The analysis examined 27 known corporate donors to the project—21 disclosed by the White House and six more identified by news organizations—and found that 14 had received new or increased government contracts over the past six months, totaling more than $50 billion.

“This smells rotten; it looks bad,” said Jon Golinger, a public policy advocate at Public Citizen and coauthor of the report. “The American people, from all polling and all other metrics, think that a huge amount of corporate money going to the ballroom, and then those companies seeking or receiving benefits from the government, is not an appearance that passes the smell test.”

The top beneficiary by far was Lockheed Martin. The defense giant received roughly $43.8 billion in new or expanded contracts during the period, with Booz Allen Hamilton and Palantir following at $4.2 billion and over $1 billion, respectively.

Lockheed, NextEra, Booz Allen, Amazon, and Palantir didn’t immediately respond to requests for comment.

Other donors collecting new or increased contracts included Microsoft ($318.7 million), Amazon ($255.7 million), HP ($197.3 million), Caterpillar ($142.6 million), Google ($16.4 million), and Comcast ($13.4 million).

Golinger acknowledged that a company like Lockheed—the world’s largest military contractor—would likely have received significant defense contracts with or without any connection to the ballroom. But he argued that’s precisely the point. “That’s the problem with the president of the United States asking huge companies with government interests at stake,” he said. “The public can’t trust one way or the other. It calls into question the legitimacy of what should be a legitimate contracting process.”

He added that the Lockheed figure, while outsize, does not define the full picture. “If you took them out of the equation, we’re still talking about hundreds of millions and billions of dollars, which is a massive amount of money,” Golinger said. “And if it’s a rate of return on the donation to the ballroom—we don’t actually know how much each company gave—but it looks like it’s significantly more than they likely donated.”

‘Massive amounts of money’

The report found that 19 of the 27 identified corporate donors received $338 billion in government contracts over the last five and a half years, which includes the Biden administration. That figure builds on Public Citizen’s earlier November 2025 analysis, which found that two-thirds of corporate donors (16 out of 24 at the time) had entered into government contracts, with the corporate donors benefiting from nearly $43 billion in contracts in the prior year and $279 billion over the previous five years.

The report also raises another concern: Many of the same donors face live federal enforcement proceedings. Sixteen of the 27 known donors are facing federal enforcement actions or have had actions suspended by the Trump administration, including major antitrust actions or merger reviews involving Amazon, Apple, Meta, Microsoft, NextEra Energy, Nvidia, T-Mobile, and Union Pacific, as well as labor rights cases and SEC matters.

Golinger pointed to NextEra Energy as an illustrative example of how the dynamics can compound over time. The energy company recently announced plans to acquire Dominion Energy in a massive merger that would require federal review. “This company gave an unknown but probably significant amount of money to the president’s pet project,” he said. “And now this is a new thing this company wants from the Trump administration.”

Despite members of Congress sending inquiry letters to donors, almost none have disclosed how much they gave or described the circumstances of their contribution. “There’s been a lot of obfuscation of what happened, and trying to cloak it in terms of, ‘We always give to civic projects,’” he said. “I still haven’t heard one good reason why any donor to the ballroom doesn’t want everything about their donation to be known.”

The White House said the donations are part of an ongoing effort by corporations and individuals alike who want to see improvements to public property, such as the People’s House.

“The same critics who are alleging fake conflicts of interests, would also complain if American taxpayers were footing the bill for these long-overdue renovations,” said White House spokesman Davis Ingle in a statement to Fortune. “The donors for the White House ballroom project represent a wide array of great American companies and generous individuals, all of whom are contributing to make the People’s House better for generations to come.”

Ingle continued, “Anyone who finds a problem with that clearly suffers from a severe and incurable disease known as Trump Derangement Syndrome.”

The donations flow through the Trust for the National Mall, a vehicle historically used to supplement government funds for limited park improvements. Golinger argued that using it to finance a sweeping presidential construction project distorts that structure. “This is a wildly inaccurate and legally questionable abuse of what was supposed to be a very limited, targeted, and beneficial way to make sure our parks stayed in shape,” he said. “They’ve sort of turned it into a political football.”

The White House has not revealed how much each donor contributed, and the donor list appears incomplete. Public Citizen obtained the ballroom’s funding agreement through a FOIA lawsuit and noted that the contract permits certain donors to remain anonymous.

The project also faces a live legal challenge. A federal district court ruled it was not legally authorized without congressional approval, though partial construction has since been permitted to continue while the D.C. Circuit Court of Appeals hears the case. Senate Republicans separately axed a last-minute attempt to include $1 billion in ballroom funding in a spending bill, following significant public backlash.