For decades, the federal government kept its distance from direct business ownership. It offered tax breaks, loans, and grants, but rarely took shares.
And that’s changing.
The U.S. government is no longer just regulating the private sector — it’s becoming part of it. Under President Donald Trump, Washington has started taking ownership stakes in private companies across some of the country’s most important industries — from semiconductors and rare earths to lithium and steel.
In 2025, a new industrial strategy took shape. The government began buying equity stakes in companies it considers essential for national security and economic strength.
The goal is straightforward: rebuild critical supply chains at home, reduce reliance on foreign rivals like China, and ensure the industries that power the U.S. economy remain under U.S. control.
The following are the key companies where the U.S. government has publicly confirmed direct investment or ownership involvement.
Intel
On August 22, 2025, the U.S. government announced a deal with Intel Corporation to invest about US $8.9 billion and acquire a 9.9 percent equity stake in the company.
The investment converts part of Intel’s CHIPS Act grants into equity and funds the construction of two advanced chip-fabrication plants in Ohio and Arizona.
The equity arrangement gives Washington a direct financial interest in ensuring those fabs remain U.S.-based and supply secure chips for defense and AI systems.
Officials describe the move as essential for “technological sovereignty” after years of dependence on Asian foundries.
For Intel, the deal guarantees federal backing for its domestic expansion; for the government, it buys a seat inside one of the world’s most strategic supply chains.
MP Materials
On July 10, 2025, the Department of Defense invested US $400 million in MP Materials Corp., operator of the Mountain Pass mine in California — the only large-scale rare-earth source in the United States.
The Pentagon bought newly created preferred stock convertible into common shares and received additional warrants, together representing an effective 15 percent stake once exercised. The agreement also included a 10-year offtake contract and a price-floor guarantee of US $110 per kg for neodymium-praseodymium (NdPr) oxides.
Separately, the DoD’s Office of Strategic Capital extended a US$150 million loan to expand heavy-rare-earth separation at Mountain Pass and to launch a downstream magnet-manufacturing plant.
This partnership is aimed at ending U.S. dependence on China, which refines more than 80 percent of global rare-earth output. MP’s vertically integrated operation will supply magnets for fighter jets, submarines, EV motors, and wind-turbine generators — key links in both defense and clean-energy supply chains.
Lithium Americas
In October 2025, the Department of Energy finalized a restructuring of its US$2.26 billion loan to Lithium Americas Corp. for the Thacker Pass project in Nevada — one of the largest lithium deposits in North America.
As part of that deal, Washington received two equity stakes:
a 5 percent interest in Lithium Americas through low-cost warrants, and
a separate 5 percent stake in the Thacker Pass joint venture with General Motors.
These holdings, together worth several hundred million dollars at current valuations, give the federal government a direct position in the U.S. lithium supply chain.
The rationale is straightforward: lithium is essential for EV batteries, grid storage, and national electrification goals. With China controlling roughly three-quarters of global refining capacity, the U.S. is investing to keep a portion of that value chain domestic.
Thacker Pass will supply GM’s Ultium battery network and anchor the “Battery Belt” stretching from Nevada to the Midwest.
Trilogy Metals
On October 7, 2025, the U.S. government confirmed a US$35.6 million investment in Trilogy Metals Inc., giving it a 10 percent equity stake in the company plus long-dated warrants for additional shares.
The deal was split between Trilogy and its joint-venture partner, South32 Ltd., and grants Washington several oversight rights — including the ability to appoint an independent board member and to veto new debt above US $1 billion.
Trilogy controls the Ambler Mining District in northwest Alaska, home to large deposits of copper, cobalt, zinc, and gold. These metals are on the U.S. Critical Minerals List and vital for electrification, transmission, and defense manufacturing.
The investment signals federal intent to accelerate domestic mining projects that support strategic materials independence. Following the announcement, Trilogy’s stock surged more than 200 percent, underscoring investor confidence in federally backed ventures.
U.S. Steel
During the proposed Nippon Steel–U.S. Steel merger review in 2025, Washington negotiated a golden-share arrangement rather than blocking the transaction outright.
The golden share grants the U.S. government veto rights over plant closures, technology transfers, or ownership changes that could affect national security.
It does not carry dividends but gives Washington permanent oversight of a company that remains integral to defense production and critical infrastructure.
The structure balances foreign investment with sovereignty — ensuring that while capital remains global, strategic control stays American.
Vulcan Elements & ReElement Technologies
In November 2025, the U.S. government added two more names to its growing portfolio of strategic investments: Vulcan Elements and ReElement Technologies.
The joint announcement marked a major step toward rebuilding America’s domestic supply chain for rare-earth magnets.
The deal, valued at roughly US $1.4 billion, combines federal funding, loans, and direct equity participation. Vulcan announced plans to build and operate a 10,000-metric-ton magnet manufacturing facility in the United States, supported by investments from both the Pentagon and the Department of Commerce.
Under the deal, Vulcan will receive a $620 million loan from the Department of Defense’s Office of Strategic Capital and a $50 million equity investment from the Department of Commerce under the CHIPS and Science Act — giving the U.S. government a direct ownership stake in the company.
ReElement Technologies will receive an $80 million loan from the Defense Department and matching private funding to scale up its refining and recycling capacity for rare earths and battery metals. Together, the two companies aim to create a fully U.S.-based rare-earth magnet supply chain, linking raw material processing, metal refining, and final magnet production.