CNBC poll finds voter caution on federal stakes in US companies

Nearly half of U.S. registered voters say it is inappropriate for the federal government to take ownership stakes in U.S.-based companies, according to CNBC’s All-America Economic Survey, as the Trump administration expands the use of equity investments tied to industrial and national-security policy. The survey found 49% opposed such stakes, 19% considered them appropriate and 32% had no opinion.

The results come as Washington has negotiated 30 deals with a total value of nearly $27 billion, according to the Council on Foreign Relations, a nonpartisan think tank. CNBC has reported that the administration has also discussed a possible government stake in OpenAI when the artificial intelligence company goes public.

CNBC said the poll was conducted July 8 to July 12 among 1,000 registered voters nationwide, with a margin of error of plus or minus 3.1 percentage points. Hart Research Associates and Public Opinion Strategies conducted the survey with CNBC, and the results were released Friday.

How the stakes work

Equity stakes give the government a share of a company’s ownership rather than limiting federal support to grants, loans or procurement contracts. In the administration’s argument, that structure can allow taxpayers to participate if a company receiving public backing rises in value. Critics have raised concerns that government influence over private companies can distort competition and weaken performance over time.

The largest example cited by CNBC was Intel. The U.S. government took a 10% stake in the chipmaker in August after previously agreeing to provide $8.9 billion in grants under legislation passed during the Biden administration. The Trump administration sought equity in return for that support, saying taxpayers should share in any possible gains. CNBC reported that the government’s initial $8.9 billion position had risen 372% and was worth $42 billion as of Thursday’s market close.

Commerce Secretary Howard Lutnick discussed the Intel position with Senate Republicans at a policy lunch last week, according to CNBC. Sen. John Hoeven, Republican of North Dakota, said after the meeting that caution was warranted, while acknowledging Lutnick’s view that the stake could create value for taxpayers.

Sen. Jon Husted, Republican of Ohio, also expressed concern about the broader pattern, CNBC reported. Husted said government stakes can make sense in some cases for national security and taxpayers, but should not be permanent. He is sponsoring legislation that would permit federal investment in companies for national-security reasons for a maximum of eight years.

National-security rationale

Some federal investments have been tied to securing access to materials and technologies considered necessary for defense. CNBC reported that the Pentagon has backed MP Materials, a U.S. rare-earths miner, as China has consolidated control over rare-earth mining in recent years. Rare earths are used in advanced fighter jets, drones and other technologies.

The government has also acquired more limited control rights in some transactions. In 2025, U.S. Steel was taken private by a Japanese company, while the U.S. government received a so-called golden share that allows it to veto certain business decisions, according to CNBC.

The policy has drawn scrutiny where private investors have ties to President Donald Trump. ProPublica reported in May that the White House urged the Pentagon to support Vulcan Elements, a defense start-up that had received an investment from a firm linked to Donald Trump Jr. The Pentagon issued privately held Vulcan a $620 million loan. A White House official described ProPublica’s reporting on its involvement as “fake news on steroids,” and a spokesperson for Donald Trump Jr. said he was not personally involved in the deal and does not discuss his investments with federal officials.

Partisan differences

CNBC’s survey found Democrats were more likely than Republicans to object to federal equity stakes. Sixty-six percent of Democrats said such ownership was not appropriate, compared with 34% of Republicans. Among self-identified MAGA Republicans, 31% said government ownership was appropriate, 31% said it was not and 38% had no opinion.

The latest survey shows some movement since CNBC’s October 2025 poll. At that time, 56% of voters said federal ownership of part of a private company was inappropriate, 13% said it was appropriate and 31% had no opinion.

This story draws on original reporting from CNBC.