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United States

USA Rare Earth

A vertically integrated developer spanning mining, separation, metal and alloy making and sintered NdFeB magnet manufacturing, with a stated focus on the heavy rare earths dysprosium, terbium and yttrium alongside NdPr. Assets are in the United States, the United Kingdom and Brazil.

At a glance

Founded

2019 — Formed as USA Rare Earth, LLC; listed in March 2025 through a merger with Inflection Point Acquisition Corp. II.

Headquarters

Stillwater, Oklahoma, United States

Ownership

Listed, Nasdaq: USAR. The U.S. Department of Commerce holds 16.1 million common shares plus approximately 17.6 million warrants issued under June 2026 CHIPS agreements.

Stage

• USA Rare Earth: Ramping. Stillwater Phase 1a was commissioned in March 2026 and is filling first orders, but it has not reached its 600 t/yr run-rate target.
• USA Rare Earth — Blacksburg, SC: Developing. Broke ground on 9 September 2026 on a 6,400 t/yr magnet plant with commissioning targeted for 2028.
• Serra Verde (USA Rare Earth): Ramping. Mining since January 2024 and ramping toward 6,400 t/yr of TREO.

Listing

Nasdaq: USAR
Investor relations
Nasdaq: USAR
Listed through its parent or partner. Acquired by USA Rare Earth, closed 3 Sep 2026.
Investor relations

Revenue

USD 5.8 million for Q2 2026; USD 1.6 million for full-year 2025
Reported, three months ended 30 June 2026, with FY2025 comparative.
The company does not break out how much, if any, came from magnets.
Source

Capacity

Each date below links to the document the figure came from. A capacity figure with no source is not on this page.

Narrative

USA Rare Earth is assembling a mine-to-magnet chain: the Round Top heavy rare earth deposit in Hudspeth County, Texas; a sintered NdFeB magnet plant in Stillwater, Oklahoma; Less Common Metals of Cheshire, England, acquired in November 2025; and the Pela Ema ionic-clay mine in Brazil, added through the Serra Verde combination completed in September 2026. It listed on Nasdaq in March 2025 through a SPAC merger. In June 2026 it finalized agreements with the U.S. Department of Commerce for access to up to $1.6 billion in grants and loan capacity, issuing shares and warrants to the government. A plant at Blacksburg, South Carolina broke ground in September 2026.

Where public sources disagree

• Stillwater Phase 1a capacity is stated two ways. The company website describes Line 1a as having 1,200 t/yr capacity; the March 2026 commissioning release and subsequent earnings releases put Phase 1a at approximately 600 t/yr run-rate by Q4 2026, with 1,200 t/yr reached in Q1 2027 once Phase 1b is added.
• Stillwater full build-out has moved: approximately 4,800 t/yr in the 2024 SPAC announcement, nearly 5,000 t/yr in December 2025 trade press, and nearly 3,600 t/yr across four lines on the company website in 2026.
• Whether Stillwater is producing is contested. Local station KOKH FOX 25 reported in May 2026 that Oklahoma Department of Environmental Quality inspections found construction ongoing, and cited an SEC filing stating the facility has not commenced producing and selling magnets commercially, against company statements that it had made production-grade magnets and was taking orders as it ramps.
• No current SK-1300 mineral resource or reserve estimate for Round Top appears in a USA Rare Earth filing. Figures in circulation date from studies under previous ownership.
• The 9 September 2026 Blacksburg groundbreaking release states that Blacksburg and the planned Stillwater expansion together are expected to provide USA Rare Earth with 10,000 t/yr of domestic NdFeB magnet capacity. Blacksburg's 6,400 t/yr plus the 1,200 t/yr Stillwater Phase 1a-plus-1b figure the company has published totals 7,600 t/yr. The company has not published the Stillwater figure that would reconcile the two.

Latest reports

Across these reports

USA Rare Earth moved from a pre-revenue company to one with LCM metals revenue of about US$5.7-5.8M per quarter, commissioned Stillwater Phase 1a in March 2026 as targeted, and raised cash from US$257.6M to US$1.53B while operating losses widened. It closed the Serra Verde acquisition on 3 Sep 2026 and announced Blacksburg, SC (commissioning 2028) and a France expansion for LCM, while the Round Top study timetable moved to publication in Q1 2027.

