USAR News & Events

USA Rare Earth yesterday morning announced the execution of agreements with the U.S. Department of Commerce, saying they unlock access to up to $1.6B in funding under the Department of Commerce's CHIPS Program. The agreements comprise up to $277M in federal funding and up to $1.3B in senior secured loan capacity under the CHIPS Act, with disbursements tied to the achievement of project milestones, USA Rare Earth explained. Prior to the documents, USA Rare Earth closed $1.5B in private capital raise, signed certain strategic customer agreements, and advanced Round Top, the company added. "The definitive agreements establish the framework under which USAR will continue to build out its integrated heavy rare earth mining, metal, and magnet global value chain. Together with the $1.5 billion private capital raise completed in January 2026 and previous capital raises, the agreements bring total committed capital supporting USAR's growth plan to approximately $3.5 billion," the company said.

USA Rare Earth announced the selection of Cherokee County, South Carolina, as the site of a new magnet manufacturing and refined metals operation. The project is expected to create about 490 jobs in the Upstate, and will significantly expand domestic production capacity for sintered neodymium-iron-boron permanent magnets and the refined rare earth metals from which they are made.