White House AI stake plan excludes Anthropic, aiding IPO

The White House has proposed taking equity stakes in leading artificial intelligence companies and is holding discussions with industry executives. Anthropic is reportedly not part of those conversations, a separation that could affect its ownership profile as it prepares for a near-$1 trillion initial public offering.

President Donald Trump has invited AI executives to the White House as soon as next week for meetings. Senior U.S. officials have held preliminary talks with several firms about the government acquiring equity. People familiar with those conversations indicate Anthropic has not participated, while OpenAI CEO Sam Altman has engaged with administration officials since early 2025.

The administration frames the idea as a way for taxpayers to share in AI profits. The president said, “It almost becomes a partnership with the American public.” Officials are weighing models that would place government-held shares into a public vehicle rather than relying solely on debt or contracts.

OpenAI previously outlined a Public Wealth Fund that donated equity could seed. Options under review include donated equity and direct purchases that would transfer shares into a government-backed fund.

The discussions come as several AI companies prepare major listings. Anthropic filed a confidential S-1 on June 1 after a $65 billion Series H that valued the company at about $965 billion. OpenAI was last valued near $852 billion in March and is preparing its own IPO.

The government has taken equity stakes in technology firms before, including a roughly 10% position in Intel in 2025, and holds investments in other companies in sectors such as quantum computing. At OpenAI’s valuation, a 10% stake would equal about $85 billion that would otherwise be held by existing shareholders and IPO buyers.

Lawmakers have proposed measures to change AI ownership structures. Senator Bernie Sanders proposed a one-time 50% tax on the largest AI firms, payable in shares, intended to create public ownership stakes.

Anthropic has had public disputes with the administration. In February the company resisted a Pentagon demand related to unrestricted military use of its Claude model. The White House ordered federal agencies to halt business with Anthropic on February 27, and the Pentagon designated the firm a supply chain risk. Anthropic sued the administration in March and lost an appeals court bid in April. The company has stated its personnel retain security clearances needed for classified work. The president later said a defense deal could be possible.

Bankers and corporate advisers view Anthropic’s exclusion from the equity talks as a clearer ownership story for public investors, which could influence demand at IPO. Whether markets will assign a premium to that independence remains uncertain.

Officials are expected to seek clarity at next week’s White House meeting on stake sizes, voting rights and which companies would participate. Talks between the administration and some firms have been underway for more than a year. The structure chosen-donated shares, direct purchases or other arrangements-will affect governance and valuation considerations for upcoming AI listings.