USA Rare Earth, Inc.

USA Rare Earth, Inc. (Nasdaq: USAR) is building an integrated rare earth elements and advanced materials company focused on establishing a secure domestic supply chain for critical minerals and permanent magnets. The company's mission centers on becoming a global leader in supplying rare earth elements, oxides, metals, and sintered neodymium-iron-boron permanent magnets to defense, aerospace, semiconductor, energy, mobility, healthcare, and industrial sectors.

The company operates across three primary segments of the rare earth value chain. Upstream, USA Rare Earth holds mining rights to the Round Top Deposit in Sierra Blanca, Texas, which the company believes contains one of North America's largest recoverable deposits of heavy rare earth elements including dysprosium, terbium, and yttrium, along with critical minerals such as gallium and hafnium. The company targets commercial production at Round Top by late 2028 under its Accelerated Mining Plan. Midstream, the company acquired Less Common Metals in November 2025, a proven producer of rare earth metals and alloys with current capacity of approximately 2,500 metric tons per year and planned expansions in the United States, United Kingdom, and France, including a 3,750 metric ton per year facility planned for Lacq, France. Downstream, USA Rare Earth commissioned Phase 1a of its Stillwater Facility in Oklahoma in the first quarter of 2026, producing sintered NdFeB permanent magnet blocks with planned capacity of approximately 600 metric tons per year per phase, targeting aggregate production of 10,000 metric tons per year by 2029.

The company also operates a research and development facility in Wheat Ridge, Colorado focused on developing proprietary extraction and separation technologies for rare earth elements and critical minerals. USA Rare Earth completed its business combination with Inflection Point Acquisition Corp. II in March 2025 and began trading on Nasdaq in March 2025. In January 2026, the company signed a non-binding letter of intent with the U.S. Government for a proposed collaboration expected to provide $1.6 billion in direct funding and loans under the CHIPS Act. The company is also pursuing acquisition of the remaining minority interest in its Round Top joint venture with Texas Mineral Resources Corporation through proposed merger transactions.