USA Rare Earth is pursuing a full mine-to-magnet domestic supply chain for rare-earth elements, encompassing extraction at its Round Top project, processing and separation, metal production and NdFeB magnet manufacturing. The company has secured about $3.5 billion in committed capital, including a $1.5 billion private raise completed in January and up to $1.6 billion in CHIPS Act financing from the U.S. Department of Commerce. Part of the planned investment includes approximately $1.2 billion for a magnet-production and metal-refining facility in South Carolina, and expansions in Oklahoma and South Carolina to achieve a combined magnet capacity target of 10,000 tons per year. USA Rare Earth expects initial production from the Round Top project in 2028. The Commerce Department agreements include issuance of 16.1 million common shares and 17.6 million warrants and tie disbursements to milestone achievement. Management has framed the financing as enabling acceleration of the company's downstream processing, metallization and magnet manufacturing buildout.

Total raised

$1.6B

Funding rounds

3

Latest round

Series C

Latest activity

May 2021