President Donald Trump said Friday the US government may take equity stakes in AI giants such as OpenAI, Anthropic, and xAI. Anthropic, however, is reportedly absent from the equity talks, an absence that may become its biggest asset.
Trump plans to host AI executives at the White House to discuss the ownership plan as early as next week. Meanwhile, Anthropic and OpenAI are both racing to go public at valuations near $1 trillion.
Trump’s AI Ownership Plan Leaves Anthropic Out
Senior US officials held preliminary discussions with major AI companies about the government acquiring shares. A person familiar with the matter said Anthropic is not having those conversations.
OpenAI sits at the other end of the spectrum. CEO Sam Altman has discussed the concept with administration officials since early 2025, according to CNBC.
OpenAI’s April policy proposal also outlined a Public Wealth Fund that donated equity could seed.
Trump administration, OpenAI discussing possible government stake
OpenAI could donate equity to the U.S. government to seed something like the “Public Wealth Fund”
The talks have been in progress for more than a year#AI https://t.co/WgdAKqzHsk
— Susan Li (@SusanLiTV) June 5, 2026
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Trump framed the idea as a way to give taxpayers direct exposure to AI profits, per the Washington Post.
“It almost becomes a partnership with the American public.”
Dilution Math Ahead of Trillion-Dollar IPOs
The proposal lands at a sensitive moment. Anthropic submitted a confidential S-1 on June 1 after a $65 billion Series H valued it at $965 billion.
OpenAI was last valued at $852 billion in March and is preparing its own listing.
The administration has precedent. It took a roughly 10% stake in Intel in 2025 and holds positions in IBM and several quantum firms.
A similar stake at OpenAI’s valuation would shift roughly $85 billion away from existing shareholders and IPO buyers.
Political pressure spans both parties. Senator Bernie Sanders has proposed a one-time 50% tax, paid in shares, on OpenAI, Anthropic, and xAI.
I will soon be introducing a bill to give the public a 50% ownership stake in the largest AI companies in America.
This would guarantee that the trillions created by AI are used to improve the lives of all of us — and block oligarch decisions that harm the American people. pic.twitter.com/y3ERWOsRfs
— Bernie Sanders (@BernieSanders) June 2, 2026
Investors weighing the $3 trillion IPO wave must therefore price governance risks that Anthropic, for now, does not carry.
From Blacklist to Advantage
Anthropic’s distance from Washington was not a strategy at first. The company refused a Pentagon ultimatum in February over unrestricted military use of Claude.
Trump ordered federal agencies to halt business with the firm on February 27.
The Pentagon then labeled Anthropic a supply chain risk, the first such designation for a US company. Anthropic sued the administration in March and lost an appeals court bid in April, though Trump later called a defense deal possible.
In this lawsuit, Anthropic says that despite the supply chain risk designation issued the other week, their personnel still have security clearances “that are necessary for Anthropic’s personnel to perform classified work” pic.twitter.com/6EZZ7ngiVF
— Hadas Gold (@Hadas_Gold) March 9, 2026
That feud kept Anthropic out of the equity conversation. Heading into its IPO, the same independence could now read as a cleaner ownership story for public investors.
Next week’s White House meeting may clarify stake sizes, voting rights, and which companies participate.
Until then, the open question is whether markets pay a premium for the AI firm the government does not own.
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