USA Rare Earth
USA Rare Earth is a publicly traded mining and advanced materials company building a fully integrated rare earth and permanent magnet value chain — from mining through separated oxides, metals, and alloys to finished sintered NdFeB magnets — serving defense, semiconductor, automotive, robotics, medical, and consumer electronics customers across the U.S., U.K., France, and Brazil.
- Company typePublic
- Founded2020
- HeadquartersStillwater, United States
- Headcount251–500
- GTM typeB2B
- OfferingHardware or Manufacturing
What USA Rare Earth does
USA Rare Earth, Inc. (NASDAQ: USAR) is a publicly traded mining and advanced materials company building a vertically integrated rare earth and permanent magnet value chain outside of China. The company operates across four stages of the rare earth value chain: mining (Round Top Mountain deposit in Hudspeth County, Texas, hosting 15 of 17 rare earth elements including all heavy rare earths dysprosium, terbium, and yttrium, with full ownership consolidated via the pending Texas Mineral Resources Corp. acquisition); separation and processing (R&D since 2020 and a hydrometallurgical demonstration facility commissioned June 2026 in Wheat Ridge, Colorado, using proprietary solvent extraction circuits and targeting first separated heavy rare earth oxide production in Q3 2026); metals, alloys, and strip casting (through wholly-owned UK subsidiary Less Common Metals Ltd. in Cheshire, the only commercial non-Chinese rare earth metal-making, alloy, and strip casting facility outside China); and sintered NdFeB permanent magnet manufacturing at a 310,000 sq. ft. Stillwater, Oklahoma facility where Production Line 1a (1,200 metric tons/year capacity) began commercial shipments in Q1 2026 with stated full-site potential of approximately 10,000 metric tons/year.
The company is generating initial commercial revenue via direct B2B enterprise sales of finished sintered NdFeB magnets and positioning to sell separated heavy rare earth oxides, metals, and alloys through dedicated corporate sales contacts segmented by product line. Customers are targeted across six verticals: semiconductors, aerospace & defense, mobility/automotive, industrial/robotics, medical devices, and consumer electronics — with the defense vertical being the most strategic given the January 2027 DFARS Section 225.7018 deadline banning Chinese-origin rare earth magnets from U.S. weapons systems. Pricing is quote-based under published Standard Terms and Conditions (USA Rare Earth Magnets, LLC and USA Rare Earth, LLC), with INCOTERMS 2020 DDP delivery and 60-day USD payment terms; no retail, marketplace, or self-serve channels exist. The company is headquartered in Stillwater, Oklahoma, with operational presence in Colorado, Texas, the United Kingdom, France (Lacq hub planned through 2030), and Brazil (via the pending Serra Verde Group acquisition for ~$2.8 billion).
USA Rare Earth is in a pre-revenue-at-scale ramp phase. Most recent disclosed revenue is $5.7 million in Q1 2026 against $18.6 million in operating cash outflows and a $66.9 million net loss, with FY2025 revenue of approximately $1.6 million. The company has assembled approximately $3.5 billion in committed capital combining up to $1.6 billion from the U.S. Department of Commerce under the CHIPS Program (with the federal government receiving ~16.1 million shares plus 17.6 million warrants, equating to roughly a 7–10% equity stake), $1.5 billion in PIPE financing closed January 2026, $565 million DFC financing supporting the Serra Verde acquisition, and $19.3 million from the U.S. Department of Energy. The U.S. government is one of USA Rare Earth's largest stakeholders, and the company's strategic positioning is tightly coupled to U.S. and allied critical mineral industrial policy, with China placing USA Rare Earth on its dual-use export control list on June 22, 2026.
USA Rare Earth firmographics
Firmographics- Name
- USA Rare Earth
- Legal name
- USA Rare Earth, Inc.
