Trump Proposes U.S. Stakes in AI Firms; Anthropic Excluded

President Donald Trump proposed that the U.S. government acquire equity stakes in major artificial-intelligence companies, naming OpenAI and xAI among potential targets. According to a person familiar with the discussions, Anthropic has not taken part in preliminary ownership talks.

The White House plans to host AI executives as early as next week to discuss the proposal. Trump framed the plan as a way to give taxpayers direct exposure to AI profits, stating, “It almost becomes a partnership with the American public.”

OpenAI has explored mechanisms for public participation in AI gains since early 2025. Its April policy proposal included a Public Wealth Fund concept that could be seeded by donated equity.

Administration officials have held preliminary talks with several major AI firms for more than a year about the government acquiring shares. The upcoming White House meeting is expected to address which companies would participate, how large any stakes would be, and what voting rights the government might hold.

The proposal arrives as leading AI developers prepare for potential public listings at near-trillion-dollar valuations. Anthropic filed a confidential S-1 on June 1 after a Series H that valued the company at about $965 billion. OpenAI was last valued at $852 billion in March and is preparing for an IPO.

There is precedent for federal equity holdings. The administration acquired roughly a 10% stake in Intel in 2025 and holds positions in IBM and several companies focused on quantum technology. A comparable 10% stake at OpenAI’s recent valuation would equal about $85 billion.

Political pressure on Capitol Hill has grown. Senator Bernie Sanders has proposed legislation requiring the largest AI companies to pay a one-time tax in shares equivalent to 50% of their value.

Anthropic’s absence from the current equity talks traces to an earlier dispute with the federal government. The company resisted a Pentagon ultimatum over unrestricted military use of its Claude model, prompting an order on February 27 for federal agencies to suspend business with the firm. The Pentagon designated Anthropic a supply chain risk, the first such designation for a U.S. company; Anthropic sued the administration and lost an appeals court bid in April. Officials point to that dispute as the reason Anthropic was excluded from preliminary ownership discussions.

Next week’s meeting is expected to clarify whether the government will formally seek stakes, the sizes of those stakes, and any conditions attached to ownership. Until officials release details, investors will consider potential government ownership and related governance questions when valuing the companies and pricing IPOs.