Photo by Samuel Schroth on Unsplash Introduction The Federal Government is experimenting with a new model of industrial policy: funding paired with federal equity ownership. In sectors from semiconductors to rare earths, Washington has signaled that taxpayer money may come with equity stakes or revenue-sharing rights, not just grants. The Department of Defense’s 15% investment in MP Materials, and reports that Intel may sell a 10% stake to the government, illustrate this new model. While...