- Website
- https://usare.com
- Company type
- Public
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- USA Rare Earth is a publicly traded mining and advanced materials company building a fully integrated rare earth and permanent magnet value chain — from mining through separated oxides, metals, and alloys to finished sintered NdFeB magnets — serving defense, semiconductor, automotive, robotics, medical, and consumer electronics customers across the U.S., U.K., France, and Brazil.
- Ownership category
- akta.pro rank
USA Rare Earth industry classification
Industry- Product category
- Rare Earth Permanent Magnets & Critical Minerals
- NAICS
- Nonferrous Metal (except Aluminum) Smelting and Refining (33141), Nonferrous Metal (except Aluminum) Smelting and Refining (331410)
- SIC
- Secondary Smelting & Refining Of Nonferrous Metals (3341), Primary Smelting & Refining Of Nonferrous Metals (3330)
- akta.pro primary industry
- Rare Earths Separation & Refining (Oxides/Metals) (IMAKAFAH)
- akta.pro secondary industry
- Rare Earths Mining & Concentrates (REE Ores) (IMAKAFAG)
Keywords
Where USA Rare Earth is headquartered
LocationHeadquarters
- HQ city
- Stillwater
- HQ country
- United States
- HQ region
- North America
Offices7 records
Markets served
USA Rare Earth business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Infrastructure, Technology or R&D, Personnel, Operations
Revenue model
- Corporate sales of oxides, metals, and magnets: USA Rare Earth is generating and positioning to grow revenue through direct B2B sales of separated rare earth oxides (dysprosium, terbium, yttrium), rare earth metals and alloys, and finished sintered NdFeB permanent magnets to defense, semiconductor, aerospace, mobility, energy, robotics, medical, and consumer electronics customers. Pricing is quote-based and negotiated through dedicated corporate sales contacts by product line. Initial commercial magnet production and customer shipments from the Stillwater, Oklahoma Phase 1a line began in 2026.
- Strategic equity and government-backed funding (capital, not product revenue): USA Rare Earth has assembled approximately $3.5 billion in committed capital through a combination of up to $1.6 billion from the U.S. Department of Commerce under the CHIPS Program (comprising $277 million in federal grants and $1.3 billion in senior secured loans in exchange for approximately 16.1 million shares and 17.6 million warrants, equating to roughly a 7-10% government equity stake), a $1.5 billion PIPE closed in January 2026, up to $19.3 million from the U.S. Department of Energy, and a $565 million DFC financing commitment supporting the Serra Verde acquisition. The federal government is positioned as one of USA Rare Earth's largest stakeholders.
- Early-stage product revenue (pre-commercial): USA Rare Earth reported only $5.7 million in Q1 2026 revenue against $18.6 million in operating cash outflows and a $66.9 million net loss, with share count approximately doubling to around 280 million fully diluted shares following the Serra Verde share issuance. The company remains pre-revenue at scale and dependent on continued capital raises and successful execution of its mine-to-magnet buildout.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Quote-based B2B pricing for oxides, metals, and magnets |
| Other | Multi-year contract | Standard payment terms for procurement of goods/services |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels6 records
USA Rare Earth product offering
Product offeringCore offering
USA Rare Earth is a mining and advanced materials company building a fully integrated rare earth value chain from mine to magnet. It mines and processes rare earth elements, produces separated heavy rare earth oxides (dysprosium, terbium, yttrium), manufactures rare earth metals, alloys, and strip-cast material through its UK subsidiary Less Common Metals, and produces finished sintered NdFeB permanent magnets at its Stillwater, Oklahoma facility for defense, semiconductor, mobility, energy, robotics, medical, and consumer electronics customers.
Differentiator
Problem solved
Functional benefit
Brands
- Less Common Metals (LCM): Rare earth metals, alloys, and strip casting subsidiary based in Cheshire, United Kingdom; the only commercial non-scale rare earth metal making, alloy production, and strip casting facility for permanent magnets outside of China.
