What's inside the Trump administration's $27bn portfolio?

The Trump administration's $27.7 billion portfolio of investments in private companies has been strategically developed across several Washington agencies, including the Commerce Department, Pentagon and Development Finance Corporation (DFC). These deals, which have been highlighted by the administration as vital for US national security, have taken various forms, such as equity investments, loans, and grants.

Intel, a prominent computer chip designer and fabricator, has been the most significant investment, with the US government taking a 10% stake for $8.9 billion. The deal was funded with $5.7 billion from previously unused grants under the Biden-era Chips Act.

The administration's focus on chip manufacturing has led to significant investment in this sector, which is crucial for US economic and national security. In addition to Intel, the US government has taken stakes in 10 other semiconductor companies under the authority of the Chips Act. These investments include GlobalFoundries, Aeluma, Extropic, I-Pulse, and others.

Minerals and metals are another area of focus, with the administration pursuing ownership in companies to bolster domestic supply chains and reduce China's grip on essential materials for defense and advanced technologies. The DFC has signed deals with companies like MP Materials, USA Rare Earth, Vulcan Elements, Trilogy Metals, and Lithium Americas for various equity investments and loans.

The DFC also made a $565 million loan agreement with Brazilian rare earths miner Serra Verde, including the option to take a minority equity stake. The administration has also used its golden share in acquiring US Steel/Nippon Steel under the Committee on Foreign Investment in the United States (CFIUS).