The CHIPS and Science Act required every company it funded to provide the Commerce Department with equity warrants. Intel received $8.5B in direct grants plus $11B in loans — and gave the government a stake in return. Micron got $6.1B. TSMC Arizona got $6.6B. Samsung got $6.4B. US taxpayers are now direct shareholders in the most strategically critical semiconductor companies in the world.
These government equity positions change dividend policies, impose buyback restrictions, create 10-year China manufacturing constraints, and signal which companies the US considers strategically non-negotiable. We track every position from CHIPS, DPA Title III, Treasury, and DOE — all the way back to the 2020 COVID-era airline bailout warrants.
A sample of 25 US federal equity stakes, warrants and direct investments on file — CHIPS Act, DPA Title III, Treasury and DOE programs — shown as recorded, from six or more months ago (most recent shown: 2026-05). Newly announced positions and the full archive are inside the tracker.
| Date | Company | Program | Type | Amount |
|---|---|---|---|---|
| 2026-05 | GlobalFoundries Inc.GFS | CHIPS Act | Equity Stake | $375 million (quantum foundry LOI); up to $675 million across two CHIPS LOIs |
| 2026-04-23 | L3Harris Missile Solutions | DPA Title III / Office of Strategic Capital | Preferred Stock | $1 billion |
| 2026-03-25 | Syrah ResourcesSYR.AX | DFC / DOE | Loan+Equity | $31 million loan converted; separate $40M DOE convertible note |
| 2026-02-15 | Southern CompanySO | DOE Loan Programs / Energy Dominance Financing | Loan+Equity | $26 billion |
| 2026-02-05 | Serra Verde | Development Finance Corporation (DFC) | Loan+Equity | $565 million |
| 2026-01-26 | USA Rare Earth, Inc.USAR | CHIPS Act (Commerce Department) | Direct Grant+Equity | $1.6 billion ($277 million CHIPS grant + $1.3 billion loan) |
| 2026-01-13 | L3Harris Technologies Missile Solutions (Aerojet Rocketdyne Holdings)LHX | DPA Title III / IBAS direct-to-supplier investment (Department of War) | Preferred Stock | $1 billion |
| 2026-01-11 | Atlantic Alumina (ATALCO) | Department of War | Preferred Stock | $400 million |
| 2026 | Extropic | CHIPS Act | Direct Grant+Equity | Up to $75 million |
| 2026 | Multibeam Corporation | CHIPS Act | Direct Grant+Equity | $140 million |
| 2026 | Thintronics | CHIPS Act | Direct Grant+Equity | Up to $50 million |
| 2026 | Wolfspeed, Inc.WOLF | CHIPS Act | Loan+Equity | $1.5 billion |
| 2026 | OBSIDIA | CHIPS Act | Direct Grant+Equity | $34 million |
| 2025-12-15 | 5N Plus Inc.VNP.TO | DPA Title III | Direct Grant+Equity | $18.1 million |
| 2025-12-15 | Crucible Metals (Korea Zinc JV) | DPA Title III / CHIPS Act | Equity Stake | $2.15 billion |
| 2025-12-15 | Korea Zinc Co., Ltd.010130 | Department of Defense / Department of Commerce (Crucible JV) | Equity Stake | $1.9 billion (new share issuance to U.S. JV) within a $7.4 billion smelter project |
| 2025-11 | Vulcan Elements Inc. | Office of Strategic Capital / CHIPS Act | Direct Grant+Equity | $670 million ($620 million OSC loan + $50 million Commerce equity) |
| 2025-11 | ReElement Technologies Corp. | Office of Strategic Capital | Warrants | $80 million |
| 2025-10-28 | AEP Transmission CompanyAEP (Parent) | DOE Loan Programs / Energy Dominance Financing | Loan+Equity | $1.6 billion |
| 2025-10-06 | Trilogy Metals Inc.TMQ | Department of War | Equity Stake | $35.6 million |
| 2025-10 | Westinghouse Electric Company (government participation interest, not yet an equity stake) | Department of Energy nuclear partnership (Westinghouse, Brookfield, Cameco) | Warrants | — |
| 2025-10 | Lithium Americas Corp.LAC | DOE Loan Programs | Warrants | More than $100 million of new equity |
| 2025-09-26 | Lattice Materials | DPA Title III | Equity Stake | $18.5 million |
| 2025-08-20 | Micron Technology, Inc.MU | CHIPS Act | Warrants | $6.1 billion |
| 2025-08-20 | Taiwan Semiconductor Manufacturing Co. (TSMC)TSM | CHIPS Act | Warrants | $6.6 billion |
The $52B semiconductor program requiring equity stakes or warrants from recipients. Intel, Micron, TSMC, Samsung, GlobalFoundries, IBM and more.
DOD investments in strategic domestic manufacturing capacity — rare earths, munitions, advanced materials — often including equity provisions.
Warrants received from financial institutions and automakers during the 2008-2009 financial crisis. Historical archive of what was acquired and sold.
Treasury equity stakes in airlines (Delta, United, American, Southwest) and other industries through 2020-2021 pandemic relief programs.
Department of Energy ATVM and Title XVII loan guarantees to EV manufacturers and renewable energy companies, sometimes including equity upside provisions.
Joint federal-state investment packages — like the Intel Ohio fab deal — that include multiple layers of taxpayer equity exposure.
The US government takes equity positions through several mechanisms: (1) The CHIPS and Science Act authorizes the Commerce Department to require equity stakes or warrants when providing direct funding to semiconductor manufacturers; (2) The Defense Production Act (DPA) Title III allows DOD to invest in strategic industrial capacity in exchange for equity; (3) The Treasury Department has historically taken warrants in financial institutions during bailouts (TARP). These are taxpayer-funded investments in private companies.
As of 2025, major CHIPS Act recipients include Intel ($8.5B direct funding + $11B in loans), Micron Technology ($6.1B), TSMC Arizona ($6.6B), Samsung Semiconductor ($6.4B), GlobalFoundries ($1.5B), IBM ($150M), and several smaller advanced packaging companies. All deals include provisions for the government to receive equity warrants or direct ownership stakes.
An equity warrant gives the government the right to purchase a company's stock at a fixed price in the future. Rather than taking direct ownership immediately, warrants allow taxpayers to profit if the funded company succeeds — the model used during the 2008-2009 TARP bailouts, where Treasury made billions on warrants received from bailed-out banks and automakers.
Government investment signals strategic national importance, which can reduce bankruptcy risk and attract additional private capital. However, it also introduces political constraints — companies receiving CHIPS Act funding face restrictions on share buybacks, dividends, and building advanced chip facilities in China. These terms can both support and limit stock performance.
Yes. Our database includes Treasury warrants from the CARES Act (airlines, Boeing), DOE loans to EV manufacturers, and other COVID-era government investments where the US taxpayer received equity exposure. The full historical archive goes back to 2020.