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Stillwater, OK, USA · Public (NASDAQ: USAR) · usare.com
Rare earth magnets and the Round Top deposit, TX
Federal support (equity, loans, commitments)
$277M funding + up to $1.3B loan (Commerce); ~8–16% stake
as of Jan 26, 2026 · theoagseo.com
Open roles
—
no public job board
Federal awards
$1.3B
6 grants, contracts, loans
Last private raise
—
no Form D on file
Revenue
$1.6M
fiscal year ending 2025-12-31
Coming up
POLICY45X: advanced manufacturing
Wind components end after 2027. Solar and battery components: 75% in 2030, 50% in 2031, 25% in 2032, none from 2033. Critical minerals: 75% in 2031, 50% in 2032, 25% in 2033, none from 2034. Affects Critical Minerals & Materials.
+ THESISPOLICYFederal equity stakes in critical-minerals companies
Defense, Commerce and DOE have taken equity, warrants or loans in MP Materials, Lithium Americas, Vulcan Elements, USA Rare Earth and others; see the Minerals tab for the full list. Affects Critical Minerals & Materials, USA Rare Earth.
+ THESISFEDERAL AWARDNational Institute of Standards and Technology loan$325M
Construction of a new facility for the purpose of magnet making.
usaspending.gov →+ THESISFEDERAL AWARDNational Institute of Standards and Technology loan$250M
Expansion and modernization of the existing facility for the purpose of magnet making.
usaspending.gov →+ THESISFEDERAL AWARDNational Institute of Standards and Technology loan$100M
Expansion and modernization of the existing facility for the purpose of strip casting and metal making.
usaspending.gov →+ THESISFEDERAL AWARDNational Institute of Standards and Technology loan$75M
Construction of a new facility for the purpose of strip casting and metal making.
usaspending.gov →+ THESISFEDERAL AWARDNational Institute of Standards and Technology loan$550M
Construction of a new facility for the purpose of rare earth mining and processing.
usaspending.gov →+ THESISPOLICYForeign-entity (FEOC) supply-chain rules for tax credits
Notice 2026-15 explains how to calculate the material-assistance cost ratio and gives interim safe harbors for 45Y, 48E and 45X. Proposed regulations and safe-harbor tables are still to come. Affects Critical Minerals & Materials.
+ THESISPOLICYSection 232: processed critical minerals
Investigation concluded without tariffs; the President directed negotiations with trading partners and left other tools open. Affects Critical Minerals & Materials.
+ THESISRead from SEC 8-Ks (bankruptcy, default, delisting, restatement, impairment, restructuring), cash runway in annual reports, Form D raises and the 30-day hiring trend. A prompt to look closer, not a credit rating.
No public job board on Greenhouse, Lever or Ashby, so hiring isn't tracked for this company yet.
| Fiscal year end | 2023-12 | 2024-12 | 2025-12 |
|---|---|---|---|
| Revenue | — | $0 | $1.6M |
| Net income | — | −$16M | −$298M |
| Cash | $276K | $17M | $360M |
| R&D spend | — | $6.3M | $16M |
Sources: company job boards (daily), SEC EDGAR, USAspending.gov, and the reviewed technology spreadsheets. Public records only cover US entities, so foreign companies and private firms that don't file will show gaps.
Matched recipient: USA RARE EARTH LLC
Policy that applies