Government Ownership Dashboard Methodology
The dashboard tracks deals announced or completed since January 20, 2025, in which the federal government acquired or sought ownership rights in a private-sector company. Each company appears once. Its entry describes what the government sought, what it received, and which terms are still pending or undisclosed.
What qualifies as an ownership interest
We include common and preferred shares, along with warrants, options, and convertible securities that can give the government shares in a company. A warrant gives its holder the right to buy shares on specified terms. We also include special shares that confer control over company decisions. The US Steel golden share, for example, gives the government veto rights over certain decisions and pays no dividend.
A loan, grant, guarantee, royalty, price floor, or agreement to buy a company’s products can accompany an equity deal. On its own, each falls outside the dashboard.
Which company counts
We cover publicly traded and privately held businesses, including those headquartered abroad. We identify the business whose shares or ownership rights are at issue. If an operating subsidiary issues the shares, the entry identifies that subsidiary, even when its parent’s name is more familiar. Multiple awards, agencies, or types of securities for the same company still result in a single entry.
Alcoa. The Pentagon announced an estimated $174 million in equity financing for a gallium plant at Alcoa’s refinery in Western Australia. Alcoa’s securities filing explains that the United States, Australia, and Alcoa invested together through a separate entity that partnered with Japanese firms in the plant venture. Alcoa will operate the plant. The disclosed deal gives Washington an interest in the venture and conveys no shares or ownership rights in Alcoa itself. That is why Alcoa is outside the company count. (Pentagon announcement and Alcoa quarterly filing, Note C)
Korea Zinc. Here the United States also invested through a joint venture. That venture acquired shares of Korea Zinc itself, giving the government an indirect interest in the company. Korea Zinc therefore counts. The percentage of Korea Zinc owned by the venture is distinct from the government’s own interest. (Korea Zinc shareholder materials, p. 66)
Lithium Americas. The Department of Energy received two warrants. One gives it the right to buy Lithium Americas shares. The other gives it the right to acquire units in the Thacker Pass joint venture. We count Lithium Americas once and describe both warrants in its entry. (Lithium Americas quarterly filing)
How we treat Development Finance Corporation deals
In 2018, Congress expressly authorized the US International Development Finance Corporation (DFC) to take minority stakes in businesses and investment funds. The dashboard excludes investments DFC makes under that standing program. If another agency takes a stake, directly or through DFC under a different authority, we assess that stake separately. (22 U.S.C. § 9621(c))
US–Ukraine Reconstruction Investment Fund. DFC committed $75 million in seed equity, which Ukraine agreed to match. The two governments took stakes in a fund that finances Ukrainian projects. The commitment itself gave Washington no shares in any particular operating company. (DFC announcement)
Orion Critical Mineral Consortium. DFC provided equity and a loan to a vehicle that invests in mining projects alongside funds managed by Orion Resource Partners. DFC’s stake is in that investment vehicle. The deal conveys no shares in Orion Resource Partners itself. (DFC project summary)
Indo-Pacific Energy Infrastructure Investment Platform. DFC’s board approved up to $75 million in equity and up to $1.425 billion in debt for the ISQ Asia Energy Infrastructure Partnership. The equity is an interest in a fund managed by I Squared Capital. (DFC board resolution)
Somerset Indus Healthcare India Fund III. DFC announced approval under President Biden on January 2, 2025, and recorded the $25 million obligation under President Trump on July 31. The investment bought a stake in a fund that invests in Indian health care companies. (DFC approval and report to Congress)
Techo International Airport, Cambodia. DFC approved a loan of up to $100 million to Overseas Cambodian Investment Corporation to refinance the construction of an airport. The published terms describe debt and disclose no shares or warrants. (DFC project summary and board resolution)
Serra Verde and USA Rare Earth. DFC’s loan to Serra Verde included warrants to buy the company’s shares. We exclude that deal because DFC made it under its standing investment program. When USA Rare Earth acquired Serra Verde on September 3, 2026, DFC received USA Rare Earth stock in exchange for its warrants, without having to pay to exercise them. USA Rare Earth’s September 15 prospectus listed DFC as the beneficial owner of 15,221,917 shares. We count USA Rare Earth once for its separate agreement to issue shares and warrants to the Commerce Department. (Merger filing, shareholder list, and Commerce agreement)
USA Rare Earth acquired Serra Verde through a wholly owned subsidiary, Middlebury Merger Sub Ltd. Middlebury took over Serra Verde’s obligations under the DFC loan. Separately, the Pentagon provided $750 million under a profit-sharing agreement to US SIIE, LLC, which agreed to buy rare earths from Serra Verde’s mine in Brazil. US SIIE also has the right to buy all of Middlebury’s shares under certain conditions, including a shutdown at the mine lasting at least 60 days. The filings give US SIIE that right and disclose no separate right for the Pentagon to buy Middlebury. This agreement therefore adds no company to the dashboard. (Funding terms and purchase option)
When a company enters the dashboard
A public announcement, filing, or on-the-record statement must identify a federal ownership interest or a proposal to acquire one in a named business. A letter of intent can meet that standard even when the parties have not yet disclosed a percentage or signed a final agreement. Reports of talks alone, or announcements that describe only an “investment,” are insufficient.
Announced. The government or company has publicly identified a proposed stake. Completion of the ownership transaction remains unconfirmed.
Partially closed. One part of an announced package or one of several deals with the company has closed. The entry identifies which parts remain pending.
Closed. Public records confirm that the ownership transaction closed or that the government received the security. When that security is a warrant, closing establishes that the government holds the warrant. Exercising it for shares is a separate event.
A withdrawn proposal remains part of the historical record. The entry identifies the withdrawal, and we assess any replacement deal on its own terms. Readers seeking current federal holdings should check the ownership terms in each entry.
How to read the dollar amounts and percentages
A federal deal can combine a stock purchase with other forms of support, including loans and grants. For example, the Pentagon bought $400 million in MP Materials preferred stock and separately agreed to lend the company $150 million. Counting the loan as part of the purchase price would make it appear that Washington spent $550 million on stock.
When the terms are public, we distinguish what the government has agreed to pay for shares from what it has actually paid. We also identify which shares the government already owns and which it has the right to acquire later.
Sources and updates
We use transaction agreements, securities filings, public statements, and attributable reporting. We flag undisclosed terms and update entries when later documents clarify or supersede an announcement. Inclusion expresses no judgment about an agency’s legal authority.
