought for $8.9 billion and valued by Fortune at $42 billion by July 2026. Foreign Policy's January 2026 list included a 15% stake in MP Materials (Defense Department), a 'golden share' in U.S. Steel giving presidential veto power, and an option on an 8% stake in Westinghouse. Cato counts 31 equity deals and argues they rest on 'murky legal authority.' Oversight and transparency There is no centralized official ledger of the holdings; the Council on Foreign Relations keeps what Fortune calls the most complete public accounting. Per Fortune, only the Development Finance Corporation has clear statutory authority to own equity, and the stakes lack the oversight mechanisms that applied to the 2008 TARP program. Cato says the government has exercised control in Intel, including preventing a plant shutdown, and that Trump took credit for an Apple-Intel deal that reportedly blindsided Intel's executives. Why the counts differ CFR's deal tracker counts 39 deals worth $27.7 billion as of July 30, 2026, covering "deals announced since January 2025 that entail equity and quasi-equity stakes." Rep. Jim Himes' office said on Sept. 16, 2026 that the administration is "assuming government ownership stakes in 39 private companies," which matches the CFR tracker's count of deals. Fortune (July 26) counts 30 deals worth about $26.7 billion and Cato counts 31; the differences appear to come from the date of each count and what each tracker includes. No official ledger settles it. The Intel deal In August 2025 the government agreed to take 433.3 million Intel shares at $20.47, for $8.9 billion: $5.7 billion converted from CHIPS and Science Act grants and $3.2 billion from the Secure Enclave program. The stake is passive, with no board seat or governance rights. Cato argues the government nonetheless used influence over the company despite the stake being passive, including preventing a plant shutdown and pushing Apple toward Intel's factories; that is Cato's characterization, not a finding from the deal documents. Perspectives Critic — Cato Institute Government stakes rest on murky legal authority, much of Intel's stock gain reflects political speculation rather than fundamentals, and 'governments make lousy shareholders.' Editorial read — The Author (site author), thesis The site's own reading, from the cited reporting only: a president who can take equity in companies that need federal approvals or money, with no public ledger, creates a conflict-of-interest and favoritism risk that has not been tested. The sources do not document corruption in any specific deal. This is interpretation, not reported fact. Research notes Resolved: Himes' "39 private companies" matches the CFR tracker's 39 deals (July 30, 2026); Fortune's 30 and Cato's 31 use other dates and definitions. Open leads: attach primary Commerce and Defense deal documents for Intel and MP Materials, and check later CFR updates. The Foreign Policy table listed a "$620 billion loan" for Vulcan Elements, which is almost certainly a typo, so that figure is not used. Note Supporters call the deals a return on taxpayer money, while critics say the legal authority is murky and the stakes lack TARP-style oversight. Sources [1] Fortune (https://fortune.com/2026/07/26/the-u-s-government-invested-27-billion-in-corporate-stakes-good-luck-finding-them/) · 2026-07-26 [2] Cato Institute (https://www.cato.org/node/121980.md) [3] Foreign Policy (https://foreignpolicy.com/2026/01/14/trump-state-capitalism-equity-stakes-list-companies/) · 2026-01-14 [4] Council on Foreign Relations — U.S. Government Deal Tracker (https://www.cfr.org/articles/washingtons-growing-portfolio-tracking-u-s-government-investments) · 2026-07-30 [5] Rep. Jim Himes press release (Sept. 16, 2026) (https://himes.house.gov/2026/09/16/icymi-no-administrationmore-communist-than-the-trump-administration-himes-grills-treasury-secretary-bessent-at-hearing/) · 2026-09-16 [6] GovConWire — Lutnick on equity stakes; Intel deal terms (https://www.govconwire.com/articles/howard-lutnick-dod-equity-stake-defense-contractors-intel) · 2025-08-26 Connections Related — Himes' Sept. 2, 2026 House Financial Services speech: tariffs, deficits, labor, the Iran war and consumer sentiment Himes' office cited government stakes in private companies at the Sept. 15 Bessent hearing; the figures are tracked here.