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Durham, NC, USA · Private · vulcanelements.com
Rare earth permanent magnets
Federal support (equity, loans, commitments)
$50M equity (Commerce) + $620M conditional loan (Defense)
as of Nov 3, 2025 · theoagseo.com
Open roles
61
▲ 5 since 2026-10-30
Federal awards
$5.7M
7 grants, contracts, loans
Last private raise
—
Form D · 2025-08-20
SEC filings
3
latest 2025-08-20
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.
+ THESISHIRING61 open roles (+5 since Oct 30, 2026)
Biggest teams: Commercial Manufacturing 26, Research & Development 19, Commercial Operations 6, People Operations 3.
+ 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.
+ 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.
+ THESISFEDERAL AWARDDepartment of the Air Force contract$1.2M
Establishing a domestic, rare-earth metal manufacturing supply chain to support critical department of air force needs
usaspending.gov →+ THESISFUNDING · SEC FORM Dprivate raise reported
sec.gov →+ THESISFEDERAL AWARDDefense Logistics Agency contract$895K
Domestic rare earth magnet qualification
usaspending.gov →+ THESISFUNDING · SEC FORM Dprivate raise reported
sec.gov →+ THESISFEDERAL AWARDDepartment of the Air Force contract$3.1M
Securing department of the air force (daf) supply chains with rare earth magnets
usaspending.gov →+ THESISFUNDING · SEC FORM Dprivate raise reported
sec.gov →+ THESISNo public filings, raises or hiring trend to read yet.
Read 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.
2026-10-302026-11-09
Teams moving over 30 days: Research & Development +6 (now 19), Commercial Manufacturing -2 (now 26), People Operations +1 (now 3)
By team
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.
By location
Companies file a Form D within 15 days of selling shares privately. “Sold” is the amount raised so far in that offering; amended notices (D/A) update earlier ones.
| First sale | Notice | Offered | Sold |
|---|---|---|---|
| — | D · filed 2025-08-20 | open-ended | — |
| — | D · filed 2024-11-12 | open-ended | — |
| — | D · filed 2023-12-26 | open-ended | — |
Matched recipient: VULCAN ELEMENTS INC.
Policy that applies
Only Form D notices on file (shown at left).