The U.S. government invested $27 billion in corporate stakes. Good luck finding them

The Trump administration has invested roughly $26.7 billion across 30 equity or quasi-equity deals, headlined by a 9.9% stake in chipmaker Intel that’s now worth $42 billion. 

Others include $400 million into rare-earth miner MP Materials to loosen China’s grip on magnet supply chains, the “golden share” in U.S. Steel retained as a condition of its sale to Japan’s Nippon Steel, or the flurry of stakes in quantum computing firms.

But with all that dealmaking, those wary of government’s corruptive tendencies—and of President Donald Trump’s own trading—might want to see some transparency. The portfolio, however, is nowhere to be found. 

There is no consolidated ledger of the government’s holdings; the stakes sit scattered across at least four agencies: 17 deals through Commerce, seven through Defense, six through the Development Finance Corporation, two through Energy. Only one of those, the Development Finance Corporation, has clear statutory authority to own equity at all, under a framework Congress built in 2018 for development deals abroad. The White House did not immediately respond to Fortune’s request for comment. A Treasury spokesperson said agencies report equity interests “in different ways” depending on the legal authority behind each stake.

Some of the “stakes” are signed agreements, while others, including nine quantum computing deals Commerce........

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