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

The Trump administration has amassed a significant portfolio of investments in private companies, with deals totaling $27.7 billion since January 2025. These investments have been facilitated by various federal agencies, including the Commerce Department, Pentagon, and Development Finance Corporation. President Trump has emphasized the strategic importance of these deals to US national security.

Intel is the administration's most prominent investment, with the US government acquiring a 10% stake, valued at $8.9 billion, through funding from the Biden-era Chips Act. The acquisition aims to bolster US chip manufacturing, which is crucial for economic and national security.

The administration has also made substantial investments in the minerals and metals sector to bolster domestic supply chains and reduce reliance on Chinese materials. The Defense Department secured a $400 million equity stake in MP Materials and a $280 million deal with USA Rare Earth for a potential $1.6 billion investment. Additionally, the Commerce and Energy Departments invested $280 million and $600 million, respectively, in MP Materials and Orion Critical Mineral Consortium, a public-private partnership.

Other notable investments include $1.6 billion in Vulcan Elements, a magnet maker; $1 billion in L3Harris' missile-making unit; and a $1.35 billion stake in Nabep, a Venezuelan oil producer. The Development Finance Corporation has also played a significant role, closing a $565 million loan agreement with Brazilian rare earths miner Serra Verde and investing $600 million in the Orion Critical Mineral Consortium.