- Serra Verde
- Texas Mineral Resources Corporation (TMRC)
Products and services
- Sintered NdFeB Permanent Magnets USA Rare Earth's flagship product: sintered neodymium-iron-boron (NdFeB) permanent magnets manufactured at the 310,000 sq. ft. Stillwater, Oklahoma facility. Production Line 1a began commercial production and customer shipments in Q1 2026 at 1,200 tpa capacity, with full-scale target of approximately 10,000 metric tons annually across four production lines. Sold to defense, semiconductor, aerospace, mobility, robotics/physical AI, medical, and consumer electronics customers.
- Separated Heavy Rare Earth Oxides Commercial-quality separated heavy rare earth oxides (dysprosium, terbium, yttrium) targeted for Q3 2026 production from the Wheat Ridge, Colorado hydrometallurgical demonstration facility. Sold to third-party customers and used internally to feed USA Rare Earth's downstream alloy and magnet operations.
- Less Common Metals (LCM) — Rare Earth Metals, Alloys & Strip Casting Wholly-owned USA Rare Earth subsidiary headquartered in Cheshire, United Kingdom, operating the only commercial rare earth metal making, alloy production, and strip casting facility for permanent magnets outside of China. Closes the critical 'alloy gap' between separated rare earth oxides and finished magnet production. Sold to third-party magnet manufacturers and used internally.
- Wheat Ridge, Colorado Processing & Separation Facility Hydrometallurgical demonstration facility in Wheat Ridge, Colorado housing proprietary solvent extraction (SX) circuits and a digital twin developed with the U.S. Department of Energy. Processes three parallel feedstocks: Round Top ore, Serra Verde mixed rare earth carbonate, and NdFeB magnet swarf. Operates as USA Rare Earth's midstream separation R&D and demonstration platform.
Quantifiable outcome
- Commercial production targeted for 2028 from Round Top (Texas) and for 2027 from Pela Ema (Brazil via Serra Verde).
- +5 more outcomes
Companies that use USA Rare Earth
Customer profileSegments6 records
Ideal customer profiles4 records
USA Rare Earth technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
USA Rare Earth partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered flagship / tier 1, core / tier 1, core / tier 2 and adversarial / tier 1 relevance.
- U.S. Department of War (formerly Department of Defense)flagship / tier 1Gregory Bowman, USA Rare Earth's Chief Global Policy Officer, was appointed to the U.S. Department of War's Science, Technology and Innovation Board (STIB), established in early 2026 following the merger of the Defense Science Board and Defense Innovation Board, advising on national security problems including critical minerals and supply chain security. USA Rare Earth's mine-to-magnet supply chain is positioned as a DFARS-compliant domestic source for the Department of War's January 2027 deadline banning Chinese-origin rare earth magnets from U.S. weapons systems under DFARS Section 225.7018.
- Serra Verde Group (Pela Ema mine, Brazil)flagship / tier 1USA Rare Earth announced a definitive agreement to acquire Serra Verde Group, operator of the Pela Ema ionic clay mine in Goiás, Brazil, for approximately $2.8 billion in a stock-plus-cash transaction expected to close in Q3 2026. Pela Ema is described as the only commercially operating mine outside Asia producing all four magnetic rare earths including the heavy rare earths dysprosium and terbium. The transaction is supported by a $565 million DFC (U.S. International Development Finance Corp) financing commitment and a 15-year U.S. government offtake agreement, with a Brazilian political party having formally challenged the acquisition on resource nationalism grounds.
- Texas Mineral Resources Corp. (TMRC)flagship / tier 1USA Rare Earth announced a definitive agreement to acquire Texas Mineral Resources Corporation (TMRC) for approximately $73 million in stock to consolidate 100% economic beneficiary ownership of the Round Top Project in Texas, North America's richest known deposit of heavy rare earths and critical minerals, with commercial production targeted for 2028. The deal is expected to close by Q3 2026, subject to customary closing conditions.
