The Trump administration's unique investment in Intel Corp. (NASDAQ:INTC) could be viewed as a template for how Washington may secure strategically vital industries by buying large stakes in publicly traded companies.
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President Donald Trump and other officials have indicated that this won't be a one-off arrangement: the White House is actively seeking additional opportunities to apply the "Intel model" to other sectors deemed essential to national security and U.S. economic resilience.
While this theory is pure speculation, here's a look at why UnitedHealth Group, Inc. (NYSE:UNH) could be selected by the Trump administration as a target for government investment.
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Defense Sector Next?
The Trump administration has signaled that companies heavily reliant on government dollars could be next in line for similar treatment.
Commerce Secretary Howard Lutnick told CNBC on Tuesday that the Pentagon is looking at investments in large defense contractors like Lockheed Martin Corp. (NYSE:LMT).
“Oh, there’s a monstrous discussion about defense,” Lutnick said.
UnitedHealth's Government Ties
Similar to Lockheed, UnitedHealth's government business dominates its overall U.S. operations, making it heavily reliant on federal and state health care funding.
In 2021, 72% of UnitedHealth's $222.9 billion health plan revenue came from taxpayers via Medicare, Medicaid and other government-sponsored insurance programs, according to Health Care un-covered.
In fact, 94% of UnitedHealth's membership growth over the past decade was attributable to government partnerships, according to the same source.
UnitedHealth's growth story is effectively a federal story with its scale and stability being products of Washington as much as Wall Street — and Trump might look to the health care giant as a potential future investment target.
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UNH On Trump's Radar
President Trump recently bought corporate bonds from UnitedHealth, as part of a larger $100 million bond-buying spree since returning to office in January 2025.
Though the UnitedHealth bond purchases were relatively small compared to his overall holdings, they indicate Trump's awareness of the company's strategic position and its close ties to federal health care spending.
For Trump's team, buying part of UnitedHealth could be a way to show how public money can be used to support companies that provide services the country depends on — just like the Intel stake and potential deals in the defense sector, where private profits are closely linked to public needs.
The Trump administration has said it wants to change how the government works with companies that are considered vital to the health and security of the nation, and UnitedHealth could be a top pick.
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