Foreign media: The U.S. government has quietly built a corporate equity investment portfolio worth around $27 billion.

According to Fortune, the Trump administration has deployed roughly $26.7 billion across around 30 equity or quasi-equity transactions. The largest holding is a 9.9% stake in chipmaker Intel, currently valued at approximately $42 billion. Other investments include a $400 million stake in rare earth miner MP Materials, a "golden share" retained when U.S. Steel was acquired by Japan’s Nippon Steel, and multiple equity positions in several quantum computing companies. The report states these holdings are spread across at least four U.S. agencies: the Department of Commerce (17 deals), the Department of Defense (7), the U.S. International Development Finance Corporation (DFC, 6), and the Department of Energy (2). Only the DFC holds explicit statutory authority for equity investments, a power Congress established in 2018 for overseas development projects. There is currently no unified public ledger for such government holdings; the most comprehensive public tracking is maintained by the Council on Foreign Relations. Some transactions are only in the process of signing agreements or nearing term sheets, especially the nine quantum computing-related deals announced by the Commerce Department within a single week.