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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.
- 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.
| What | Figure | Status | As of |
|---|---|---|---|
| Sintered NdFeB, Stillwater, Oklahoma — Phase 1a, the first commercial line | commissioned 26 March 2026; company guidance is approximately 600 t/yr run-rate by Q4 2026. No figure for magnets actually produced has been published. | Commissioned | Aug 2026 |
| Sintered NdFeB, Stillwater — Phase 1a plus Phase 1b | 1,200 t/yr, targeted Q1 2027 | Announced | Mar 2026 |
| Sintered NdFeB and strip-cast metal, Blacksburg, South Carolina | 6,400 t/yr magnets plus 5,000 t/yr strip-cast metal and alloy; commissioning targeted to begin in 2028 | Under construction | Sep 2026 |
| Pela Ema ionic-clay mine, Goias, Brazil, acquired with Serra Verde in September 2026 | in commercial production since 2024; optimization targeting approximately 4,000 t/yr total rare earth oxide by end-2026 | Operating | Sep 2026 |
| Round Top deposit, Hudspeth County, Texas | no operating capacity; commercial production targeted late 2028. A definitive feasibility study is expected to be completed in Q4 2026. | Announced | Aug 2026 |
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.
Sources
- Q2 2026 earnings release — SEC / USA Rare Earth (2026-08-10)
- Phase 1a commissioning at Stillwater — USA Rare Earth (2026-03-26)
- Blacksburg, South Carolina groundbreaking — USA Rare Earth (2026-09-09)
- Serra Verde combination completed — USA Rare Earth (2026-09-04)
- Department of Commerce definitive agreements — USA Rare Earth (2026-06-03)
- Production still in the future at Stillwater plant — KOKH FOX 25 Oklahoma City (2026-05-06)
How this page is sourced
Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.
What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.
Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.
Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.
Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.
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