Washington’s Growing Portfolio: Tracking U.S. Government Investments
CFR’s U.S. Government Deal Tracker shows how the government is experimenting with new tools and financing structures to advance a range of strategic sectors, including critical minerals, energy, global logistics, manufacturing, telecommunications, and other technologies.
Washington’s latest and boldest experiment in industrial policy is a renewed willingness to take equity stakes. Since January 2025, the U.S. government has invested $26.5 billion across twenty-nine deals involving direct ownership, broadening a toolkit that has traditionally focused on grants, loans, and tax incentives. The Department of Commerce leads the way with sixteen such deals, including taking a 10 percent stake in Intel. The Development Finance Corporation, the United States’ development bank, has executed six equity transactions in critical minerals, energy, and infrastructure. The Department of Defense has conducted seven deals, and the Department of Energy has participated in two.
CFR’s U.S. Government Deal Tracker is designed to shed light on the growing number of public investments into private companies. Drawing on open sources, the tracker presents information on deals announced since January 2025 that entail equity and quasi-equity stakes. It records key details for each deal, including the terms agreed to, the agencies and authorities involved, the participation of the private sector and foreign partners, and milestones for monitoring progress.
In the months ahead, the tracker will be updated as more information becomes available, and CFR fellows will offer additional insights in accompanying articles. Stay tuned for more, and please contact us with relevant information and suggestions for improving the tracker.
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