The Government Ownership Dashboard tracks the second Trump administration’s expansion of federal ownership and ownership rights in private businesses. It covers arrangements announced or completed since January 20, 2025, within the scope described below. The dashboard counts companies covered by those arrangements, including pending deals.
What we include
We include common and preferred stock, as well as warrants, options, and convertible securities that give the federal government a right to acquire an ownership interest. These rights may depend on future events. An unexercised warrant or option is identified as such and does not mean the government already owns the underlying shares.
We also include special ownership instruments that confer company-specific control. The US Steel golden share, for example, gives the federal government veto rights over certain business decisions despite carrying no conventional economic interest.
How we count companies
Each company is counted once, even when it receives multiple awards, has arrangements with several federal agencies, or issues more than one type of ownership instrument. Both publicly traded and privately held companies, including companies headquartered outside the United States, are eligible.
Company-level interests can be held directly or through a transaction-specific intermediary that owns shares in an identified operating company. We distinguish these arrangements from stakes confined to an individual project, joint venture, investment fund, or financing vehicle that convey no interest in the sponsoring company. Those standalone arrangements are outside the main company count.
When one package includes both company and project interests, we describe both in the company’s entry without counting the project as another company. Entries identify the business in which the ownership rights actually arise.
Development Finance Corporation investments
Investments under the US International Development Finance Corporation’s standing statutory equity authority are excluded from the dashboard because Congress expressly authorized DFC minority equity investments in the 2018 BUILD Act. The dashboard focuses on the administration’s acquisition of ownership interests and rights in companies outside the established DFC equity program. This exclusion does not imply that DFC ownership raises no economic, governance, or legal concerns. It reflects a fundamental difference between DFC’s established, congressionally authorized equity investment program and the administration’s use of company ownership as a regular economic policy tool outside a broader financial crisis.
That said, DFC’s participation does not prevent a company or transaction from being included in the dashboard where another agency acquires a separate qualifying ownership interest. Arrangements involving DFC but executed on behalf of another agency or under other authorities are assessed based on their actual structure and the authority being exercised.
