The Trump administration's technology portfolio may be about to get significantly larger.
According to the Financial Times, OpenAI has discussed granting the U.S. government a 5% equity stake in the ChatGPT maker as part of broader talks aimed at ensuring Americans share in the financial gains from artificial intelligence.
At OpenAI's latest reported valuation of roughly $852 billion, that stake would be worth just over $42 billion. The proposal remains in its early stages, and no agreement has been reached.
If the proposal materializes, it would add one of the world's most valuable AI companies to a growing list of strategic investments backed by the Trump administration.
A Growing Government Investment Portfolio
The White House has increasingly embraced equity ownership as part of its industrial policy.
Last year, the administration acquired an approximately 10% stake in Intel Corporation (INTC) and a roughly 15% stake in MP Materials Corp. (MP) as part of efforts to strengthen domestic semiconductor production and critical mineral supply chains. It has also established a Strategic Bitcoin Reserve and backed large-scale AI infrastructure investments, reflecting a broader push to secure U.S. leadership in emerging technologies.
An OpenAI stake would represent the portfolio's largest and most high-profile AI holding yet.
More Than Just an OpenAI Deal
The proposal extends beyond OpenAI. CEO Sam Altman reportedly suggested that other leading U.S. AI developers—including Anthropic, Alphabet Inc. (GOOGL)'s Google and Meta Platforms Inc. (META)—could ultimately contribute similar stakes to a government-backed vehicle, although it remains unclear whether those companies would participate. The concept is modeled in part on Alaska's Permanent Fund, which distributes returns from the state's natural resource wealth to residents.
For investors, the proposal highlights a notable shift in the relationship between Washington and Silicon Valley. Rather than relying solely on regulation, tax incentives or grants, the government could increasingly seek direct ownership in companies viewed as strategically important to the nation's AI ambitions.
Whether the proposal ultimately moves forward remains uncertain and could require congressional approval. But if it does, the Trump administration's technology portfolio would no longer be limited to chips, critical minerals and Bitcoin—it could soon include a multibillion-dollar stake in the company at the center of the AI revolution.