- Less Common Metals Ltd. (LCM)core / tier 1Less Common Metals Ltd. is a wholly-owned USA Rare Earth subsidiary and strategic asset operating the only commercial non-scale rare earth metal making, alloy production, and strip casting facility for permanent magnets outside of China, based in Cheshire, United Kingdom. LCM closes the critical 'alloy gap' in the mine-to-magnet value chain between separated rare earth oxides and finished magnet production. Grant Smith serves as Chairman of LCM and majority shareholder (acquired LCM in late 2015), with Aaron Riley as General Manager.
- Carester SAS (France)core / tier 1USA Rare Earth acquired a 12.5% equity stake in Carester (operator of the Caremag separation plant) for approximately $47 million as part of its €175 million (~$204 million) investment in France through 2030 to establish a metals and alloys production facility at Lacq and create Europe's first vertically integrated rare earth processing cluster. The investment combines American operational expertise, French government subsidies, and Japanese strategic capital from the Japan-France Rare Earth Corporation.
- Duke Energycore / tier 2Duke Energy's Site Readiness Program helped prepare the Bailey Industrial Site in Cherokee County, South Carolina through upfront due diligence, infrastructure planning, and site marketing, which enabled USA Rare Earth to announce a $1.2 billion advanced manufacturing facility there. Duke Energy's program has helped attract $3.5 billion in capital investments and more than 5,200 new jobs to South Carolina since 2005.
- MP Materials Corp.adversarial / tier 1 relevanceMP Materials Corp. filed a trade secrets lawsuit on May 22, 2026 in the Texas Business Court against USA Rare Earth, Inc., former employee Kevin Elkins, and FOM Technologies Inc., alleging improper disclosure of proprietary grain boundary diffusion technology used in rare earth magnet manufacturing. USA Rare Earth formally rebutted the allegations in the 8th District of the Texas Business Court, denying each allegation. Both companies together have received over $2 billion in federal and state government support, with MP Materials backed by a $400 million DoD investment and 15% DoD equity stake, and a 10-year price floor of $110/kg for NdPr products.
Scale indicators17 records
Recent moves11 records
Expansion highlights6 records
USA Rare Earth competitors and assessment
Company assessmentDirect peers
- MP Materials Corp. MP Materials operates the Mountain Pass mine in California and is building U.S. NdFeB magnet manufacturing capacity, making it the most direct U.S.-headquartered competitor to USA Rare Earth across rare earth mining, processing, and magnet manufacturing. MP is currently in active litigation with USAR over grain boundary diffusion IP and has received $400M DoD investment with a 15% DoD equity stake.
- Lynas Rare Earths: Lynas is the largest non-Chinese rare earth miner and processor globally, operating the Mt Weld mine in Australia and the Kalgoorlie processing facility. It is a direct peer to USA Rare Earth in rare earth oxide and NdPr production, and competes for the same non-Chinese customer base across defense, EV, and electronics.
- Neo Performance Materials: Neo Performance Materials is a global rare earth and rare metals company producing rare earth oxides, metals, alloys, and NdFeB magnets, with operations in China, Europe, and North America. It is a direct peer in the finished magnet and alloy segments, though its primary processing remains in Estonia and China.
- VACUUMSCHMELZE (VAC): VACUUMSCHMELZE is a German-based manufacturer of rare earth permanent magnets, soft magnetic materials, and crystalline and nanocrystalline alloys, with operations in Europe, North America, and Asia. It is a direct non-Chinese peer to USA Rare Earth in NdFeB and SmCo magnet manufacturing for automotive, energy, and defense customers.
Emerging players
- Energy Fuels Inc. Energy Fuels is a U.S.-based uranium and rare earth processor that has expanded into rare earth separation and recently received a $725M senior-secured debt commitment from the Department of War's Office of Strategic Capital for a domestic metallization facility. It is a partial competitor in rare earth separation and oxide production but does not yet produce finished magnets.
- Iluka Resources: Iluka Resources is an Australian critical minerals company developing the Eneabba refinery for rare earth oxide separation, with a $1.25B Australian government loan facility. It is a partial peer in rare earth separation but does not operate mines or magnet manufacturing at scale.
