AI Sovereign Fund: What Altman's Proposal Reveals About the US State-Industry Relationship

According to the Financial Times on July 2, 2026, OpenAI has proposed to the US government a roughly 5% equity stake, valued at about $42.6 billion based on OpenAI's post-money valuation of $852 billion from its March 2026 funding round. Sam Altman reportedly discussed the idea with President Donald Trump, Commerce Secretary Howard Lutnick, and Treasury Secretary Scott Bessent. Altman and other OpenAI executives suggested that major US AI companies, including Google, Anthropic, Meta, and xAI, each allocate 5% of their capital to a vehicle inspired by the Alaska Permanent Fund. However, the list of companies is uncertain, with some reports adding semiconductor makers like Nvidia, Micron, or AMD, and a source told Forbes that Anthropic has no discussions with the administration. Any implementation would require an act of Congress, a significant political and legal hurdle. The Alaska Permanent Fund, created in 1976, redirects oil revenues to diversified assets and pays annual dividends to residents. Altman's reference implies AI wealth is like oil rent, and his argument is that giving the public a financial interest is the best way to share AI gains. The proposal is seen as a response to political pressure, potentially buying regulatory peace, though critics note it makes the state both judge and party. Senator Bernie Sanders advocates a much larger public stake of about 50%, showing bipartisan interest in public ownership of AI. In contrast, Europe relies on the AI Act for regulation rather than state ownership. This highlights two philosophies: the American model aims for interest alignment, risking regulatory capture, while the European model keeps the regulator independent, potentially stifling innovation. For Europeans, the episode raises questions about whether sovereignty can rest solely on regulation.