I'd say easily, especially outside the US. Check out Germany for example: - Bertelsmann Foundation, owns or is the majority shareholder of Bertelsmann - Robert Bosch Foundation, owns or is the majority shareholder of Bosch - Alfred Krupp von Bohlen and Halbach Foundation, owns or is the majority shareholder of Krupp - Else Kröner Fresenius Foundation, owns or is the majority shareholder of Fresenius - Zeppelin Foundation (yes, those Zeppelins...) owns or is the majority shareholder of ZF Friedrichshafen - Carl Zeiss Foundation, owns or is the majority shareholder of Carl Zeiss and Schott - Diehl Foundation, owns or is the majority shareholder of Diehl Aerospace

And a bunch more. A lot of you will never have heard of them, but all of them are multi billion dollar behemoths with thousands of subsidiaries, employees, significant research and investment arms. And they love the fact that barely anyone knows them outside Germany.

Easy, they own shares. For example, the nonprofit Mormon church owns 47 billion in equity in private companies including Amazon, Exxon, Tesla, and Nvidia[1].

Nothing stopping a non-profit from owning all the shares in a for-profit.

[1] https://finance.yahoo.com/news/top-10-holdings-mormon-church...