House Democrats launch probe into Donald Trump Jr.'s venture capital firm and its government-linked bets

The House Judiciary Committee’s leading Democrat, Rep. Jamie Raskin, has formally requested records to examine whether Donald Trump Jr.’s venture capital firm, 1789 Capital, benefited from insider access to the Trump administration. Since joining the firm, its valuation has risen from a few million dollars to an estimated $3 billion. Raskin highlights a 2025 investment in Vulcan Elements, a rare-earth magnet startup, made shortly before the Pentagon pledged a $620 million loan that later boosted the company’s worth dramatically.

He also asks for details on the firm’s stakes in Juul, Polymarket and Anduril Industries, noting a pattern of investments aligning with favorable federal actions. Trump Jr. maintains that the firm’s decisions were based on ordinary market analysis, not privileged information. Legal counsel for 1789 Capital dismissed the allegations as unfounded partisan attacks. Republicans have resisted subpoenas, though a potential Democratic House majority could change the dynamics.