Stated dates

Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.

Fact checks from the digest

Claims made about this company that the weekly digest has put against this atlas, newest first. The verdict and the working are here in full; the issue each came from is for subscribers.

1. it stands · Digest issue 006 · 28 September 2026

   Five hundred parts per million, and a semiconductor statute

   The rock claim stands, and the arithmetic is public. Work published in Advances in Materials Physics and Chemistry in January 2018, carrying the Texas Bureau of Economic Geology's resource estimate, puts the Round Top rhyolite at just over 500 ppm total rare earth — 0.05 percent — across a rhyolite mass of about 1.6 billion metric tons, with an inferred 430,000 metric tons of oxide in the drilled portion. Mount Weld runs 7 to 8 percent. That is 140 to 160 times the rock per ton of oxide, which lands squarely on the figure quoted. Nobody needs to take it on authority.

   And then the qualification nobody in the coverage makes. Grade is not mix. The same paper puts 72 percent of Round Top's rare earth content in yttrium and the heavies — "a level of enrichment in YHREEs rarely encountered in igneous rocks." Every issue of this digest has said the bind is dysprosium and terbium rather than NdPr, and Mount Weld's concentrate is overwhelmingly light. A deposit that is poor on grade and unusually rich in exactly the scarce elements is a harder question than "basically a lot of dirt," and saying so is not a defense of the company. It is the same discipline pointed the other way.

2. narrower than claimed · Digest issue 004 · 14 September 2026

   USA Rare Earth breaks ground at Blacksburg — and the 10,000 figure is not this plant

   The company did not claim a 10,000-ton plant; the coverage did. What the company claimed, and what is worth testing, is scale. Against our own atlas: MP Materials’ 10X campus at Northlake is an estimated 7,000 t/yr and under construction. So Blacksburg at 6,400 t/yr is the second largest single American magnet plant announced, not the largest, and the 10,000 that makes it look biggest is a two-site total of exactly the kind MP also publishes.

3. narrower than claimed · Digest issue 003 · 7 September 2026

   USA Rare Earth completes the Serra Verde combination

   The release describes the combined company as “one of the only fully integrated rare earth and permanent magnet platforms outside Asia,” and that phrasing is careful enough to survive. The looser version of it — that this is the first American magnet maker to own its own ore — does not. MP Materials has run Mountain Pass alongside the Independence magnet plant at Fort Worth since early 2025, which is the same structure, domestically, and earlier.

   A second claim in the same release does stand: Pela Ema as “the only ionic clay rare earth mine in commercial production outside of Asia.” Brazil has several ionic-clay projects — Caldeira, Colossus, Aclara’s — and not one of them is in commercial production. That part is true and it is the more interesting part, because ionic clay is where the heavies are and bastnaesite is not.

4. it stands · Digest issue 001 · 24 August 2026

   The first price floors on dysprosium and terbium, and nobody will say what they are

   The company calls these “the industry’s first and only price floors for heavy rare earths dysprosium and terbium.” I can find nothing to contradict it, and the qualifier is where the work is being done. Floors on light rare earths already exist: Lynas has a US$110 per kilogram floor on NdPr oxide from its March letter of intent with the Department of War. On the heavies there is no public counterexample.

   What makes the claim untestable rather than merely unverified is that no floor level is published. A floor of an unstated size under a volume of unstated size cannot be compared with anything, including a future one.

Sources

1. Q2 2026 earnings release — SEC / USA Rare Earth (2026-08-10)
2. Phase 1a commissioning at Stillwater — USA Rare Earth (2026-03-26)
3. Blacksburg, South Carolina groundbreaking — USA Rare Earth (2026-09-09)
4. Serra Verde combination completed — USA Rare Earth (2026-09-04)
5. Department of Commerce definitive agreements — USA Rare Earth (2026-06-03)
6. Production still in the future at Stillwater plant — KOKH FOX 25 Oklahoma City (2026-05-06)

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