Trump Eyes Public Equity Stakes in AI Firms Through Three Routes

President Donald Trump has signaled interest in securing public ownership stakes in major artificial intelligence companies, prompting a range of proposals from lawmakers, academics, and the firms themselves on how to structure such arrangements.

The push comes as AI companies prepare for massive public offerings—OpenAI and Anthropic both filed confidentially for IPOs this month, with OpenAI targeting a valuation up to $1 trillion, according to Reuters. The question of how ordinary Americans might benefit from AI-driven wealth has become a policy flashpoint as the sector seeks billions in capital for infrastructure expansion.

Three pathways under consideration

Senator Bernie Sanders has proposed legislation requiring large AI firms to transfer a 50% ownership stake to the federal government, paired with board representation. The approach would use the tax code to capture equity rather than cash, ensuring public participation in financial gains without requiring upfront government investment.

Law professors have outlined a similar stock-based tax mechanism that would transfer equity to the government without granting control. George Washington University Law School professor Jeremy Bearer-Friend noted this model would create minority government stakes while preserving private sector management.

A second model mirrors the Intel arrangement, where the government took a 10% equity position in exchange for billions in manufacturing subsidies. As AI companies pursue massive capital raises—Alphabet announced plans this month to increase equity offerings to $84.75 billion—government investment could provide funding in return for ownership stakes.

OpenAI CEO Sam Altman disclosed in November that the company has discussed federal loan guarantees for chip manufacturing facilities, though not for data centers.

Direct payments to citizens

OpenAI proposed in April creating a public wealth fund that would invest in AI companies and distribute proceeds directly to citizens. Anthropic is exploring a "digital dividend" funded by AI sector taxes.

These concepts draw inspiration from the Alaska Permanent Fund, a state-owned corporation that distributes annual dividends to residents from oil revenues. Advocates argue AI companies rely heavily on publicly created data and infrastructure, justifying similar wealth-sharing mechanisms.

"The public infrastructure in the United States is a citizen domain," said Joseph Blasi, who teaches corporate governance at Rutgers University. "It's not something that a billionaire here or there or a trillionaire here or there can just grab."

Why it matters

Any government equity arrangement would fundamentally alter federal revenue structures and the relationship between Washington and the technology sector. With AI companies racing toward trillion-dollar valuations, the question of public participation in returns has moved from theoretical to urgent. The proposals also reflect growing bipartisan concern that concentrated AI wealth could deepen economic inequality—though critics warn government ownership stakes could distort investment incentives and blur the line between regulation and profit-seeking.

Neil Chilson, who leads AI policy at the Abundance Institute, cautioned that equity positions could shift government focus from protecting public interests to maximizing investment returns.

These details were first reported by Reuters correspondent Courtney Rozen.