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President Donald Trump held an estimated $2.9 million to $9.5 million at the end of 2025 in investments tied to 11 data-center-related companies, according to a new analysis by Citizens for Responsibility and Ethics in Washington (CREW). The estimate comes from Trump’s 2026 financial disclosure, which reports asset values in broad ranges—not a precise portfolio total. At the same time, his administration has promoted faster development of qualifying data-center infrastructure, while the White House’s ratepayer pledge remains voluntary and its effect on household bills is not yet clear.

What CREW’s estimate measures

CREW’s October 1, 2026 analysis groups 11 companies it identifies as developing, owning, operating, or supplying data-center infrastructure, then estimates Trump’s holdings in those companies from his 2026 public financial disclosure. CREW says the value of the same group of investments was between $86,000 and $415,000 at the end of 2024, and describes the increase as at least 600%.

Those are CREW’s calculated totals, not a single portfolio figure printed on Trump’s Office of Government Ethics form. The form reports asset values in broad bands, so neither end of CREW’s estimate should be read as an exact market valuation. The disclosure is a snapshot of reported interests and transactions; it does not establish the precise current value of the holdings.

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Companies CREW includes

The 11 companies in CREW’s calculation are:

  • Equinix
  • Digital Realty
  • CoreWeave
  • Nebius
  • Vertiv
  • Supermicro
  • Arista Networks
  • Marvell Technology
  • Credo
  • Iron Mountain
  • American Tower

The list spans companies CREW classifies as involved in data-center infrastructure. It should not be treated as a list of 11 AI model developers or 11 pure-play data-center businesses. CREW explicitly leaves Amazon, Oracle, Microsoft, Google, and Meta out of this calculation; adding those hyperscalers would change the scope and raise the broader figure, but they are not part of the stated estimate.

What the disclosure says

The underlying filing is Trump’s 2025 annual OGE Form 278e, received by the Office of Government Ethics on June 29, 2026. It lists holdings and transactions including CoreWeave and Digital Realty, among many other assets. Because the filing uses value ranges and CREW selected which companies to count, the resulting aggregate depends on both the disclosure bands and CREW’s classification of firms.

How Trump’s data-center policy changes the context

Executive Order 14318

On July 23, 2025, Trump signed Executive Order 14318, “Accelerating Federal Permitting of Data Center Infrastructure.” The order makes faster data-center and supporting-infrastructure development an administration priority. It directs work to improve permitting and environmental-review processes, contemplates federal financial support for qualifying projects, and allows for federal-land authorizations subject to applicable law.

The order defines a data-center project around more than 100 megawatts of new load for specified AI uses. Its qualifying-project categories also include certain projects with at least $500 million in committed capital expenditures or other listed criteria. Trump wrote that “It will be a priority of my Administration to facilitate the rapid and efficient buildout of this infrastructure by easing Federal regulatory burdens.” That is a federal facilitation policy, not a blanket waiver of applicable law or a general cancellation of local permitting rules.

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The voluntary Ratepayer Protection Pledge

On March 4, 2026, the White House said Amazon, Google, Meta, Microsoft, OpenAI, Oracle, and xAI had signed the Ratepayer Protection Pledge. The administration described the companies’ commitments as building, bringing, or buying generation; covering required power-delivery infrastructure upgrades; negotiating separate rates; making backup resources available; and hiring and training local workers.

The White House presents these commitments as protections against shifting data-center costs onto households. But the pledge is voluntary, not a legal guarantee of lower bills. The Associated Press reported on July 23, 2026, as the pledge expanded to governors and electricity companies, that it was unclear whether consumers would see genuine savings.

At a July 23, 2026 roundtable, Trump said: “That’s why earlier this year I introduced the Ratepayer Protection Pledge. Under this groundbreaking plan, America’s largest tech companies have formally committed to fund or build all energy infrastructure required to meet the demand they are placing on the grid.” This states his characterization of the pledge; it is not evidence that household costs have fallen.

Why communities are divided over data centers

Gallup reports that seven in ten Americans oppose building AI data centers in their local area, including 48% who are strongly opposed. Barely a quarter favor local construction, with 7% strongly in favor. These figures concern local siting of AI data centers; they do not measure views about AI generally or settle the merits of every project. The Gallup source passage does not establish a publication or field year for these figures.

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An Associated Press report dated August 20, 2026, describes opposition across party lines, with residents raising concerns about electricity bills, water wells, air and noise pollution, and changes to community character. Supporters point to jobs and tax revenue. Those are arguments made in the debate, not guaranteed outcomes for every community: the sources cited here do not provide a single comparable project-level dataset that resolves the trade-offs.

CREW also reports that Trump has said communities “can’t fight” data-center expansion and called communities that want data centers “the smart communities.” AP reported Trump framing data centers as part of competition with China; in August, he said he would welcome a large AI plant or data center as a mayor or governor because of the jobs and taxes. These statements show how advocates make the case for expansion, but do not demonstrate that a particular locality will receive a net benefit.

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What the investment disclosure does—and does not—show

CREW reports that brokers made 292 stock trades among the 11 companies after Trump became president. CREW also says Trump has maintained that he does not direct the trading and that outside brokers buy and sell the stocks. The filing and CREW’s analysis raise a public-accountability question because reported financial interests overlap with a policy area Trump is promoting.

That overlap is not, by itself, proof that Trump personally ordered any trade, that a particular policy caused gains in his account, or that he violated a law. CREW also describes business ties between Trump and DAMAC chairman Hussain Sajwani, whose subsidiary announced U.S. data-center plans, and says Trump referenced expedited reviews for the projects. A reported business association and public advocacy are not evidence on their own that the administration took action to favor a particular company.

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