- Arafura Resources: Arafura Resources is an Australian rare earth developer focused on the Nolans Project in the Northern Territory, targeting NdPr oxide production. It is an emerging non-Chinese peer in upstream rare earth mining and processing, though still pre-construction with a different geographic and feedstock focus than USAR.
- Ucore Rare Metals: Ucore Rare Metals is a Canadian-listed critical metals company developing rare earth separation technology (RapidSX) and the Kingston, Ontario processing facility, with a U.S. DoD-funded Alaska SMC mine focus. It is an emerging non-Chinese peer in midstream rare earth separation with similar policy tailwinds but much smaller scale than USA Rare Earth.
Broad incumbents
- Shin-Etsu Chemical: Shin-Etsu Chemical is the world's largest producer of sintered NdFeB permanent magnets through its Magnetic Materials division and a leading global silicone wafer producer. It is a broad incumbent in the finished magnet market competing for the same automotive, electronics, and industrial customers as USA Rare Earth's future output.
- Proterial (formerly Hitachi Metals): Proterial (renamed from Hitachi Metals in 2023) is one of the world's largest manufacturers of high-performance NdFeB magnets (NEOMAX) and rare earth alloys. It is a broad incumbent in the rare earth permanent magnet market and a key competitor for advanced automotive, robotics, and industrial applications.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
USA Rare Earth social profiles
Digital presenceUSA Rare Earth compliance and trust
Trust signalCompliance2 records
USA Rare Earth financial estimates
Financial estimateRevenue estimate
Valuation estimate
USA Rare Earth leadership team
Management profileNumber of profiles
Profiles11 records
USA Rare Earth subsidiaries and ownership
Company hierarchySubsidiaries4 records
USA Rare Earth funding detail
Funding detailFunding overview
Funding rounds13 records
Investors9 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
USA Rare Earth M&A and investment
M&A and investmentM&A3 records
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about USA Rare Earth
What does USA Rare Earth do?
USA Rare Earth is a mining and advanced materials company building a fully integrated rare earth value chain from mine to magnet. It mines and processes rare earth elements, produces separated heavy rare earth oxides (dysprosium, terbium, yttrium), manufactures rare earth metals, alloys, and strip-cast material through its UK subsidiary Less Common Metals, and produces finished sintered NdFeB permanent magnets at its Stillwater, Oklahoma facility for defense, semiconductor, mobility, energy, robotics, medical, and consumer electronics customers.
Is USA Rare Earth a public or private company?
USA Rare Earth is a public company. It is classified as public and is currently operating.
When was USA Rare Earth founded?
USA Rare Earth was founded in 2020. It employs 251 to 500 people.
Where is USA Rare Earth based?
USA Rare Earth is headquartered in Stillwater, United States, in the North America region.
How does USA Rare Earth make money?
Three revenue lines are on record. Corporate sales of oxides, metals, and magnets are the primary driver. The others are strategic equity and government-backed funding (capital, not product revenue) and early-stage product revenue (pre-commercial).
Who are USA Rare Earth's main competitors?
Direct peers on record are MP Materials Corp., Lynas Rare Earths, Neo Performance Materials and VACUUMSCHMELZE (VAC). Emerging players are Energy Fuels Inc., Iluka Resources, Arafura Resources and Ucore Rare Metals. Broad incumbents are Shin-Etsu Chemical and Proterial (formerly Hitachi Metals).
Does USA Rare Earth have an API?
No public API is recorded for USA Rare Earth.
What industry is USA Rare Earth in?
USA Rare Earth's product category is Rare Earth Permanent Magnets & Critical Minerals. Its primary akta.pro industry code is IMAKAFAH, Rare Earths Separation & Refining (Oxides/Metals), with a secondary code of IMAKAFAG, Rare Earths Mining & Concentrates (REE Ores). Its NAICS code is 33141 and its SIC code is 3341.