It's one of those questions that sounds like it should have a simple "yes" or "no" answer. But honestly? It’s complicated. If you're looking for a massive, centralized pot of money managed by the federal government—something like Norway’s trillion-dollar oil fund—the answer is technically no. Or at least, not yet.
But if you zoom in on the state level, the story changes completely. Places like Alaska and Texas have been playing this game for decades. And as of early 2026, the conversation at the federal level has shifted from "maybe someday" to "it's actually happening."
So, does the us have a sovereign wealth fund? We’re currently in a weird middle ground where the federal government is trying to build one from scratch while individual states already run some of the biggest investment vehicles on the planet.
The Big Shift: A Federal Fund in 2026
For a long time, the U.S. was the outlier. While countries like Singapore, Saudi Arabia, and China used their state-owned wealth to buy up global assets, Washington mostly stayed out of the way. That changed recently.
Following Executive Order 14196, the current administration has been moving fast to establish a national sovereign wealth fund. The goal isn't just to save for a rainy day. It's about "strategic leadership." Basically, the U.S. wants a way to invest in things like AI, rare earth minerals, and even social media platforms (you might remember the rumors about a potential TikTok stake) without the red tape of a standard budget.
The plan is unconventional. Most countries fund their SWFs with extra cash from oil or trade surpluses. The U.S. doesn't exactly have "extra" cash—we have a deficit. Instead, the proposal involves "monetizing the balance sheet." We're talking about using the government’s $5.7 trillion in assets—gold reserves, land, and even spectrum rights—to seed the fund.
It’s a massive experiment. Skeptics worry it’ll just be a "parallel budget" that avoids Congressional oversight. Proponents say it's the only way to keep up with China.
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The States That Already Do It
While DC is just getting started, several states have been acting like mini-nations for a long time. They don't wait for federal permission; they just invest their resource riches.
Alaska: The Gold Standard
The Alaska Permanent Fund is the one everyone knows. It was started back in 1976 because Alaskans realized their oil wouldn't last forever. Today, it’s worth well over $80 billion. The coolest part? It pays out an annual dividend to residents. In 2025, that check was $1,000. For 2026, there’s even a new "buy-out" option being introduced where residents can opt for a larger one-time payment of $5,000. It’s basically the closest thing the U.S. has to a universal basic income, funded entirely by investment returns.
Texas: The Education Powerhouse
Texas actually has two big ones. The Permanent School Fund (PSF) and the Permanent University Fund (PUF). The PSF is a monster, holding around $57 billion. It’s funded by land and mineral rights, and that money goes straight into K-12 education. For the 2026-2027 biennium, they’re looking at record-breaking distributions of nearly $4.8 billion. It’s why Texas can build those high school football stadiums that look like NFL arenas—they have a massive, state-owned endowment backing them up.
The New Mexico Surge
New Mexico is often the sleeper hit in this category. Their State Investment Council manages permanent funds that have ballooned to over $50 billion thanks to the Permian Basin oil boom. They’ve become incredibly sophisticated, moving away from just "safe" bonds and into private equity and venture capital.
Why This Matters Right Now
You might wonder why we're suddenly obsessed with this. It’s about the "Stargate" era of tech. Massive initiatives like the $500 billion AI data infrastructure projects led by private firms are looking for partners with deep pockets and long timelines. A U.S. sovereign wealth fund could be that partner.
Also, the geopolitics are getting messy. The U.S. is increasingly using "sovereign capital" as a tool for industrial strategy. Look at the Department of Defense's $400 million equity stake in MP Materials (the rare earth producer). That’s not a traditional grant; it’s an investment. We’re seeing a "federated" approach where different agencies act like small sovereign funds to secure supply chains.
The Risks Nobody Mentions
It sounds great on paper, right? A giant fund that lowers taxes and builds bridges. But there are real dangers.
- Corruption: Without a super-transparent governance model, a national fund can become a slush fund for political favorites.
- Market Distortion: When the government starts buying stocks, it can accidentally crush private competition or create "bubbles."
- The Deficit Problem: You can't really "save" money if you're already trillions in debt. Some economists argue that any money put into a wealth fund should just be used to pay down the national debt instead.
Honestly, the U.S. approach is looking less like Norway's "save for the future" model and more like a "strategic power play" model. It’s about making sure the U.S. owns the chips, the minerals, and the code that will run the next century.
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What You Should Do Next
If you’re an investor or just someone trying to keep track of where the money is moving, keep a close eye on the "Treasury-Commerce Plan" expected later this year. This will outline exactly how the federal fund will be governed.
For those living in states like Alaska, New Mexico, or Texas, check your state’s specific fund reports. These funds often offer public testimony periods or have boards you can contact. They are your assets.
Actionable Insights:
- Track the "Monetization": Watch for news on how the U.S. Treasury intends to value federal land or gold reserves; this is the "seed money" for the new fund.
- Monitor State Dividends: If you’re an Alaskan, the 2026 filing season is already open. Check your eligibility for the new buy-out options.
- Watch the "Strategic" Sectors: If the federal fund targets specific industries like 6G or AI, expect those sectors to see a massive influx of "patient capital," which usually stabilizes long-term stock prices.
The U.S. is finally entering the sovereign wealth game. It won't look like anyone else's, and it's definitely going to be a bumpy ride.