Govts can take it over. Corporations dont maintain standing armies. So there is a pecking order that corps have never been able to invert. They rely on Govt for their own security.

History is full of these take overs if there is risk(usually happens after some catastrophe). See the finance sector(once upon a time private banks invented and printed money), nuclear industry, febrtilizer industry, crypto, a whole bunch of processes in biotech/synthbio. Classic textbook example is the East India Company. It was much richer that the British Govt or the King.