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ARTICLE · 06 OCTOBER 2026

CFIUS Annual Report Highlights Increasing National Security Scrutiny

Jones Day
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The Committee on Foreign Investment in the United States has released its 2025 Annual Report, revealing significant shifts in transaction review patterns, heightened scrutiny of Chinese investors, and increased withdrawal rates. The report highlights a surge in semiconductor and aerospace sector filings, expanded use of mitigation agreements, and the launch of a new Known Investor initiative designed to expedite reviews for repeat filers.

United StatesGovernment, Public Sector
Donald McGahn II
Donald McGahn II
Lindsey Nelson
Lindsey Nelson
Schuyler J. Schouten
Schuyler J. Schouten
D. Grayson Yeargin
D. Grayson Yeargin
Zoë Lensing
Zoë Lensing
Regina Park
Regina Park
Matthew Sardo
Matthew Sardo
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The Committee on Foreign Investment in the United States ("CFIUS" or the "Committee") has released its Annual Report to Congress for 2025 (the "Report"), revealing an increased volume of CFIUS filings involving sensitive technologies, continued close scrutiny of investors from China, and an uptick in the withdrawal rate of notices in 2025.

The Report indicates that in 2025, CFIUS again increased the total volume of reviewed transactions, driven largely by additional short-form declarations. CFIUS required more information and time in reviews, requesting a full notice in 26% of these declarations, up from 15% in 2024. Notices withdrawn (and potentially refiled) increased 6% from 2024. CFIUS imposed mitigation for 25 notices in 2025 (similar to 2024) and was actively monitoring 234 mitigation agreements at year-end. The Committee used a range of mitigation types including Intellectual Property ("IP") and technology transfer restrictions, data storage controls, and facility

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