Congressional trading is always a spectator sport for retail investors, but it gets extra interesting when the trades are in private companies. You can't just copy them, but you can still learn something about what the people with insider access think is worth a bet.

Sen. Tim Sheehy (R-Mont.) recently disclosed transactions in five private companies, as reported by the MarketDash Government Trades page. All the trades were disclosed on Aug. 13, 2026, and they cover a range of industries and geographies.

Here's the rundown:

• Nov. 4, 2025: Sold $50,000 to $100,000 in Sana Labs, a private Swedish software company.
• Nov. 3, 2025: Bought $1,000 to $15,000 in Grant Street Group, a Pennsylvania software company.
• July 8, 2025: Bought $1,000 to $15,000 in AIA Contract Documents, a Washington, D.C., construction contract software company.
• June 28, 2025: Sold $500,000 to $1,000,000 in Ansett Holdings, an aviation training company in Australia.
• June 16, 2025: Bought $1,000 to $15,000 in Constitution Surgery Alliance, a Connecticut health care company.

Members of Congress can buy stakes in private companies, but they still have to disclose those trades under the STOCK Act, just like they would for public stocks. That means a 45-day deadline for reporting. Sheehy's disclosure came well after that window, so he could face potential violations and fines. MarketDash reached out for comment and didn't hear back.

Sheehy isn't the only lawmaker making private bets. Nancy Pelosi's investment in Databricks and Lisa McClain's in xAI are recent examples of high-profile private company investments by members of Congress. It's a trend that's getting more attention as lawmakers look beyond public markets.

Sheehy's Trading History

These are actually the first trades Sheehy has disclosed since he became a U.S. Senator in January 2025, according to data from Quiver Quantitative. That's notable because he's not exactly a newcomer to the business world.

Sheehy is the former CEO and founder of Bridger Aerospace (BAER), a company that went public via SPAC merger in 2023. He stepped down as CEO to focus on his Senate campaign, but he still holds a large stake in the company. Bridger's shares have tumbled about 88% since their debut, which is a rough ride for any investor.

Despite that, Sheehy is still estimated to be worth around $146.6 million, according to Quiver Quantitative. A 2023 Business Insider report pegged his net worth at $74 million to $260 million at the time, which would have made him one of the richest members of Congress if elected.

This isn't the first time Sheehy's financial disclosures have raised eyebrows. In 2024, the nonprofit End Citizens United filed a complaint against him, alleging that he didn't disclose nine investments or share financial details related to a book for which he received compensation, as reported by The Hill.

So, what's the takeaway? Private company trades by lawmakers are a window into where they think the smart money is going, even if you can't follow them directly. And with the STOCK Act deadline looming, Sheehy might be facing some fines for his late reporting. It's a reminder that even in the world of private investing, disclosure rules still apply.