No, Caltrain is not owned by Amtrak. It is owned and governed by the Peninsula Corridor Joint Powers Board (PCJPB), which consists of representatives from three California counties: San Francisco, San Mateo, and Santa Clara. The PCJPB purchased the right-of-way from Southern Pacific in 1991. However, the confusion often arises because Amtrak was formerly the contract operator of the service. For many years, Caltrain was managed by the local board but physically operated by Amtrak employees. In 2012, Caltrain transitioned its operations contract to a private company, TransitAmerica Services (TASI), and in 2026, the service remains a locally-controlled commuter rail system independent of the national Amtrak network. While Amtrak's long-distance Coast Starlight train shares some of the same tracks in the South Bay, the two entities are separate in terms of ownership, funding, and daily administration.